Why Companies Need a Business Lawyer
If you are in business in any capacity it is advisable that you seek the proactive legal assistance of a lawyer with experience in the specific areas of law that pertain to companies at different stages of development.
Proactively hiring a business lawyer can significantly save company owners time, money and hassle in the future. Here are six areas where legal counsel can assist businesses:
Business Lawyer for Company Formation
Business lawyers frequently assist individuals and businesses in entity formations that fit their specific needs. These include LLC’s for real estate investment, C Corporations, S Corporations, and LLCs for general business purposes and partnerships.
The Florida Division of Corporations requires the filing of organizational documents based on entity type. Statutory regulations within federal and state law as well as specific clauses within the organizational documents of a specific entity determine what company principals may be called, how they may interact and how they may divide the company. It is important that a legal professional protect the ownership’s rights by drafting and reviewing certificates of incorporation, company by-laws, limited liability agreements and stockholder agreements at the time of formation. Furthermore, the entity type may also affect how daily business operations may be conducted. For this reason, an experienced company counsel will be able to advise on sales contracts, employer/contractor agreements and other documents related to the day-to-day running of a business.
A properly drafted business contract is essential for any business because the contract helps avoid costly lawsuits. A well-drafted contract also sets up the conditions that allow a business to operate successfully. Business contracts often require a great deal of technical language, and while a business may know what the contract should contain in terms of business needs, they may not know the specific Florida laws and precedent to take into consideration.
Businesses can ensure all legal requirements are covered by consulting an experienced business contract review lawyer. An experienced business lawyer will review, negotiate and draft legal agreements according to state laws and the needs of clients. An experienced counsel can help foresee potential pitfalls in legal agreements and draft the necessary terms and language that will protect your business.
Keeping up with Compliance
Business lawyers can ensure that companies remain compliant with the myriad regulations, laws and guidelines that govern the way business is conducted.
Federal agencies create hundreds of new regulations each year, Congress creates new acts on a periodic basis and state and local governments frequently change and update information that affects how businesses operate. To stay abreast of all of these changes, business owners are expected to constantly monitor official websites, read industry journals and attend seminars and conventions in their industry. However, this is not always possible or effective, especially in cases where business is too busy to keep up with guidelines or a layman’s understanding of the legal aspects of a policy change are not clear.
The consequences of missing important industry changes can be costly. Well-known regulations and laws such as the Health Insurance Portability and Accountability Act (HIPAA), which regulates health-related information; and the American’s with Disabilities Act (ADA) which regulates accessibility accommodations that must be made by businesses can be extremely costly to businesses that are found to violate them.
Hiring a law firm to periodically review business practices and update company policies is the most secure way to ensure that your business stays compliant. The cost of hiring a law firm to in this capacity proactively avoids the cost of fines and legal action that could occur if your business is found to be non-compliant.
“Proactively hiring a business lawyer can significantly save company owners time, money and hassle in the future.”
Reviewing Business Relationships
As time goes on, the relationship between companies can change. As these changes occur, the agreements that govern these relationships should change as well. An experienced lawyer with a background in Florida business law could assist a business in anticipating the changes that would need to be made in order to accommodate shifts in the relationship between the parties.
These changes can be made by reviewing existing documentation then correcting and redrafting portions of the agreements to reflect new aspects of the relationship.
While working with a law firm to review your business documentation does incur some cost, it is significantly less than the cost of going to court unprepared should a dispute occur. A well-drafted partnership agreement not only prevents disputes. If drafted by an attorney with a businesses’ best interests in mind it can ensure that a company operates profitably through all of its agreements with partners, vendors and clients.
Appealing Property Taxes
Does your business own real estate? If so, property taxes will eventually become due on the property. These taxes are levied on an ad valorem basis, meaning that they are based on the value of the property in question.
By appealing the value of the property or properties, a skilled lawyer with experience in property tax appeals can effectively reduce the amount of property tax that a business needs to pay.
South Florida Law – Your business law partner
At South Florida Law, we are committed to helping our clients run businesses of all types within the state of Florida. We help companies by advising them, reviewing documentation and representing them with their best interests in mind. In cases where it is necessary to navigate through obstacles in order to assist our clients, we have the big firm resources to dedicate the time and effort where it is needed. At the same time, we provide personalized service and attention to detail in your case at a price point that can only be achieved with a boutique firm of our size. Do you do business in Miami, the Keys, Broward or Palm Beach County? If so, you need an experienced Florida business attorney you can rely on. Call South Florida Law today on (954) 900-8885 or reach out to us via our contact form.