Business or commercial law deals with aspects of commerce including trade, sale, rights, conduct and merchandising. The experts proficient in the law are called business lawyers and if you’ve set up a company that intends to cater to a large populace or deal with clients from out of state, hiring a business lawyer should top the list of to-dos.
Business lawyers cater to different areas of business. They may be tasked to handle most legal affairs or concern themselves with rights and conduct. It depends on you and how much you’re willing to share responsibility. What’s important is finding a good lawyer, one who’s been practicing for many years.
All businesses irrespective of size have use for at least a couple of services provided by business lawyers. Unless the management is itself made up of these professionals, having at least one as part of the core team is essential. Let’s take a look at how exactly you stand to benefit by hiring a good lawyer.
Understanding of rights and responsibilities simplified
Commerce and trade need to be conducted according to certain rules and laws. It’s a vast field like all areas of law and difficult to comprehend for a layman. What a business lawyer will do is explain the responsibilities and rights you, as the business owner, have and can exert with respect to the company, clients and customers. This gives you the knowledge of what can and can’t be done and prevents the company from being dealt with lawsuits and other undesirables.
Even if you’re running a small business that deals only with cell phones, for example, you’ll have to find vendors, negotiate, seek necessary permits, meet state guidelines and a whole lot of official to-dos. A business lawyer can show you the way and help draw up contracts that protect you, your associates, employees and the business.
Help with initial public offerings
When your business picks up speed and you’re confident that the road ahead will bring in profit you might decide to go public with an IPO. The process can be time-consuming in that there will be changes to the organization of the company. With a business lawyer, you’ll be able to see the process go smoothly and concentrate on immediate areas that need your time.
Help with disputes
There will always be disputes in a company no matter how well organized it is. If the time comes when you’re facing a lawsuit and you don’t have a good lawyer in tow you could see huge losses in attorney fees, settlements and other expenses. By hiring a lawyer at the outset to complete your core management team, dealing with disputes becomes easier and you’re less likely to lose out.
Not all business lawyers have the complete set of skills needed to help run a business smoothly. The larger your company, the more lawyers you’ll naturally need. Still, if you can find people skilled in various areas, you’ll have fewer professionals to deal with.
The lawyer or lawyers you hire should have practiced in areas relating to real estate, taxes and licenses, contracts, intellectual property rights and business organization. Hiring a lawyer who engages in drawing up wills, for example, is pointless as the field isn’t related to business. So, spend good money on good business lawyers whose priority is the protection of your business and your interests.
Everyone’s estate plan will vary, as each one is as unique as a person’s assets, but to avoid causing your loved ones unnecessary added grief and frustration, there are a few common pitfalls that you want to avoid during your estate planning process. Remember, a good estate plan can protect your loved ones, but more importantly, it will protect your estate assets in case you become incapacitated. Not having an estate plan in place is the first common mistake you want to avoid; a few others are listed below.
- DIY (do-it-yourself) may seem like a very tempting option and possibly cost effective. But writing up your own Will or even downloading a form from the Internet is a huge mistake, due to the fact that the process of creating and filing a Will is a complicated procedure. If one minor thing is not done correctly, a homemade Will may not be recognized, and a judge may deem it necessary to make a decision regarding distribution of assets, that may not be in line with the decedent’s wishes.
- Another huge estate planning error is never updating your Will. Laws and your personal circumstances change frequently, and it is for these reasons, that a Will needs to be reviewed and updated. In addition, your Will needs to be reviewed and adjusted, to reflect your current financial situation, marital status, and also your current wishes.
- Forgetting about your “furry friends” is a common oversight during the estate planning process. It is important to set up a trust fund to care for your pets; otherwise, sadly, forgotten pets may follow their owners to the grave.
- Keeping all important Estate documents in a well-hidden place; that no one knows about, means that these documents cannot be found, and therefore cannot be used. These papers should be kept in a safe – yet accessible area, such as a safe deposit box at a financial institution. Family members should know where the key is, which bank the box is located, bank account numbers, and other pertinent data that they will need after your passing.
- Not giving, while you are alive, is a common mistake that many people make. Financial gifts (about 13 thousand a year) can save the Estate double that amount in tax payments.
- Not taking advantage of tools and strategies currently available. This is another reason not to do Estate Planning on your own, as most individuals do not have access to all estate planning tools (such as an exemption trust, which is also known as a Credit Shelter Trust), and all the benefits associated with these types of tools.
