Does your business have a commercial lawyer? A commercial lawyer will ensure your business dealings meet the set legal requirements. Below are some benefits of hiring a commercial lawyer for your business.
Business Ownership
Your lawyer will evaluate your business plan and advise you on a suitable form of ownership. It could be a sole proprietorship, partnership, corporation or limited liability company (LLC). For instance, while a sole proprietorship is cheap to set up, it does not protect the owner from business losses and liabilities. On the other hand, partnerships allow business owners to raise capital within a short period. However, disputes among the partners could lead to the dissolution of the business.
Partnerships and Contracts
Your business will create partnerships with suppliers, manufacturers, the local community and logistics companies. Your lawyer will ensure that these contracts protect your interests. For instance, if you need the services of a third-party logistics company, the lawyer will ensure that the contract has an amendment clause that you can use when you have a change in your demand patterns. When dealing with suppliers, the agreement should penalise the supplier if they cannot deliver goods or raw materials on time.
Taxation
Your lawyer will regularly examine your taxes to ensure that they are in accordance with the law. They can also advise how you can make tax savings. For example, you could import your raw materials from countries that have bilateral trade agreements with your country.
Intellectual Property
The lawyer will also help you protect intellectual business property such as patents, trademarks, trade secrets and copyrights. For instance, you could have non-disclosure agreements that prevent employees from sharing your trade secrets. Alternatively, you could avoid joint ownership of your intellectual property. They will conduct extensive research to ensure that you do not infringe on the intellectual property of other businesses.
Finding A Commercial Lawyer
Below are some useful tips to help you when hiring a commercial lawyer.
Look for a lawyer who has experience in your industry. It ensures that they understand the laws governing your business.
Interview some of the lawyer's clients to understand their work ethic and expertise.
The lawyer should have excellent communication skills. They will regularly interact with your employees and negotiate with your business associates.
Check the lawyer's terms and pricing policy. Lawyers interested in long-term partnerships will be ready to negotiate their terms and rates.
A commercial lawyer will guide you on business ownership, partnerships and contracts, taxation and how to protect intellectual property. Contact a commercial law consultant to learn more.
