Career experts tend to advise people “to do what you love to do.” This principle is probably most prevalent when it comes to people who own their own businesses. In most circumstances, business owners love what they do, which is why they have assumed ownership of their lifelong passion.
However, there are aspects to owning a business that don’t always involve one’s passion. There are administrative duties, legal obligations, tax filings — and all sorts of otherwise mundane tasks — that business owners often have to do themselves in order to make things work.
You’re not on your own
Perhaps in no other aspect of doing business is this reality more apparent than in business and corporate law. Since many business owner think they can’t afford to hire a lawyer, they often try to navigate the business-law landscape all by themselves. But it doesn’t have to be this way.
In fact, it might cost a business owner even more if they try to handle legal issues on their own and without a lawyer. For example, there are various legal implications surrounding the structure a business assumes.
Will it be a corporation? Sole proprietorship? Partnership? What are the advantages and disadvantages of each, and which one is best suited for a specific business owner? These are questions that can often only be answered by qualified business or corporate lawyers — even if you’re not a large business yourself.
Avoid future complications
Indeed, the way in which a business is structured from the beginning can have an impact on that business for many years. Not only should a qualified lawyer help design that initial structure, but any business owner should be intimately familiar with these founding provisions to avoid any possible future complications.
For example, if a business involves at least two people in its ownership structure, whether it be a partnership or corporation, it might be advisable for each person to have their own lawyer look over the terms of the founding documents. Many messy legal disputes have arisen among former business partners and friends because one party didn’t have a lawyer.
If you need a professional advice on family law, or if you’re thinking of divorce, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.