There are laws governing Chicago businesses including state, local and federal laws. Compliance with the different laws is important for businesses of all sizes. Besides the basic legalities, disputes and litigations may arise. These require legal expertise to help avoid serious consequences. A commercial attorney will have the expertise, experience, and knowledge of the legal system to help you in a time of crisis. However, there are many situations that could have an impact on your business. You do not have to wait for a crisis to partner with an attorney.
There are many ways their firm can help you even before complicated legal situations arise. There are many facets to the tasks of a business lawyer. Here are some of the things Chicago business lawyers do.
Tasks a Business Lawyer Handles
If your business partners with another entity, a knowledgeable legal professional can help draft it. This is useful for all types of formal agreements including formal partnerships, Founders’ Agreement or an Operating Agreement for forming an LLC. No matter what type of agreement it is, a lawyer can organize and draft it so as to reflect each party’s rights and obligations.
Drafting Negotiations and Contract
Negotiations take place on many levels from forming mergers, partnerships, acquisitions or with service providers. Contracts can be anything from a simple lease agreement, a purchasing agreement or contracting with a third party vendor for selling products. Business lawyers work closely and skillfully with businesses to negotiate and draft contracts that will work in the client’s best interest.
Handling Organizational Documents
Legal counsel is beneficial when handling and keeping track of documents. A business lawyer can also act as a registered agent on file for an organization. In the event a legal situation comes up, they have the documents on file that can be used to address the situation immediately.
Whether or not a business is at fault, it is likely someone somewhere will be unhappy with their services and threaten a lawsuit. A business attorney provides protection in the event a lawsuit threat. Legal professionals can provide representation in court or litigate on behalf of a business, so the matter is dropped before it is ever heard by a judge.
Business law firms help set up a company. According to the law, every organization, company or business becomes its own legal entity. Attorneys help Chicago businesses file the appropriate legal paperwork. They also help educate founders or owners about laws specific to their operations, so they can remain in compliance with state, local and federal laws. This includes helping obtain the various permits or licenses the organization needs to operate legally.
Protection of Trade Secrets and Intellectual Property
Intellectual property laws are designed to protect intangible property from being misused. This includes trade secrets and copyrighted materials which need to be protected. An attorney helps protect critical and confidential information that helps companies profit. Intellectual property law can be complex and technical. Lawyers help businesses retain control of their creative work(s), so they can continue to commercialize their ideas.
Whether you are just forming or have a well-established Chicago business, having solid legal representation is beneficial. James Provenza is one of the leading business lawyers in the Chicago region. Learn how his expertise and experience can help you, schedule an appointment today.