2024 LEGAL GUIDE

Specialized Legal Expertise Serves Our Business Community

Optimizing business ins, outs and opportunities

by RaeAnne Marsh

Doing things right at the outset can save time and money down the road. This truism is especially relevant in business. Working with an attorney to ensure a business is on the right track, in compliance and negotiating with protection in mind is why working with an attorney is so beneficial. It is also why In Business Magazine has compiled this Legal Guide to showcase local firms who strongly support the business community and offer their specialized practice areas, to help business owners make decisions on what firm to use locally.

There are many ways a business could get off on the wrong foot without proper advice. A common problem, alluded to in many of the monthly “Legal” articles in In Business Magazine, is businesses taking a DIY approach thinking it will save them money. This often backfires, making things more complicated — and, thus, more costly — when they later do get an attorney involved. 

It’s not just a matter of knowing how to deal with certain matters; there may be requirements or implications of which the business owner is unaware. As the saying goes, “Most new business owners don’t know what they don’t know.”

For instance, perhaps a business has been approached by another regarding a transaction. The owner may try to reach agreement on the business terms before getting an attorney involved, and then just ask the attorney to write it up. Law relies heavily on precedent, and there may be implications and ramifications to certain terms the business owner may be unaware of — this on top of the potential for missed opportunities for the business. 

When exiting a business, as well, there are many factors to be considered that an owner may not have dealt with. These include tax ramifications, transfer of intellectual property rights, and how to structure proceeds to be most beneficial for future income. And there may be regulatory requirements such as getting permission from the Federal Trade Commission if the sale exceeds a certain threshold; if the company is in breach or violation of that law, the transaction could be revoked — or fines and penalties could be assessed.

It should be emphasized that, while law does rely heavily on precedent, change does occur — through new regulations, new court decisions and even through public outcry. That’s where knowledgeable representation can make a big difference.

What an attorney brings to businesses, then, is a view to avoid both pitfalls and missed opportunity. This In Business Magazine 2024 Legal Guide has been created to help businesses connect with the appropriate resources for their needs and to be a reference should a specific expertise be needed.