Are you a small business owner? Or maybe a brand new Franchise owner? Lawyers are probably the last thing you want to think about right now, but at some stage of your business career – you will most probably need one. Unfortunately, businesses never run smoothly year after year. There will be mistakes made, angry clients or competitors that will require a professional lawyer to help you out.
Here are the main reasons why you might need a lawyer for your Small Business:
1. Incorporating Your Business
You might require a lawyer right at the start when you need to deal with the headaches of incorporating your business at the SEC. This process of incorporation might sound quick and easy, but it’s not. You can, of course, try to do it on your own, but I am pretty sure it will take you 2x to 3x longer. This process requires a professional who is familiar with the processes and the latest SEC regulations. You need a lawyer that can get your company incorporated without any legal problems or implications. An experienced business lawyer will be able to do this relatively quickly and without implications.
2. Writing Your Contracts
From the very start, you will definitely require some basic contracts – for hiring your first employees, signing a deal with a supplier or with your first big client. All these require a detailed contract that includes all the important legal aspects that will keep you safe (although it doesn’t need to be 50 pages long!). Of course, you can try to write the contract yourself of find contract templates for such contracts online, but it’s never exactly what you need – and not always relevant to the Laws and Regulations in the Philippines. You should always consult with a local lawyer to be on the safe side. If you’re an OFW in Australia for example, you can consult with a reputable law firm such as Brookwater Legal in order to have your contracts 100% legal. However, after the first few contracts that you make with a law firm – you can then replicate them to future deals (without spending again on a lawyer), as long as there aren’t big differences in the details of the deal.
3. You invented a Patent
Do you developed a new and unique product or service – you should protect it, legally. You don’t want your competitors stealing your business ideas and creations. For this reason, there’s the Patent Office, where you can file for a patent. However, it’s not as easy as you think and requires a lot of time and effort to prove that your unique product or service deserves a Patent. The best way to increase your chances of a patent registry – is to do this with a Lawyer that has experience in Patent filing.
4. Protect Your Business from Lawsuits
Running any business involves a lot of contact with clients, suppliers, government agencies and more. Each one of these might at one stage of your business’s growth – have an issue with your products, services or business etiquette. It might be a client that wants a refund, or even worse – a client that sues your business for damages because of something that happened to him after using your product or service. You need to be ready for such cases and have a good lawyer who can help prevent such cases from becoming a lawsuit, and from reaching court. The last thing you want is to reach the court. A good lawyer can help ensure these cases are solved outside of court.
5. Selling Your Business
That day might come when you’d just have enough of the hard work and the headaches, or you might just get a great offer for your business. When that day comes – you better consult with a good lawyer. Selling a business involves many legal implications. It’s not as simple as selling a car or a condo. You need a lawyer to help you value your business, draft the purchasing agreements, transfer relevant licenses or permits, and much more. Without a lawyer, you might make a deal, but with a lawyer – you’d probably make a great deal…
Looking for more business legal issues your company may face? Want to find a new Franchise to invest in? Check out our popular list of Franchises. And if you’re looking into getting business insurance – read this post to learn the reasons why you indeed should add this to your tasks list.