To the average person, the term “business lawyer” or “corporate lawyer” may sound like something that only exists on Wall Street. In reality, though, nearly every business in Bloomfield Hills can and should use the services of a good business lawyer. This means large and small businesses alike.
Business lawyers play a very different role than that of trial lawyers. Rather than fighting one another, “opposing” attorneys are generally working together to bring about legal transactions between businesses. It’s also very common for a business or corporate lawyer to help a business set up and review its contracts, to advise on tax issues and to help with the legal setup of the company.
A typical Bloomfield Hills business lawyer may have expertise in one or more of the following areas:
- Contract Law
- Intellectual Property
- Securities Law
- Tax Law
Each industry will have its own specific issues and concerns, too, so it’s possible for a business lawyer to focus his or her practice on a particular type of business. In fact, some larger companies have their own corporate lawyers right on staff.
A business lawyer in Novi can have a really important impact on an individual business. Not only can they protect it by making sure everything is up-to-par when it comes to setting up and running your business, but they can also help you plan for the future. For example, is there a succession plan in place for when key personnel leave the organization, either expectedly or unexpectedly? The ability for a business to survive in this circumstance can balance on how prepared it was for this kind of transition.
A related concern is what will become of the business should the owner (or one of the owners) die? Who has rights to his or her shares, and how should that be handled? Will the business be taken over by a family member, or will it be sold, shut down, or something else? The business lawyer helps to lay out all the options and make determinations about the decisions that need to be made.
It’s also worth noting that many business lawyers in Livonia have a wide skill set. For example, in addition to business planning services, they may also provide personal estate planning for wills and trusts, assist with real estate transactions, and assist with divorces or prenuptial agreements.
Whether your business is large or small, a business lawyer in Bloomfield Hills will help ensure you are set up on a proper foundation and that you are well prepared should you face lawsuits, creditors or unexpected transitions in the future. To schedule an appointment with our business and estate planning attorneys, simply call (248) 481-4000.