- Procrastination is a pitfall that happens to a lot of people. They may understand the importance and the benefits associated with estate planning, but often times, they do not see the urgency in the matter. In some cases, time runs out, so please seek legal counsel today, regarding your estate matters.
It has been pointed out by a Ron Paul supporter that he was left off my list discussing the life issue. My only reasoning was that Paul currently and consistently polls around 4% nationally. (RCP) But to be fair here is a look at his record on life.
Paul is pro-life, he received most recently an 80% pro-life voting record from National Right to Life. I have heard about how pro-life Ron Paul was and never gave it much thought. Then I decided to do my own research. I noticed that in the 2005-2006 session of Congress he received a 55% pro-life voting record, which confused me. So I dug into his actual votes.
As a congressman Ron Paul voted against the Unborn Victims of Violence Act, as well as a parental notification law, and voted to amend this parental notification law – a tactic designed by Sheila Jackson Lee (D-TX) to kill the bill. He also voted against the total ban on human cloning and only begrudgingly voted to ban partial birth abortion. The list of anti-life votes goes on. He also opposes the Human Life Amendment! So how or why does a staunch pro-lifer vote with the pro-abortion side on these issues important issues?
I assume his seemingly anti-life votes are all based on the belief that the federal government should not be protecting life in this way. I suspect that he believes it is properly decided by each state. If he believes abortion should be decided by state legislatures, why is he in Congress? And if elected to the Executive Branch of the Federal Government what will change on the issue of life? I am not sure, but we can tell from his voting record he will not support something that is pro-life unless it meet his standard of separation of state versus federal legislation. It seems to me that he is willing to sacrifice unborn lives on the altar of state’s rights.
Judges – He says all the right things with regards to judges but again so have the others.
Pro-life leadership – He is an OB and can tell the great story of life as a doctor. But what does that translate to? What will he do for life? Again politics must be based on right principles but there must be a practical reality. He will continue the ban on overseas funding of abortion and with the federal military and, minus Giuliani, I think all the GOP candidates will continue this policy. He is adamant that the federal government should never over step states rights and according to him abortion ought to be solely decided by the states. So as president he would tie his own hands and may even veto pro-life legislation that he thinks the fed shouldn’t legislate on. I do not understand how this would make him a pro-life president, if he would not use the force of his office to protect innocent human life.
When speaking of abortion and judicial appointments on his campaign site he states,
“The notion that an all-powerful, centralized state should provide monolithic solutions to the ethical dilemmas of our times is not only misguided, but also contrary to our Constitution.” (Federalizing Social Policy)
Conclusion- I agree with Ron Paul that the federal government has overstepped its bounds in many areas, but the most basic right, the right to life, deserves the full protection of the federal government.
– You can view all of Paul’s key pro-life votes from National Right to Life
The United States of America holds a unique place in the world and not because of our military or economic might, not even because we control a diverse ocean to ocean land mass. America is unique and special because of our founding and the principles that brought us into being. In the midst of the primary season and bitter political campaigns it is good to be reminded of this. We ought to stop and reflect on how we are insuring that our rich heritage is not only remembered in history books but is alive in our culture.
The Founding Fathers of the United States asserted their claim to freedom and independence on the basis of certain “self-evident” truths about the human person: truths which could be discerned in human nature, built into it by “nature’s God”. Thus they meant to bring into being, not just an independent territory, but a great experiment in what George Washington called “ordered liberty:” an experiment in which men and women would enjoy equality of rights and opportunities in the pursuit of happiness and in service to the common good. Reading the founding documents of the United States, one has to be impressed by the concept of freedom they enshrine: a freedom designed to enable people to fulfill their duties and responsibilities towards the family and towards the common good of the community. Their authors clearly understood that there could be no true freedom without moral responsibility and accountability, and no happiness without respect and support for the natural units or groupings through which people exist, develop and seek the higher purposes of life in concert with others.
The American democratic experiment has been successful in many ways. Millions of people around the world look to the United States as a model, in their search for freedom, dignity, and prosperity. But the continuing success of American democracy depends on the degree to which each new generation, native-born and immigrant, make its own the moral truths on which the Founding Fathers staked the future of your Republic. Their commitment to build a free society with liberty and justice for all must be constantly renewed if the United States is to fulfill the destiny to which the Founders pledged their “lives…fortunes…and sacred honor.”