Why Every Small Business In Miami Needs A Business Attorney

As a small business owner, it’s tempting to forego the expense of legal services when there are so many other business overheads to take care of. However, too many small businesses have learned the hard way that dispensing with legal advice has a cost of its own. As a small business owner in Miami, hiring a business attorney you trust is one of the best investments you can make in your business. An experienced business lawyer will set up your business for success by ensuring it is founded on an appropriate legal structure, and will also serve as a trusted advisor for important commercial and legal decisions that will arise as you grow your venture.

There are many reasons why having a trustworthy business attorney by your side is indispensable – we’ve highlighted just a few of these below.

Understanding The Business Law Framework

Whether you’re about to set up your first business or have been running a successful enterprise for years, commercial law will always be relevant to you. All businesses operate within a vast legal framework that includes aspects of contract law, corporate law, employment law, and tax law, together with a host of regulations that may be updated frequently.

As any Miami business attorney will tell you, the corporate regulatory environment is complex and requires years of training and experience to grasp. A business lawyer will be able to advise you on all aspects of the law relevant to your particular business as it develops and expands.

Advising On A Business Structure

One of the most important decisions you’ll make as an entrepreneur is choosing a legal structure for your business. The kind of structure you choose has significant implications for your personal liability in the event the business fails or is sued. It will also determine the tax regime applicable to your enterprise.

A knowledgeable corporate lawyer will discuss the different structures available and advise you on the pros and cons of each, with your particular business operations in mind. For example, partnerships and close corporations are suitable options for smaller businesses with close-knit management structures, where you want to restrict ownership of the business to a select group of people. In other cases a limited liability company (LLC) may be the better option.

Whichever business structure you choose, you’ll need a skilled business lawyer to draw up legally compliant founding corporate documents and, where applicable, corporate by-laws. You’ll also need assistance registering your business with the relevant administrative agencies, such as the Florida Department of State’s Division of Corporations (although you may choose to register your business in another state, such as Delaware). Hiring an attorney to take care of these and other administrative tasks will give you more time to focus on the practical aspects of setting up your enterprise.

Drafting And Reviewing Contracts

Contracts are the lifeblood of any business. Whenever you sell a product or provide a service, you’re entering into a contract with another party – whether it is in writing or not. If you intend to draw up a contract that sets out your standard terms of service, or are drafting a disclaimer to accompany your products, it is imperative that a qualified Miami business attorney assist you with the drafting process. They will ensure that the contract or disclaimer clearly sets out your rights and duties, is practically implementable, and limits risk as far as possible.

For irregular contracting that does not form part of your day-to-day operations – such as concluding a new lease or financing agreement, or entering into a new supplier agreement – it is highly recommended that an attorney drafts, or at least reviews, the contract before you sign it. Poorly drafted contracts are often the cause of costly commercial litigation and failed business relationships – knowing that your contracts have been reviewed with your business’s best interests in mind will give you greater peace of mind.

Assisting With Dispute Resolution

Disputes are unfortunately an inevitable part of doing business. Some may be small and quickly settled, but others may develop into costly litigation that takes years to resolve. One of the advantages of having a trusted legal advisor on standby is that they will be able to advise you on the best course of action when the initial dispute arises, with the aim of containing and resolving it in its early stages. This will not only save you in expensive legal fees down the line, but may mean that a valued business relationship is preserved. Your attorney will also be able to refer you to a reputable commercial litigation lawyer should trial or arbitration become unavoidable.

Structuring Business Transactions

Whether your business is growing and you are intending to expand your operations through acquiring another business, or you have built a profitable enterprise that you now intend to sell, hiring a business attorney to structure your commercial transaction is essential. Your lawyer will conduct meticulous due diligence on the business you are purchasing (or entering into a joint venture with, as the case may be), conduct a thorough valuation of the business, negotiate the transaction agreements and purchase price, and prepare the necessary ancillary documentation, such as corporate resolutions and filings.

When you’ve worked so hard to create a profitable enterprise, the last thing you want to do is compromise it through a bad business deal. A commercial attorney will vigorously protect your interests and help ensure your business grows successfully. They’ll also be able to advise you on other potential avenues for growth, such as capital raising and stock issuance.

Corporate Governance And Regulatory Compliance

Depending on the nature of your operations, your business may be subject to certain regulatory frameworks – for example, environmental regulations, consumer protection regulations (such as packaging and labeling requirements), and licensing regulations. A business attorney based in Miami will be able to tell you which specific regulations apply to your business operations, and will help you to ensure you are complying with them.

Your attorney will also assist you in ensuring your business complies with corporate governance codes and procedures. For example, all Florida corporations are required to hold annual general meetings and keep detailed records thereof, and must also file an annual report to the Florida State Division of Corporations. Your lawyer will prepare the necessary minutes and filings so that you don’t have to worry about this administrative burden.