Please read the information below to learn how our Colorado Springs business lawyers at Maceau Law can help you with a multitude of facets regarding business law:
Anyone thinking of going into business or anyone who owns a business already should learn as much as possible about business law. After all, business law deals with the creation of new businesses, along with the handling of the many issues that can arise in existing businesses as they interact with other businesses, the government and the general public. Many specific legal disciplines are drawn on in this area of the law including employment law, real estate law, tax law, bankruptcy and many others.
Why would a business owner consider hiring a business lawyer?
The many ways in which a good business lawyer can aide a business owner are vast. They can offer a variety of services that are crucial for success in business, making their services worthwhile for even small businesses. Many people assume that businesses only need a business lawyer if they have a dispute of some sort. However, that is simply not true. A business lawyer can help in many ways that have nothing to do with a dispute. For example, they can play a crucial role in the set up or formation of a business as well as assist businesses in obtaining operating capital, assist in the leasing process of operating space and help with an abundance of other consulting services.
County and city regulations can be quite overwhelming when trying to open a business. A business lawyer will understand the local ordinances and licensing needs and be able to guide a business owner through the process, ensuring a smooth transition into the business arena. In addition to set up requirements, businesses also require a large amount of contracts with clients, employees, vendors, government agencies and others. Therefore, during the beginning stages of a business, it is wise for business owners to seek the advice of an experienced business lawyer to ensure no problems arise.
In addition to helping a business get off the ground, a good business lawyer will also be a valuable asset in case of a dispute later on in the life of the business. A breach of contract, collecting debts or any other type of dispute can easily be handled by a business lawyer, but are difficult issues for business owners to deal with alone. Therefore, it is wise for a business to garner the services of a business lawyer at the commencement of their business and retain their connection for any disputes or problems that might arise in the future.
In addition to aiding in disputes, having a good relationship with a business lawyer can also be beneficial for a business owner if their business begins to grow and they desire to take the business public. A business lawyer can easily handle the partial or complete sale of a business in regards to both the financial aspects and the alterations of the management within a business. In general, business owners who developed a relationship with a business lawyer from the beginning of their business throughout its duration will have a business that runs much more smoothly than those who do not seek the services of a professional.
When should a business owner consult a business lawyer?
As mentioned above, anytime an individual is considering opening a business or already has one established and just wants to make sure that everything is operating correctly in regards to the law, obtaining the services of a business lawyer is wise. Of course, anytime a dispute comes up either among the employees or management or from an outside source, hiring a business lawyer is a must to see the dispute come to a swift and agreeable end.
The following are some of the most common business needs that fall under business law:
Business formation: According to HG Legal Resources, business formation law is usually regulated by State authorities and local laws. However, most business laws are similar throughout the United States. The types of business formations are as follows:
Sole proprietorship: A business owned by one person with everything in the business is listed in their name.
General partnership: A joint business with shared responsibility for liability, debts, profits and management between partners.
Limited partnership: This type of business partnership is when business owners need funding for a business. They create an agreement between those who invest in the business and those who actually operate the business on a day-to-day basis. This type of business formation usually involves more than just two business partners.
Corporation: This type of business is an organization formed with governmental approval to carry on a business as an artificial person. The business can be sued and they can share stocks and raise funds to increase capital. Corporations are legally separate from there owners.
Limited Liability Company or LLC: This is a non-corporate business that has active, participating owners within the organization’s management. The owners are protected from personal liability suits and obligations due any of the organization’s debts.
Human resources: The human resources aspect of a business has to follow many laws. These could include laws regarding hiring and firing employees, laws that would determine wages and working hours as well as ways to manage employee performance.
Contract: Another important aspect of business law is contract creation. In business, many contracts are entered into for one reason or another, and ensuring these contracts are ironclad is difficult without the help of a lawyer. A few of the most common contracts or agreements that are entered into in business are listed below:
- Bill of sale.
- Sample of confidentiality agreement.
- Federal small business contract eligibility.
- Using severance agreements.
- Acquisition agreement for sale of business.
Employment issues: Issues that arise due to acquiring employees is another common area of business law. It could include background checks on individuals before they are hired, or could include tax benefits, drafting and/or revising employment handbooks and documents, employee benefits or the proper way to hire and fire employees.
Quality control: According to USLegal.com, quality control is the methodology employed to prevent defects in manufactured products. It is often referred to as simply QC, which is short for quality control.
Debt resolution: This aspect of business law comes into play when a business becomes deeply in debt and needs help getting out. Lawyers can advice them in the proper ways to go about handling the issue, including taking them through the process of bankruptcy or creating a debt resolution business exit plan.
Negotiation: In business law, negotiation has to do with bargaining between two or more parties in an effort to find common ground among several parties with differing needs, viewpoints and goals.
Property acquisition: This is an issue often faced by business owners when they attempt to acquire property for their business. In essence, property acquisition is the transferring of property from one person to another. However, there are many legal issues that can come up in regards to this issue that can complicate the process.
Legal and ethical consultations: Another way in which business lawyers serve business professionals is through legal and ethical consultations. These could include issues with clients, financials problems, or simple questions pertaining to what is legal and ethical when it comes to business practices.
How much does it generally cost to hire a business lawyer?
Although fees with vary depending on the services needed, in most cases, business lawyers will charge a minimum of $200 hourly for their services.
Why all business owners should hire a business lawyer:
Many business owners assume they do not need the services of a business lawyer. This is especially true if the business is on the small side and extra funds are difficult to obtain. However, hiring a good business lawyer to ensure a business is set up correctly from the beginning will ensure it has the best chance of success. The old adage “an ounce of prevention is worth a pound of cure” perfectly describes the benefit of utilizing a business lawyer’s services. Preventing a small issue from becoming a large problem is always easier than dealing with a huge mess after the fact. For that reason, experts recommend all business owners procure the services of a business lawyer during the process of entering the business arena.
Get help for your business in Colorado Springs
If you own and operate a business in the Colorado Springs, Colorado area and have a question about business law, give us a call at 719-633-2222. Your first consultation is free of charge. We’re here to help you.