Purpose of Preventative Business Law
The old adage “an ounce of prevention is worth a pound of cure” applies especially to business law. As all business owners know, when a business opens, money is always tight. Startup costs often exhaust capital and revenue streams flow slowly. In today’s competitive marketplace, margins often remain razor thin for years. The last thing a business needs is an expensive legal problem.
The purpose of preventative business law is ensuring expensive legal problems never happen. It’s better to spend a little money today to protect your business from legal exposure than to have no choice but to spend a fortune tomorrow on legal bills. Preventative business law helps you avoid lawsuits and expensive governmental actions. It also protects important property, including intellectual property, and discourages unfair competition. If you are starting a business, it is crucial to consult with one of Olen Law’s business lawyers in Philadelphia to protect your business assets.
Consulting a PA business attorney protects you from liabilities that can destroy your livelihood. When setting up the structure of a business, signing contracts, and dealing with regulations, expert advice keeps you on the right side of the law. Often, when business owners ignore legal ramifications, they find themselves set up for big fines and lawsuits. In business, law is too complicated for any one business owner to know, with branches ranging from employment law to trademark law. Preventative business law practiced by a PA business attorney covers them all.
It is always a good idea to consult a Philadelphia PA business planning attorney when setting up a business structure, obtaining licenses, and drafting contracts. The choice of business structure depends greatly on the type of business. The proper structure matters because it protects your personal assets. Proper licensure is important to avoid exorbitant fines and government interference. Contracts are a necessity in today’s business environment. Never sign a contract or create a contract without legal review. Once the contract is executed, you are obligated to it. You need to know its requirements and the way out if things go wrong.
A knowledgeable Philadelphia PA business planning attorney keeps your business thriving by preventing legal problems. Many businesses have been severely damaged or failed because of legal entanglements.