Many legal questions may arise in the operation of a business. From concerns over how to classify the business upon creation, to creating contractual relationships, to dealing with potential litigation, many business owners require legal counseling.
State laws require businesses to comply with many regulations and rules. These include regulations for taxes and licensing, intellectual property questions, and required steps in case of sale or merger.
A Bloomington business counseling lawyer could help to answer any legal question concerning the proper running of a company. A well-versed business attorney can work to patiently listen to a person’s concerns, identify realistic goals, and develop strategies to make those goals a reality.
Counseling Business Owners During the Start-Up Phase
One pressing matter when beginning a business may be how that company will take on a legal shape. From traditional corporations and partnerships, to limited liability corporations, to sole proprietorships, choosing the correct legal formation can play a key role in profit distribution and legal liability.
New business owners should also take care to protect their intellectual property. If a company has a new invention, a chemical formula, or a manufacturing process, applying for a patent is an essential step to protecting the profits of those inventions. Companies can also apply to register a trademark that prevents other parties from passing off their products as their own. A Bloomington business counseling lawyer could help to identify important legal questions concerning the formation of a business.
Concerns of Already Established Businesses in Bloomington
Conducting business creates a variety of business relationships. If those relationships go wrong, it is vital to understand a business’s legal rights. One common example is breaches of contracts. Everything that a business does from purchasing real estate, to entering into vendor agreements, to demanding payment involves a contract. A Bloomington business counseling lawyer could provide guidance as to whether a breach has occurred and take steps to fix the problem.
Businesses may also require legal guidance in the case of expansions or mergers. The merging of two companies requires a change in the articles of incorporation and will raise questions concerning stock rights and future obligations. An attorney could help to protect a company’s legal rights as well as draft the documents necessary to achieve the desired results.
State law governs how many of these procedures play out. For example, Minnesota Statute §541.05 says that any party wishing to ask a court to intervene in case of a breach of contract has six years from the date of breach to file a complaint. Similar laws control all aspects of business law. A Bloomington business counseling lawyer could, therefore, provide help in not just maintaining the day to day operations of a business, but to ensure that all a business’s dealings comply with all relevant laws.
A Bloomington Business Counseling Attorney Could Be a Guide
Running a business requires all your attention and effort. This can include marketing, creating a client base, and managing staff. Most people do not have either the expertise or time to consider the legal questions that arise in the business world. These matters can include key questions concerning business formation, contractual rights, mergers, acquisitions, and conflict resolutions.
A Bloomington business counseling attorney can help. They can meet to discuss the goals of your company and to create the legal framework necessary to give you the best chances for success. If a problem does arise concerning the legal status or rights of the business, an attorney can take the necessary steps to protect those rights in court. Call today to discuss your business.