There are over 20 million small businesses in the United States. With the recession of the past decade more and more people have decided to further the entrepreneurial spirit and go out on their own. Pursuing dreams and taking risks is what has always made America so great. We are a country where you can brainstorm an idea over coffee then open your business the following day with a website up a week later and business cards in the mail. Entrepreneurs excited to pursue their dreams race off to acquire customers and build their business into something that last.
This “hit the ground running” mentality is exciting and the momentum can carry an entrepreneur forward from a business being an idea to a reality. The challenge that many business owners face is that when something catches on, when the business works, they are so busy handling clients and pursuing further growth that they do not have the time to look behind them. What lies behind is often a legal mess. From opening the business on their own, not completing their operating agreements, forgetting to file annual reports, not properly documenting ownership, or loose contract language – many business owners have legal issues that at any moment could rear their head without any protection in place.
Working with an attorney from the onset of your business means that your back is covered. As an entrepreneur working tirelessly to launch your company you should be able to focus on what you do best – build your business. At the Michigan Injury Lawyers we work to protect you and the dream that you are building. From ensuring that your business is properly set up with operating agreements and legal filings to reviewing employment and client contracts we are looking for ways to keep you safe.
Businesses are at risk not because of what they know but because of what they do not know. Business law is complex, with every state having unique rules and regulations. Even experienced business owners may be unprepared for the laws in Michigan. Our team of expert attorneys stay up to date on all changing legislation so that business owners don’t have to. It is unrealistic for business owners to spend their days managing employees, inventory, client relationships and operations only to study business law at night. Working with a trusted advisor means you have more time to spend making your business a success without constantly looking over your shoulder.
We recommend that all contracts be reviewed by an attorney prior to a business signing them.
Here are some that require a closer review:
- Employment Contracts. It is important to write employment contracts in a way that do not violate state or federal law while protecting the company’s best interest.
- Real Estate Contracts. Whether leasing a space for your business or purchasing a building real estate contracts are deals that a company has to live with for longer periods of time. Make sure it is right and you are protected prior to entering into a long term agreement that may be difficult to live with down the line.
- Distributor Agreements. Companies that work with distributors need to carefully structure these agreements. These relationships are complex and missing any component of the working relationship can lead to loopholes and problems down the road.
- Vendor Contracts. Companies that sign long term agreements with vendors should first consider their options that make sure these contracts allow for changes in the marketplace and company.
These are just some of the many agreements most businesses will enter. As an attorney we see many clients come to us once a dispute has arisen – disputes that could have been avoided if a proper contract had been in place from the beginning. Spending money now to ensure that your business, and you as the owner, is protected will save you significantly down the road. The expense of going to trial to solve a dispute can be very high where contract review and modification can take a matter of hours.
If you are an entrepreneur setting out to build your business or a business owner that has been in operation for years don’t go it alone. We are here to work with you, be your advocate, to make sure that you are covered and the dream you are building stays protected for years to come.Posted In: Uncategorized