Have a Working Knowledge of Business Law

Running a company isn’t just about getting and keeping customers. It’s about knowing what laws are involved in running that business.

There have been many adventurous entrepreneurs who launched an enterprise on a wing and a prayer and later realized they were missing some important legal underpinnings. It’s never a good idea to get into something without knowing all the ramifications. This avoids some really nasty revelations later if the rules of commerce and legal p’s and q’s weren’t handled up front.

Not knowing what business related issues may come up is guaranteed to cause problems if all the proper steps aren’t put into place to protect the operation. For instance, all the paperwork needs to be filled out correctly, all the t’s crossed and the i’s dotted, to ensure there is a proper (legal) registered business entity. Any and all transactions undertaken in the name of the business must have the correct legal documentation to back them up. Doing this without the help of expert legal counsel is problematic, as there are so many pitfalls on the road to setting up a business.

Making sure all the documents relating to the venture are correct is one of the first priorities in getting set up, as these papers will come in handy if the firm is sued. This isn’t to say that just because a business has been launched that an in-depth knowledge of the law is required, as that’s what business lawyers are for in the first place. Having a general knowledge would be ideal in order to understand the concepts of structuring an operation and dealing with the day-to-day affairs and paper flow.

Consulting an attorney with expertise in this area is a smart move, because the same lawyer who made sure the business is legal and properly registered will be the same one that is able to keep the legal affairs of the company in order. Whether it’s a partnership, sole ownership or some other entity, such as a limited liability company, the attorney who specializes in this area will have the acumen to keep things on track and allow those involved in the company to run it without worrying about all the legalities.

If contracts are something done on a regular basis, having a working knowledge of how they work would make sense. It’s not required to be an expert in this area, as the attorney will handle that. It’s a given that the law is the purview of the business attorney and although entrepreneurs may like to be informed about the overall picture, it’s best the technical details are left to the lawyers. Business law is highly complex and only a skilled lawyer with extensive experience will be able to provide the best advice for companies.

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