When having to manage a company, especially when it is in an expansion phase or has reached the full extent of its growth or even if it is a medium-sized company, there are many aspects that must be considered vital. You should seek help from a business attorney. Today we’ll discuss how a business lawyer can help. Why? To avoid common mistakes.
The advice of a business lawyer in financial terms
Many times we blame globalization and not being able to cope with the competition, and we get stuck at a level where there seems to be a “lack of a push to continue to progress.”
And that turns out to just be a symptom of the main problem, which is the need to have a business advisor so that business operations can be carried out with the necessary fluidity and transparency.
It may happen that an undesirable action has already been taken.
This will then be the moment that a lawyer tries to solve, or at least, achieve a solution that is favorable and ensure that the damage caused is not irreparable.
To achieve the desired success in running the business, the business lawyer will advise from the beginning regarding the path to follow and the correct procedure, avoiding costly lawsuits that can arise from errors that could be easily avoided.
Errors to avoid
Regarding the planning stage, you have to prevent insurmountable problems from arising. As an example, we can mention the case of requesting financing to start a business, where the business lawyer makes a preliminary investigation so that we can know the origin of the money that is received as a loan and avoid getting involved in a Illegal money laundering scheme created by third parties.
Financial errors, while the most common and concerning, are not the only issues on the list.
One of the most frequent mistakes is poorly drafted contracts. When contracts are not clearly written, misunderstandings and disputes can arise, leading to costly legal conflicts. A poorly drafted contract may be ambiguous, leaving room for interpretations that affect the rights and responsibilities of the parties involved.
To avoid these problems, it is crucial to ensure that all terms are precise and detailed. Working with a lawyer specializing in contract drafting can help ensure that documents are clear and align with the company’s objectives. Additionally, it’s important to review and update contracts regularly to adapt to changes in legislation and business circumstances.
Another common mistake is the lack of protection for intellectual property. Trademarks, patents, and copyrights are valuable assets that, if not properly protected, can be used without authorization by third parties, potentially harming the company’s competitiveness.
To protect these assets, it is crucial to register them and monitor their use for possible infringements. If unauthorized use is detected, it is important to act quickly to enforce rights through legal actions if necessary. Having a lawyer specializing in intellectual property can be key to ensuring that appropriate measures are taken to safeguard the company’s intangible assets.
Inadequate management of contracts with third parties, such as suppliers and clients, can lead to significant problems. If contracts are not negotiated properly or their compliance is not monitored, disputes and financial issues can arise.
It is essential to negotiate clear and favorable terms from the outset and ensure that all parties fulfill their obligations. Keeping detailed documentation of communications and contract modifications facilitates conflict resolution and ensures that terms align with the company’s current needs. Regularly reviewing contracts also helps maintain their relevance and avoid future issues.
Included services with business lawyers
So, a business lawyer within a company is necessary to advise us legally in many stages of the business.
Some aspects of their service include:
- Advice on the initial and corporate configuration of a company, suggesting which one would be appropriate for our needs.
- Guidance from the beginning on a financial operation.
- Protection against personal liability and necessary tax advice.
- Mediation with creditors.
- Drafting of contracts and agreements, without overlooking the drafting of confidentiality clauses in order to avoid the disclosure of trade secrets.
- Ensuring clarity in the wording of these documents, which is essential to avoid confusion.
- In the same way, it must be correctly elucidated regarding how to proceed to resolution in the event of any litigation.
- Debt recovery from delinquent clients who are trying to avoid legal proceedings.
- Arbitration in case of litigation while trying to avoid terminating the operation in court – which would be the last instance and in case there is no possible solution. However, this last instance is very expensive since it takes a lot of time and resources until the problem is resolved.
- Constant updating of current laws in all commercial operations while avoiding legal errors that are frequently committed.
- Establishment of clear policies with the salaried personnel in the business in order to avoid contractual problems, promotions, non-discrimination, attendance, and all legal aspects concerning the subject.
Business Lawyers
Do not hesitate: it is the most efficient way to avoid making commercial mistakes and falling into any trap. It is necessary to maintain clear language at the time of submitting contracts to be able to draft them and provide the service in a timely manner.
With the expertise that our lawyers have, they can offer the solution to any conflict that may arise along the business path, through prior study, in order to understand in which sector the company operates.
By guiding and protecting the customer, you prevent problems from appearing that, with your assistance, can be solved quickly and economically. You know that managing time and money are the most precious resources in a company.