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  • Anmol Trehin

Do I Need a Business Lawyer?

At what stage in your business should you contact a lawyer?


We have compiled a list of the top four reasons why you should contact a business lawyer to assist you. 


Contrary to popular belief, you don’t contact a corporate/commercial lawyer when you’re facing issues. The first time you schedule a consultation should be before any issues arise. A strategy session can advise you on the best business structure for you and help with compliance issues, to name a few.


Starting a New Business


Choosing the right business structure is essential in setting yourself up for success. As you progress through the stages, a properly structured business will grow with you. Talking to a legal advisor will help you understand the pros and cons of different business structures like sole proprietorships, partnerships, and corporations. It can also inform you of more complex structures, including the use of holding companies.


Once a legal structure has been decided, there are documents and paperwork to prepare. A business lawyer will ensure you follow all the rules from the start, from filing government documents to applying for permits.


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Contracts and Agreements


Regardless of your industry, having the proper contracts will provide peace of mind. Client agreements should follow consumer protection laws. This ensures that your customers are treated fairly and that you are compliant with legal standards. Vendor agreements should align with industry practices. This helps maintain good relationships with suppliers and ensures smooth business operations.


A commercial lawyer can help create important business agreements, like employment contracts and service agreements. If you plan to sign a contract with a vendor or partner, a lawyer can review the terms and negotiate better conditions to protect your business.


Mergers and Acquisitions


Having a lawyer by your side when buying, selling, or merging businesses will help make the process smoother. They will guide you on the pros and cons of the deal, ensure it is structured correctly, and help minimize your tax bill. A lawyer will also catch important details you might overlook. When finalized, a lawyer will help draft the deal with the clauses specific to your industry and unique to your transaction.


Regulatory Compliance


Running a business today involves navigating numerous legal requirements such as municipal zoning laws, environmental regulations, corporate transparency rules, and in Quebec, French language laws. A lawyer can assess your industry's specific needs and provide a checklist of compliance tasks. Even better, they can handle these tasks regularly on your behalf. A business lawyer ensures you comply with regulations, conduct audits, and update policies as needed. They also offer strategies to manage risks and prevent legal issues, helping your business operate smoothly and avoid penalties. This allows you to automate compliance tasks and focus on other aspects of your business without worrying about complex regulatory frameworks.


Conclusion 


Contrary to popular belief, contacting a business lawyer isn’t reserved for when things go south. While it's crucial to have legal support during challenging times, the proactive role of a business lawyer is equally important. Whether you’re at the beginning stages of launching a startup or managing an established enterprise, partnering with a knowledgeable lawyer is essential for navigating the complexities of business law.


In essence, integrating a lawyer into your business strategy is an investment in stability and resilience. By seeking legal counsel, you position your business to navigate challenges effectively.



This blog post is not legal advice and is for general informational purposes only. Always speak with a lawyer before acting on any of the information contained herein.

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