Running a business is more complicated than simply selling a product or service. Every aspect of your business’s life, from startup to production, is affected by numerous laws and regulations. Understanding more about the different types of transactional law that an attorney can help you with is crucial to keeping your business running smoothly.
Traditional Types of Transactional Law Practice
A transactional law attorney can assist businesses of all types and sizes with various tasks, ensuring they are completed legally and in compliance with applicable regulations. These transactional law practice areas can include:
Mergers and Acquisitions
When two businesses merge into a new business entity — or when one business takes over and absorbs another — there are numerous steps to complete. The list includes complying with applicable regulations, transferring ownership of assets, and modifying organizational documents.
Starting a new business begins with choosing the right business entity for your needs and goals. A transactional law firm can help you choose an appropriate business entity and then comply with applicable laws on forming that entity legally.
Even sole proprietorships can benefit from having plans governing how the business will operate, how decisions will be made, and what happens to profits and losses.
Your attorney can help you draft these documents in such a way as to provide clarity to you, any employees you have, and others who may have an interest in how your business is run.
Drafting and Negotiating Contracts
Contracts help businesses like yours acquire goods and services and get paid for the goods and services you provide others. Well-drafted contracts are clear and protect you in the event of a dispute.
An experienced transactional lawyer can assist your business by negotiating favorable terms with suppliers, vendors, and customers, and then crafting contract agreements that clearly detail the terms of your agreement.
Partnerships, limited liability companies (LLCs), and corporations may have more than one person at the helm making decisions for the business. By getting an attorney’s help with corporate governance, the rules and processes for making decisions can be clear and crafted to comply with applicable laws.
Common Responsibilities of Transactional Lawyers
To provide you and your business with comprehensive legal advice and representation, your transactional law attorney can handle the following:
Research and Analysis
This involves looking for laws, rules, or regulations that apply to your situation and analyzing how these might impact your decisions. Your attorney will also stay updated as these laws change so that the advice you receive is current.
Drafting and Reviewing Documents
An attorney can provide a fresh set of eyes to a contract or other document you are considering, advising you of potentially problematic or risky terms for your business.
Your lawyer can also draft any legally binding documents you need to run your business, including articles of incorporation, operating agreements, contracts, and other similar documents.
Due Diligence/Risk Assessment
Before you embark on a course of action such as a merger or acquisition, you likely want to know about potential risks. Call on your attorney to help you plan for these and other actions so that you are informed about the path ahead.
One of the most beneficial services your attorney can provide is advising you on how to keep your business, its assets, and its profits secure. No question is too great or small to bring to your attorney for an experienced opinion on the legal ramifications of any situations, challenges, or questions you face about your business.
Negotiating Agreements and Terms
The terms of contracts and agreements are frequently open to negotiation. Your attorney can negotiate with other parties to secure you favorable terms in supply contracts, financing agreements, and other contracts.
Regulatory Filings and Compliance
Large and small businesses have routine filings to state and federal authorities that they need to make to continue operations. These filing deadlines can sneak up on you, and complying with them can take time out of your busy day.
Your lawyer is there to help with this task, leaving you to focus on running your business while they ensure your operations stay legal.
Frequently Asked Questions About Legal Help With Various Types of Transactional Law
Do I Need One Attorney or Several Attorneys to Handle the Types of Transactional Law My Business Faces?
Having an attorney who is skilled in numerous types of transactional law can be advantageous. Such an attorney can get to know your business intimately and will be better able to see how decisions and courses of action in one realm will impact your business in other areas.
Do Sole Proprietors Need Legal Assistance?
You can still benefit from legal assistance even if your company’s only employee is you. Sole proprietors face some challenges that other business entities do not, such as personal liability for business debts. Your lawyer can help you understand these risks and advise you on mitigating them.
Is It Too Late to Get Legal Help for My Business?
An attorney who is familiar with business and transactional law can assist you whether you are currently facing legal challenges or just concerned about potential difficulties in the future. Calling a lawyer sooner rather than later is always a good idea.
Call Dunn Sheehan for Comprehensive Transactional Law Representation
At Dunn Sheehan, our team of experienced and knowledgeable Texas transactional lawyers is available to assist business owners of all sizes. Whether you are starting a new business or getting ready to go out of business, make your next steps simple and confident with guidance from our attorneys. Contact us to learn more today.