What Legal Documents Best Protect Your Business
In addition to representing businesses in disputes, business lawyers provide advice and counsel to help business owners avoid trouble. Aside from a house or large boat, a business is likely the largest investment of time and money that a person can make. Failing to plan for success and growth with the right corporate governance and business documents can jeopardize that investment.
A good business plan includes proper legal documents
Most businesses start with an idea. They grow based on advertising and the quality of their goods or services. Therefore, most business owners invest their time and money to promote their business and in obtaining those goods or services. But sophisticated and successful business owners plan for their own success by incorporating solid contracts and other legal documents into their business and putting corporate governance documents in place.
What contracts should I have in my business
A business, like a building, has an exterior and an interior. Dealing with customers, suppliers, and vendors outside of the business is its external face. In that arena, it needs well-crafted contracts to promote the sophistication of the business and to protect it in any dispute.
When the business deals with employees, independent contractors, consultants, and shareholders or partners, it is doing so internally. With its employees, the business can deploy properly crafted agreements like non-competes, non-solicitations, and non-disclosures. When dealing with independent contractors and consultants, the business can use independent contractor agreements that contain non-competes, non-solicitations, and non-disclosures or those can be separate from the independent contractor agreement.
With regard to its shareholders or partners, the business should adopt a partnership, shareholder, or operating agreement depending on the type of business entity professionally drafted by an experienced business attorney. Even for a single member LLC, an operating agreement acts like a Will for the business in the event that some calamity befalls the owner. This allows the business to continue or to be more easily sold so the hard work of the owner is not lost.
How much will a contract or operating agreement cost me
These important business documents are not as expensive as not having them. There are ways to reduce the costs. For example, in my practice I created and have for many years used a an LLC operating agreement questionnaire that gives me the information needed to prepare a draft agreement while eliminating one meeting with he client to obtain that information and that significantly reduces the cost. That allows me to provide an effective service at a reasonable price in an efficient and timely manner.
Where can I get good legal documents for my business
From an experienced business attorney. People generally do not buy a house without having an expert inspect the structure and title. Likewise, when building or growing your business, the expertise of a qualified and experienced Board Certified expert in business law is invaluable to ensuring you get the right documents for your business.
Conclusion
In the final analysis, building and operating a business costs money. So why give up your security and piece of mind by not having a good business lawyer counsel and guide you on the documents you need and prepare those for your business.
