The services of a Toronto business lawyer can be critical to a small business. Early on there may be certain matters that you can handle on your own as business owner such as writing a business plan and applying for any licenses and permits the business requires, but definitely you cannot do certain activities, particularly those that involve very complex issues and require a thorough understanding and evaluation of several aspects of business law.
Here are some potential areas that a business attorney can provide valuable assistance in:
Negotiations
Lawyers probably negotiate more than they do anything else. Those who negotiate effectively can not only solve their client’s problems on different types of business transactions, but can help prevent potential problems that can lead to disputes later down the road.
Negotiations are the heart of every business relationship. You negotiate with clients or customers, with vendors and suppliers, with the government, maybe even with the court, and in every negotiation there is a host of legal matters that only a lawyer’s legal training and professional expertise can sort out.
- Negotiating your office space - It’s a good idea to hire a business lawyer with experience in real estate to help you negotiate terms in your lease, or at least review it. Lease contracts are full of legal jargon and overlapping clauses, and there is no substitute for legal analysis that can alert you of potential hidden problems, specifically in certain key provisions governing sharing of common space utilities with other lessees, lease renewal terms, automatic increases in rent, and lease termination.
- Mergers and acquisitions - As businesses grow, opportunities for joining forces with other businesses or even taking over another business may become part of the plan. Your attorney can be valuable in helping to formalize these complex deals. He can help you negotiate the appropriate financing and provide advice concerning the drafting, negotiation, and performance of contracts for the sale of portions of your business.
Partnership Agreements
When you are partnering up with other people to run the business, you will need to create a well-drafted partnership agreement to establish the terms of the partnership. This legal document will, detail the rights and obligations each partner has to the business, set out provisions on how the business should be run on a daily basis and in the event of a business crisis, such as the death of a partner or dissolution of the partnership. It’s highly recommended to consult with an attorney to formulate a partnership agreement to help you navigate the legal aspects and ensure that the contract is legally enforceable.
Business Tax Planning
A lack of attention to business tax planning can cut into the profitability and long-term viability of your business. A business attorney with special focus in tax laws can provide proper advice on tax advantages that are applicable for all your business activities that can result in a great deal of potential savings. Business tax lawyers can help you with creating the business set-up, contract labor or employment relationships, and other matters that could affect the business’ after-tax income. They also stay up to date with changing tax laws that can have potential tax implications to your business.
A Toronto business lawyer can truly provide real value to any small or midsized business. He is not just a legal advisor, but an effective business partner who can play an integral role in the company’s business strategy and in helping to identify potential risks to the business that can help prevent conflicts and claims later on.
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