A business lawyer in Sanford NC can assist small businesses in a number of meaningful tasks. This early assistance allows a small business owner to start off on the right foot. Some of the key ways that a business lawyer in Sanford NC can assist include:
Choose a Business Entity Type
There are various types of businesses that the business owner may want to consider. Each different type has different effects on liability and on the tax structure of the business. Forming a corporation is often much more complex in nature than forming a sole proprietorship, partnership or limited liability corporation. A business lawyer can help prepare articles of incorporation and assist with instructing business owners of how the corporation must be managed to maintain its separate identity.
Filing a Trademark, Patent or Other Intellectual Property
Intellectual property filings are best handled by a professional. Patent applications are complex and thorough. Some people wait years after filing for a patent before they are ultimately approved. When a business selects its name and trademark, it must ensure that it does not infringe on someone else’s intellectual property. Additionally, a business owner will not want to devote time and money in support of a name that it will later need to abandon.
Businesses may need contracts for a variety of reasons, including contracts with vendors, buy-sell agreements for business members or shareholders, non-disclosure agreements when third parties are consulted about something new in the business and employment contracts. Businesses may also need contracts to purchase or sell assets and real estate.
Businesses may be subject to lawsuits from employees, partners, customers or others. If the business is sued, a business lawyer may assist with protecting the legal interests of the business.
A business lawyer in Lee County North Carolina serves many important roles and can be a vital asset to a business. From start to finish, a business lawyer in Lee County North Carolinacan assist in the following ways:
A business lawyer can help form a separate legal entity. He or she can advise which business form makes the most sense depending on the needs of the business owner and taking tax structures and exposure to liability into consideration.
Businesses must enter into a number of contracts throughout the life of the business, including contracts for a lease or real property purchase, equipment purchases, contracts with vendors, employee contracts, confidentiality agreements and others. A business lawyer can use his or her business knowledge to include provisions to protect the business.
There are many local, state and federal laws that a business must comply with, including zoning laws, employment laws and tax laws. A business lawyer can explain which laws the business must abide to keep it out of regulatory trouble.
A business lawyer can also assist if the business becomes part of litigation. Whether it is being sued or it needs to sue another person or entity, a business lawyer serves in an instrumental capacity, filing pleadings, collecting evidence, completing discovery requests and trying the case.
A business lawyer can also help a business determine how it will pass on or terminate upon the death, disability or retirement of the business owner, if applicable. A business lawyer can help draft a succession plan so that the family inherits the business or so that it is passed in a way that reflects the wishes of the business owner.
A good business lawyer in Lee County North Carolina knows that the best time to plan for the end of the business is at the beginning. At this point in time, there likely is no conflict as the business owners are forging ahead on a new path. A business lawyer in Lee County North Carolina can help develop a thorough succession plan for the business.
Succession planning allows the business owners to determine the lifespan of the business and how it will continue even if the business owner is no longer around to run the company, either because of death or his or her own preference or that of the remaining business owners. A clear succession plan begins by identifying the goals of the business in regard to how it will endure after a business owner’s departure. For example, if the business is a family business, there may be a desire to keep the business in the family. If the business is a corporation, there may need to be provisions regarding possible buyouts of other owners.
The succession plan should echo the business’ shareholder agreement, partnership agreement or similar agreement that highlights how ownership interests can transfer. A clear decision-making process should be employed to determine important decisions during a time of transition. This succession plan should be disseminated to others in the business that has a stake in it, such as shareholders or family members.
The succession plan may name a person who will take over. Alternatively, it may provide a process to vote on the new head of the business. Additional support personnel may also be identified to help with periods of transition. By taking the time to draft such a plan, the steps will be in place when the time comes to implement them.
Litigation is a scary topic for many business owners with its potential to lead to negative publicity and to financially cripple their businesses. At the first sight of litigation, prudent business owners should contact a business lawyer in Sanford North Carolina. An experienced business lawyer in Sanford North Carolina can assist with litigation in the following ways:
If a lawsuit has been filed against the business, it only has a limited amount of time to respond. If the business is considering taking legal action, it must stay cognizant of any applicable statute of limitations, as well as any potential regarding laches or waivers for not taking action quickly enough. In either event, a lawyer can help complete this necessary paperwork.
Explanation of Options
A business lawyer can explain the various legal avenues that are available in the situation. This can vary based on the circumstances of the case. However, some options may include negotiations between the lawyers, mediation in which the parties reach their own solution, a modification of a contract, a lawsuit or simply inaction. There are pros and cons to each option, which a business lawyer can thoroughly explain so that you can make an informed decision about the best option available for your business.
Explanation of the Process Ahead
If you will be involved in litigation, a business lawyer can thoroughly explain the process that lies ahead so that you know what to expect. You may have to preserve certain evidence for trial. Additionally, a lawyer can explain the types of records that you may need to gather for discovery purposes. There may be certain statements that you want to preserve from key members of your staff or witnesses to the controversy.
Do you have a great business idea? In order to turn your business dream into a reality, you will need the assistance of a good business lawyer in Lee County North Carolina. Practically every choice a business owner makes is fraught with legal implications. With the advice and guidance of a business lawyer in Lee County North Carolina, you can make better decisions to ensure your business is a success.
