What Is A Business Attorney?

Business attorneys in the Lexington / Bluegrass area typically possess a very broad range of skills allowing them to handle various types of business-related matters. However, because all business, regardless of industry, are subject to specific laws, regulations and trade practices, the primary function of the business attorney is that of a protector. The legal advice, and services, that attorneys provide to their clients on a day-to-day basis generally revolve around the mitigation of liability. The four key areas in which lawyers seek to mitigate liability are; (1) the setting up the business, (2) avoiding lawsuits during business operations, (3) defending your rights, and (4) winding-down the business or establishing its succession.  

Setting Up Your Business In Kentucky

When starting a business, you may encounter many anxious and excited emotions with the hope of running a smooth and successful business. Unfortunately, issues and uncertainties arise and you’ll likely need an attorney to protect your business against the legal consequences. Having a trusted business lawyer on your team will provide peace of mind and value to your business.

Choosing the right business structure is crucial. If you don’t structure the business properly from the get-go, you may find yourself with costly compliance issues down the road. You may also be exposed to undue liability from partners, clients, contractors or employees. More importantly, however, is understanding the differences between sole proprietorships, limited liability partnerships and corporations and how these entities are taxed. The tax treatment of your business can be complicated and nuanced and should never be left to chance. Richard David Lom always invites a licensed CPA to his client’s initial consultation. Getting it right the first time, every time, is a must.

Limiting Business Related Lawsuits In Kentucky

During the course of business operations, a legal claim can come from a litany of sources. They include, but are not limited to, disgruntled or injured employees, angry customers or clients, regulatory agencies, business competitors, taxing authorities, or business partners. Reducing the exposure from these types of lawsuits requires (1) that your attorney has both experience and expertise in your particular field of endeavor, and (2) that you have a continuous and high-quality working relationship with your attorney. Some of the more routine functions include;

Overall, developing a proactive strategy that limits potential legal claims will save you time, money and countless headaches down the road.

Fighting For Your Rights

Whether you’re bringing a lawsuit or defending a lawsuit, the day may arise when your business needs to head to court. Unfortunately, some conflicts cannot be resolved without legal action. As a business owner, it’s important to keep your lawyer updated on any trouble you see brewing. Being proactive will give your lawyer the best chance to adequately assert your rights should the dispute end up in front of a judge. Heading into the courtroom can be terrifying. Your lawyer will be with you every step of the way to represent your business through the legal process. They can also help you negotiate a settlement, if necessary, to remedy the situation at a lower cost.

Winding Up or Moving On

Invariably, there will come a day when it’s time to either shuttle the business or preserve it for future generations. Just as the setting-up of your business is important, so too is how your business winds-up. You’ll want to make sure you attorney is involved in the dissolution of the entity. From the making of payments to creditors, selling of stock to stockholders, to the allocation of remaining assets, there are a host of concerns that require strong legal advice.

Perhaps, however, you want to leave your business to someone else. Having a detailed succession plan that meets your objectives, again, involves a comprehensive conversation with your attorney. Through the use of Wills, Trusts and an integrated Estate Plan, your business can remain intact.

Finding The Right Lawyer For Your Business

Your business lawyer can be a trusted advisor and voracious representative. Developing and fostering a strong relationship can provide your business with useful resources. As part of your team, your business lawyer can help your business grow and prosper well into the future. Lexington based business attorney Richard David Lom routinely assists his clients in the following areas of law:

Ultimately, your business lawyer should be one of the most valuable additions to your team. Call Richard David Lom today for a free consultation, 859-963-1898.