When it comes to business, it truly is a “dog eats dog” world. Although you hope that nothing bad ever happens, there is always the potential for a dispute or a claim that could land you in the middle of a lawsuit. In order to avoid problems and protect the assets that you have worked so hard to build, it’s a smart idea to team up with a reputable California business litigation lawyer. Here we will look at three ways that a business attorney can help ensure that your business transactions go as smoothly as possible.
1. Establish Buy-Sell Agreements – One of the first mistakes that new business owners make when setting up shop is to not set up a good buy-sell agreement. There are two main reasons you may need a strong agreement in place. Here’s the breakdown:
- Buying a pre-established company – If you’ve made the decision to purchase an existing business, you desperately need a buy-sell agreement in order. These agreements will detail the terms of the sale, will list exactly what is involved in the sale, and will include full-disclosure agreements that could save you from receiving a previous owner’s debt or legal problems upon the finalization of the sale.
- Having multiple owners or shareholders – No matter how close you think you are to your co-owners, it’s wise to protect all of yourselves with a buy-sell agreement. Should a falling-out, death, or other life-change occur, these agreements will set the terms of when shares can be sold, for what amount, and under what circumstances.
2. Always Use Contracts – Although it may seem like a complete no brainer, there are still those business owners who put their faith into a “gentleman’s agreement” without putting anything down in writing. Every business deal or transaction that you make should be finalized with a rock-solid contract. By working with a professional business litigation lawyer you can ensure that all your bases are covered within your legal documents.
3. Stay in Compliance – Business law is complicated and ever-changing. Because of this, even the most astute business owners may find themselves confused as to whether or not they are in full compliance with the law. Having a professional business attorney on your team will provide you with a reliable source that you can turn to when you need legal advice with regards to business licenses, labor laws, confidentiality agreements, human resources regulations, and others. In this way, you can rest assured that you do not find yourself being served by a disgruntled employee, shareholder, or customer.
There is no need to worry when you’ve got good legal representation. By working with a California business litigation lawyer, you can ensure smooth and seamless business transactions.
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Lauren Biddle is a part of an elite team of writers who have contributed to hundreds of blogs and news sites. Follow him @Biddle23 to see what else he has to say!