Naivety and misplaced trust have seen many individuals lose money and opportunities they have worked for in business. Doing business with a friend can contribute to its success as there are cohesion and team spirit at work.
However, delve into a little research and you will realize that many have also been swindled by friends they considered family. When setting up a business especially a partnership it’s good to get your agreement in writing and sign contracts.
This will draw boundaries on which the business will operate.
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Most millennials excited by the start of something new forget that there are legal obligations that their businesses should meet. This is why it’s paramount to involve a lawyer from the onset of your business.
A Lawyer brings perspective to your business. Instead of seeing the business as a friends venture or a short-term money-making investment. Lawyers see the bigger picture and plan for circumstances that we may not foresee as we are busy trying to build the business.
Change is inevitable, mindsets change and people who were previously on the same page about the direction a business should take begin to disagree. This situation is dangerous as it can lead to the death of the business or the destruction of a brand if no prior steps had been taken to advise on what should be done in such a situation.
That’s why it’s important to involve a lawyer early on at the start of the business albeit the extra cost the lawyer will add to your young business. In the long-term, you will realize this is cheaper as opposed to calling on a lawyer only when things go wrong and you are in court.
[bctt tweet=”A lawyer will go out of their way to ensure your company’s intellectual property is protected” username=”SheLeadsAfrica”]
Our current world is such that you can do everything by yourself online including registering a company in a span of one to three days. You can draw contracts to use in your business transactions using templates provided online.
Such liberties are great but they should not delude us into thinking that lawyers are not key to our businesses success.
A lawyer will go out of their way to ensure your company’s intellectual property is protected. In a business partnership between friends, they will bring the law on board to ensure no one is cunning enough to overwork the other and still expect to reap from the others hard work.
Here are some reasons why motherland moguls should enlist the knowledge of lawyers in their businesses.
A lawyer is your voice of reason.
Most businesses sprout from our passions. This means we may not be very objective while making some decisions. We are tempted to use trust as a currency while dealing with our customers or partners just to get the business on its feet.
This means we may end up with bankrupting the business due to bad debts. Lawyers come in handy as they assert themselves and insist on contracts with suppliers and customers. This saves motherland moguls from cons as there will be no loopholes to be exploited in the business.
Lawyers offer security and protection
A lawyer’s roles are to pre-empt situations and ensure we are not victims of unscrupulous people who we are doing business with. In situations where certain circumstances cannot be avoided, they ensure the law is on our side.
Many times we are ignorant of what is required of us by law and lawyers protect us from our own ignorance.
Lawyers have connections and a clientele base like you
The right lawyer will hold your hand and help you know the ins and outs of the business niche you have chosen to explore. They have other clients like you and so they have been on the journey you are just beginning.
Lawyers will offer insights that may prove very useful in the long run to a start-up. In addition to offering legal services, they can be a marketing tool for your business as they speak of your business to potential clients.
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