One of the most crucial steps a small business can make to put itself financially and strategically ahead of the pack is to hire the aid of a professional business lawyer. A business lawyer can help in a variety of ways to make your business more profitable, which is especially important for those businesses just starting out or looking to make a bold change. Here are 3 decisive ways a business lawyer can be an asset to your company:
- Incorporation – Incorporation is a great option for owners of small businesses looking to change the dynamics of their companies. Incorporation is the creating of a separate legal entity out of your business. This entity is considered an individual in the eyes of the law, being taxed, buying, selling and owning all on its own. Incorporation can offer owners liability protection by separating them from their companies. In the case of a lawsuit, the suit may only be applicable to the company and not to the owner or owners. The process of incorporation, however, can be dubious for those who are not familiar with laws and procedures. A business lawyer can be of great value for advice and direction during the process of incorporation.
- Contracts – Having an established, go-to business lawyer to consult whenever any important new contract is being considered can be invaluable. Any contract can contain small details, easily overlooked, that may come back later causing difficulties, whether financial or simply administrative. Any serious business needs legal advice, and before the signing of contracts is a great time to consult with a professional who can help you avoid bad deals and turn the mediocre to lucrative.
- Retainer – Having a business lawyer on retainer is good practice for any business. He or she will meet with your company once or twice a year at the very least to make sure everyone is familiar with their current legal situation and also possibly perform a little “maintenance” on the machine. You never know what may happen, from a legal crisis or dispute to even, as mentioned above, a routine contract assessment; it is an incredible asset to have readily available a qualified, professional attorney who is familiar with your business, yet removed enough to keep a calm and rational head about any difficult situation that may arise.
If you are looking for an experienced business lawyer in Toronto ON, contact us at Grinhaus Law Firm. We offer high-quality legal services, flat-rate pricing, and free consultations. Give us a call today!