FAQ

You can — but as the saying goes, “you get what you pay for.” If your particular project or transaction is significant, or if you are starting something you expect to grow, it makes sense to hire a good lawyer for the same reason it makes sense to see a good doctor if you’re very sick. Moreover, Web services like are not law firms and do not provide legal advice; they simply provide fill-in-the-blank forms, which often have no context and are not tailored to your specific situation. The role of a good business / corporate lawyer is more than just providing a form — he or she is a trusted advisor who will take the time to understand the legal risks associated with your business and strategize with you to think through key business and legal issues.

You need a business lawyer to protect you and watch your back. A good business attorney will also provide solid advice and judgment, identify significant risks and help negotiate key terms in a business transaction or business contract. An experienced business / corporate attorney can help: Select the legal entity for your business that will best suit your needs and insulate you from legal risk. Ensure that corporate formalities are maintained to avoid personal liability. Review and negotiate business contracts to make sure you don’t get blindsided. Advise you as to relevant laws and regulations to ensure you are compliant. Advise you on best hiring, firing, and employment practices to eliminate avoidable risks and lawsuits.

The bylaws outline what the corporation can and cannot do. Bylaws dictate the operating standards and procedures of the corporation. While a corporation is not required to file bylaws with the state, it is best practice to have written bylaws as they may be required by investors, creditors, or other entities with whom your corporation does business.

Yes. A business attorney can: (a) clarify “legalese” in contracts and explain the different functions of each clause in a contract; and (b) structure contracts so that they work with the type of customers the client serves, the nature of the business, and the protocols and procedures that a client uses in its business. Often, business owners and entrepreneurs run into contract issues because template contracts obtained online or from elsewhere (i.e., not prepared by a business/corporate attorney for the specific client) do not work with the nature of client’s business, or the client’s policies and procedures. Experienced Business Law Firms have a breadth of knowledge with numerous transactions and key terms that the client may not be familiar with or be aware of.

Company bylaws (for corporations) or operating agreements (for LLCs). These define how the company will govern itself, how it will be taxed, how profits and losses will be shared, and how the company will be managed, among other things. Meeting minutes. These provide an official account of what was done or talked about at formal meetings of members or shareholders, including any decisions made or actions taken. They should be detailed enough to serve as your company’s “institutional memory.” Business plan. A business plan is not a legal document, but it is usually required should you ever decide to seek financing or sell your business. Online terms of use. While not required by law, any business with a website should include “Terms of Use.” These pages can limit your liability in cases where there are errors in your own content, as well as information contained in any hyperlinks from your website. Furthermore, your Terms should let visitors know what they can or can’t do on your site, particularly in cases where visitors can comment on blogs or share their own content. Online privacy policy. If you gather any information from your customers or website visitors (such as email addresses), you are legally required to post a privacy policy that outlines how this information will be used and not used. Buy-sell agreement. If a shareholder or owner dies or becomes disabled, a well-written buy-sell agreement provides a mechanism through which either the company or the other owners can buy back that person’s share. A buy-sell agreement can also provide for a right of first refusal on the part of the company or the other owners to buy a shareholder’s or owner’s stake if that person wants to exit the company. Employment agreement. If you have employees, then in the absence of a written agreement, the terms of employment could be subject to misunderstanding or miscommunication. A well-written employment agreement avoids that.