What Does a Business Lawyer Do?

Looking to start a business? Do you need a purchase agreement for an equipment sale? Not sure about how to legally terminate an employee? If you answered yes to any of these questions, then you may want to talk to a business lawyer.

Business law is a term most people are familiar with, but a lot of people aren't always sure what “business law” actually includes. Below we will discuss some of the key areas of business law and what a business lawyer actually does.

Starting a Business

One of the most important duties of a business lawyer is helping to form new business entities. Whether you are looking to form a corporation, a limited liability company (LLC), or a partnership, it’s a good idea to let a business lawyer help.

These entities often have special considerations with regard to ownership structure that non-attorneys might not fully understand. A business lawyer can help ensure that the bylaws or company agreement reflect the needs of the new business.

Your business lawyer can also help you keep your business compliant with state and federal reporting requirements.

Contract Negotiation and Drafting

When you do business without a contract or use a poorly written contract you found on the internet, it's a recipe for disaster. Your business lawyer can custom-tailor contracts so they actually reflect the transaction.

Having precise language that fits the transaction helps you avoid conflicts and could protect you in the event there is a dispute.

Compliance

Are your contractors really contractors? Are your international operations compliant with the FCPA?

A business lawyer can review your policies and procedures and make sure they are compliant with relevant laws and regulations. It’s easier to prevent a lawsuit or investigation than it is to defend against one.

Employment Law

Even the best businesses have to let employees go sometimes. According to The Curley Law Firm, many states, like Texas, are at-will, meaning you do not usually have to have cause to terminate an employee.

That said, sometimes terminations can lead to claims of discrimination or even violate an employment agreement. A business law attorney can walk you through the termination process to make sure things are done correctly.

Mergers and Acquisitions

Whether you are being acquired by a Fortune 500 company or just looking to buy out the shares of a shareholder, a business lawyer can help you ensure the deal is done the right way.

Even the most simple acquisition could lead to issues if it is improperly handled. Don’t trust the future of your business to a cocktail napkin. Let a business lawyer take care of it.

Business Disputes

It can get scary for a business owner when things go wrong. When the company’s capital is on the line, you don’t want to take any unnecessary risks. Even if a business lawyer does not practice litigation, they may be able to help resolve a dispute.

Your business lawyer can negotiate with the other side to help come to an amicable resolution. They can also draft a settlement agreement to make sure the parties know what they are really agreeing to. Litigation is expensive, so letting your business lawyer take care of a dispute early on can be priceless.

Dissolutions

Nobody wants to go out of business, but sometimes, it happens. While some people think a dissolution is as easy as just walking away from the business, this is usually not the case.

You may need to follow certain procedures when dissolving a business. Failure to do so could lead to potential liability.

Further, even after your business is dissolved, it may actually remain “active” in a limited capacity for three years after the dissolution. This allows the company to settle its outstanding debts, liabilities, and affairs.