Although many corporations often use attorneys to get help with the incorporation process, many new businesses often ignore the continuing legal requirements to retain their corporation status. Yearly shareholder, director and associate meetings need to be held plus recording of minutes and appointment of officers ought to be in accordance with the state regulations. Neglecting any corporate formalities could put at risk a company’s corporate status and lead to lifting the corporate veil in case of a lawsuit thus exposing otherwise untouchable company officers to debts or damages. Thus, a business attorney plays a critical role in corporate governance.
Every company should legally protect its intangible assets. Some of the features that warrant copyright protection include a company’s name, brand name, logo and unique products and services. Patents not only cover machines and other man-made goods, but may also protect procedures or processes, including petroleum refining method or water distillation procedure. A business attorney can help with copyrights, trademarks and patent registrations and aid the company protect the assets responsible for its competitive edge in the business market.
Many corporations, particularly technology companies consider the technical expertise of their staff as an extremely important asset. However, they fall short of protecting their employees through non-compete and non-disclosure agreements. As you might expect, a number of employees will go out to search for pastures new and it is critical to protect your company against such employees from taking their technological expertise with them over to other competitors in the market. A business lawyer comes in handy in formulating and overseeing the signing of the employee agreements in your company.
Entrepreneurs are often focused on setting up a new business so much that they forget to think about the scenario in the event that one principal decides to leave the company. When one of the major rules decided to unexpectedly leave, it can impact negatively on the continuing operations of the business. A business attorney can help with formulating exit strategies such as buy-sell or buy-back agreements for partnership companies to enable partners to sell their interest without facing any legal issues or placing an unwarranted financial debt on the corporation.
What about the fees of hiring a business attorney? Well, reputable attorneys do not come cheap and the same also applies to other consultants vital to your business. An investment in a business lawyer can help avoid a lot of troubles down the road.