Why Every Business Needs a Lawyer

Why Every Business Needs a Lawyer

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Clare North

Position: Associate
Email: clare.north@pittandmoore.co.nz
DDI: +64 3 545 6708

It’s often thought that we only need a lawyer for when something goes wrong. This is a common misconception. You don’t need a catastrophe to occur to have a lawyer at your business’s side. In fact, most businesses benefit from having a lawyer on their team from the beginning. Below is a brief list of some of the benefits a lawyer can bring to your business.

1. Developing a Legal Structure

our business structure will determine what liabilities you face, how your business is taxed, how your profits are divided, how you can sell your business, and at what price. It is important to get advice from professionals so that you select the best structure to suit your needs and circumstances.

There are three basic structures commonly used by businesses:

A.   Sole Proprietor/Sole Trader: where only one person is the owner of the business and trades in his or her own right.

B.   Partnership: where two or more people own the business and share the profits and losses of the business.  

C.  Company: a legal entity separate from its directors, which run the company, and its shareholders, which own the company.

2. Trade Marks and Intellectual Property

You could have a great product or service but how do you protect that product or service from competitors?

Once your business is established, a lawyer can help protect and make the most of your brand. Establishing a trade mark can be research intensive and time consuming. Having a lawyer take care of these matters can let you fully dedicate yourself to getting your new business started and can help you to avoid any potential conflicts down the track.

3. Contracts

Contracts play a major part in businesses, no matter what size. You will need them to handle sales, employees and leases.

A good lawyer at your side can help you develop contracts to protect you and your business and to steer you away from potential legal troubles.

4. Exit Strategy and Avoiding Disputes

People commonly turn to a lawyer when it comes to drafting a Will so that when the day comes, any disputes involving the succession of their assets can be avoided. A lawyer can also help develop an exit strategy for your business as you grow, ensuring it will continue (or dissolve) in whatever manner you choose.

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Contact our Commercial Team today to discuss how we can assist you.