About 70 per cent of companies incur massive losses from lawsuits and getting into the wrong contracts. Most entrepreneurs, however, treat attorneys like plumbers and fire fighters; you only look for one to solve a specific problem. This approach is very risky concerning legal issues in business.
Hiring the right team of lawyers for your Townsville business from the start is akin to hiring an accountant. You cannot function without dedicated attorneys to help you. If you are thinking of waiting for legal trouble before getting an attorney, it might be too late. Here are some specific areas that might spell doom for a business without the right attorney.
Patents, trademarks and copyrights are an essential requirement for any business to maintain a competitive advantage. You need to protect your brand name, logo, production processes, machines, and goods from infringement. Intellectual property is a complicated matter and handling it the wrong way can break your business.
Employees are part of your company assets. You count on their knowledge and technical expertise to run your business. They are also privy to all the most important details of your company. Most businesses, however, fail to sign non-compete and non-disclosure contracts with their employees. With the rising job mobility in the current workforce, you can quickly lose all your trade secrets to your competitors.
Almost all corporations include a lawyer in the process of incorporation. Many, however, neglect the need for an attorney in subsequent legal requirements to uphold a corporation status. Any decisions touching on your business mergers, governance and structure might affect your legal status.
Business ventures require a lot of legal know-how and manoeuvres. While you, as an entrepreneur, might be tempted to wear several hats to save on costs, it is best to leave legal issues to the experts. A good business attorney will help you prevent costly future legal problems.