Business owners know they need different kinds of professionals to stay competitive and protect their operations. One of these professionals is a dependable business attorney who plays an important role in many areas of a business. Having legal counsel available will ensure a business owner has someone to help them navigate the complicated intellectual property matters or fight a liability lawsuit levied against them. The following are the main reasons a business needs to hire a Los Angeles business attorney.
By having an experienced attorney on hand, a business owner can stay ahead of issues and can get much-needed guidance right when the incident happens. Hiring a litigation attorney after the incident is just a damage control tactic that works to reduce damages, court costs, and harm to the reputation of their brand. But, hiring an attorney early before incidents can happen will help prevent litigation from happening in the first place. Business attorneys are great negotiators and know how to respond to complaints against their clients, ensuring a problem does not escalate to warrant court appearances. Bringing or defending lawsuits can cost tens of thousands of dollars in legal fees. If a business owner works with a business lawyer in the formative stages and throughout the life of their business, they can mitigate your business’ exposure at a fraction of the cost of litigation.
A Legal Entity Requires Legal Expertise
One of the major things a business owner does in establishing a business is to create a separate legal entity. This means the business is not the owner personally. And just like the owner has legal rights and duties as an individual, their business also has legal rights and duties. A good business attorney can help them sort this out.
A business owner can enter into contractors, to sue, and to be sued. Similarly, as a legal entity the contracts a business enters into are legally enforceable by the business and other parties to the contract. A business attorney can ensure the interests of a business are protected.
Aside from business contracts, there are other legal issues that require the expertise of a business attorney. Picking the right business structure is a legal designation that comes with both tax and legal ramifications. A business attorney can draft and review ownership agreements.
Help Grow a Company’s Valuation
A knowledgeable business attorney can help leverage a business’s tangible assets and intangible assets to grow the company’s valuation. They can help a business owner build an intellectual property portfolio and ensure contracts like master service agreements, vendor and subcontractor agreements, independent contractor agreements, and leases come with favorable terms. In turn, this increases a company’s competitiveness and makes it more attractive in acquisition deals.