10 Reasons Why Businesses Need Commercial Lawyers
If there are two experts that every business in Auckland should have, it is an accountant and a lawyer. In businesses, the particular kind of lawyer needed is a commercial lawyer, the one who has knowledge and expertise in business law. Hiring a good Auckland commercial lawyer can make a lot of difference for your business, as they can provide fundamental help and support in almost every facet of your business.
Whatever aspect of your business from sales contracts, terms of trade, payment issues, you will definitely be needing help in relation to commercial law.
The importance of commercial lawyers in businesses doesn’t stop in their usual tasks such as outlining and negotiating contracts, assessing leases or drafting guarantees. The following situations are common for many businesses and answer why every business needs to have commercial lawyers.
Businesses Need Commercial Lawyers
There are many different situations in common business life when local businesses will need an Auckland commercial lawyer. Here are a few examples.
- When you are wondering what business structure your company will take, a commercial lawyer can help you decide on the best form of ownership. This will have an impact on various factors such as financial reporting requirements, tax matters and liability issues.
- To deal with previous, present, or prospective employees who have filed a complaint against your business, or are suing you for discrimination in firing, hiring, or for unfavourable workplace practices.
- To deal with local or national government bodies which filed complaints against your business, or are investigating your business for violation of laws and regulations.
- To deal with environmental problems, in which your business is involved.
- When you are negotiating the purchase of another business. In any business acquisition, it is important that your lawyer is involved in the terms and conditions of the agreement, leases, liabilities of the target company and various other issues. It is also important that your lawyer witnesses the signing of the papers by both parties.
- When you are leasing commercial space, your lawyer can give you advice on any incurred costs and drawbacks before you even sign the contract.
- When you are looking for equity financing for your business, your lawyer can help you review legal documents and create terms of the partnership agreement.
- Drafting buy-sell agreements to address how shares in the company will be handled by the shareholders.
- When you are accessing equity financing, your commercial lawyer can give you advice regarding drawing up legal agreements and contracts in the following areas: franchising, licensing, commissioning, leasing, business partnership, employment and acquiring or purchasing a mortgage.
- When you are dealing with employee issues and conflicts, business closure, misunderstanding between business partners and security of intellectual property.
Commercial Lawyers – Summary
Keep in mind that anytime you are uncertain about the validity of some things in your business, or if the legitimacy of any aspect of your business is being questioned, you must call your commercial lawyer for help or advice. Even if you think that you do not have enough resources to get a lawyer for your business, legal guidance from an Auckland commercial lawyer could be valuable to your business in the long run and be a wise investment.