If you are a start-up entrepreneur, your first step is to decide if you want to form your business as a sole proprietorship, partnership, corporation, limited liability company, etc. An experienced business lawyer can advise you on the advantages and disadvantages of various types of business formations so you can make an informed choice about what will work best for your company.
Once your business becomes operational, you will have to deal with numerous types of contracts with clients and suppliers of all kinds. You will need a business lawyer to review, draft and clarify to you contract provisions in order to protect your interests as well as avoid legal problems down the road.
Other legal concerns that a business lawyer can assist you with include:
- Business Licensing
- Commercial Leases
- Intellectual Property
- Breach of Contract
- Collections Issues
- Employment Law
- Business Disputes
Retaining ongoing legal advice and assistance from a business lawyer can help you and your business mitigate liability to avoid potential lawsuits. However, in the event that that a business dispute does result in litigation, a business lawyer familiar with the intricacies of your business and the details surrounding the legal claim will be an invaluable asset in helping you win your case.
If you are a North Carolina business owner or are planning to be, contact a local business lawyer for a consultation to discuss the legal needs of your business.
While it is not something most people want to think about, the fact is that emergencies happen. As a business owner, you need to have a business continuity plan, or emergency plan, in the event that your business is affected by various types and levels of disaster. Business continuity planning in Lee County North Carolina helps business owners create a sound strategy so that their business operations can continue in spite of adverse events. Business continuity planning in Lee County North Carolina can protect your business from lost revenues resulting from disruptions of business operations due to unpredictable emergency circumstances.
A business continuity action plan is a written document that contains all the critical information your business needs to stay running in the event of an emergency situation that threatens to halt your business operations. Your business continuity plan should clearly detail the essential functions of your business. The plan should also identify and prioritize which systems and processes must be sustained and provide the necessary information for maintaining them.
The following is a list of some important information your business continuity action plan should include.
- Employee Contact List
- Key Supplier/Vendor Information
- Key Emergency Contacts
- Prioritized List of Critical Business Functions
- Recovery Locations
- Copies of Necessary Records
- Critical Supplies List
- Inventory of Company Equipment
- Disaster Response Plan
Business continuity planning involves business owners identifying potential risks to their business and then determining how those risks will affect your operations. Once you identify the potential dangers to your business, you can begin implementing safeguards and procedures that can mitigate those risks, test those procedures, and periodically review the process to make sure that it is up-to-date and working.
If you are a business owner without a business continuity plan in place, you are putting your business and economic future at risk. Do not take chances with your business. Contact a local business continuity planning consultant for a consultation.
Most individuals only consider hiring an attorney when something has gone wrong. For example, divorce attorneys are needed at the end of a marriage. Personal injury attorneys are hired after an accident. However, this theory does not apply to hiring a business lawyer in Lee County North Carolina. Business owners should consider hiring a business lawyer in Lee County North Carolina in the early days of their businesses and seek guidance regularly as the business grows and expands.
At the inception of a business, many decisions must be made that will impact the business throughout its daily operations. For example, selecting what type of entity the business will be is a major decision that should be carefully considered. Limited liability corporations, sole proprietorships, and limited liability partnerships are just a few of the types of business entities in existence. A business lawyer will explain the advantages and disadvantages of each entity to the business owner so that a well-informed decision may be made.
During the early days of a business, dozens of contracts will probably be drafted and entered into by the business owner and other individuals and entities. The language of these contracts will have long-term effects on the business, so confirming that it is proper and enforceable is the key to the success of the business. Hiring a business attorney to help draft these contracts is an astute decision, as the attorney will ensure that the language is not detrimental to the success of the business.
Of course, business attorneys are also valuable if a business is involved in some sort of dispute with another individual or organization. Business attorneys will represent the interests of the business throughout the case, whether it settles early on or must go to trial for a judge and jury to hear and decide.
Business continuity planning in Lee County North Carolina is basically preparing your business for a disaster. This strategy applies to natural disasters as well as man-made ones. If havoc strikes, business continuity planning in Lee County North Carolina ensures that your business survives.
Reasons for Business Continuity Planning
There are several situations in which a business continuity plan may be triggered. This can result if a natural disaster occurs, such as a wildfire, flood, tornado, blizzard or earthquake. A business continuity plan can also be triggered because of the loss of a physical building or a cyber attack. When disaster strikes, businesses may lose the revenue that they need to survive.
Elements of an Effective Business Continuity Plan
Creating an effective business continuity plan requires you to carefully assess the needs and practices of your business. Begin the process by identifying time-sensitive and critical business functions that must continue even in the face of disaster. Also, identify the resources at your disposal to help carry out these functions. Appoint at least two key members of your team to serve as emergency response leaders. Contact information for these individuals should be included in the plan.
One critical component of most businesses is information technology. Be sure that all of your data can be backed up to an offsite location so that you do not lose critical information in the time of crisis. You should be able to restore your data as needed. However, also be sure that you have alternative methods in place to continue your business while your computer systems are being restored.
Be sure to train your remaining staff on the business continuity plan. Practice your plan before any crisis to ensure that it will effectively continue your business operations.