The Importance of Hiring a Business Lawyer for Your Small Business

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THE IMPORTANCE OF HIRING A BUSINESS LAWYER FOR YOUR SMALL BUSINESS


This blog is brought to you courtesy of www.lawyerselect.ca


As a general rule, the two most important professionals every business needs early on are: a lawyer and an accountant. The importance of a lawyer may be a surprise to some, while accountants not so much. After all, it’s the accountant who’s going to help you set up your books, accounts and prepare all your tax returns. In much the same way, a lawyer will provide you with invaluable assistance in pretty much every aspect of your business… surprised? You shouldn’t be. Lawyers help with zoning issues and compliance, copyrights, trademarks, partnership agreements, incorporation, and potential future liability.

So… what type of lawyer will I need?

Like physicians, lawyers specialize in certain areas of law. So someone who practices estate law may not be the best fit for your business. Below we’ve listed some of the areas of law that a business lawyer should be familiar with:

1.       Contract Law – typically lawyers who specialize in contracts are quite business savvy, so they’ll be able to understand the nature of your business quickly. You’ll need them to prepare such things like customer contracts, supplier contracts, and help you review contracts that others want you to sign.
2.       Business Associations – the lawyer will advise you on what form of business you should embrace, whether it’s a partnership, limited partnership, joint venture, or incorporation. They’ll also be able to draft all the necessary paperwork, like partnership agreements and articles of incorporation.
3.       Real Estate Law – commercial leases are very complicated, technical documents that you shouldn’t take on alone. Very often, a commercial lease will heavily favour the landlord over the tenant, creating an unbalanced relationship that can cause you real problems down the road. Don’t make the assumption that the lease isn’t negotiable. You don’t get if you don’t ask. Your lawyer can strengthen your position by proposing a “tenant’s addendum” that contains provisions in your favour and is added to the lease.
4.       Tax Law – even though your accountant will do most of the heavy lifting here, your lawyer should assist you in registering your business with the proper governing body, whether that’s federal or provincial, as well as advising you on the tax consequences of having your business structured in a certain way.

5.       Intellectual Property Law – businesses whose focus is in media, design or other creative-type businesses will definitely benefit from a lawyer who has a good working knowledge of IP law. They can help you register your products or services for trademark and copyright protection, as well as patented any proprietary designs.

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