One of the challenges any business owner faces is thinking: I know I need a lawyer, but I don’t know what kind of lawyer I need.
But first, you need to ask yourself what kind of business entity you have or what kind you should have.
What type of business entity are you?
Are you a Public Liability Company, a Limited Liability Company, or a Non-Governmental Organisation?
Furthermore, if you’re sure you have the right type of entity for your business, the next thing to consider is whether you have the right governance documents.
Then you need to know the types of business law that are specific to your space or have a specific impact on your business.
Let us consider some specific industries and why they might need a business lawyer.
What kind of Business Lawyer do I need?
Certain types of business law are specific to certain types of businesses. If any of these apply to you, you may want to find a lawyer or law firm with experience in that particular area. Here are some to consider:
Do you produce videos, photos, audio, live performances, or written work and get paid for it? Do you get paid as an influencer? Or do you have a big enough audience that brands will pay you if you connect with them?
So you live in a world of rights, licenses and royalties, which combine intellectual property and contract law.
Any attorney you hire must know the market and what kinds of deals are possible and be good negotiators in what can often be a cutthroat industry.
Do you have apps or websites? Do your customers primarily come to you as users or visitors on a digital platform? Then you have to worry about having the most up-to-date terms of service and privacy policies, which meet contract and regulatory law.
Do you have developers, engineers or researchers? Do you come up with innovations? So you need a combination of patents and labour law to ensure that all inventions belong to the company and are fully protected.
Startup Financing and Fundraising:
This can apply to businesses that aren’t necessarily considered startups.
Are you raising money from outside investors? Sometime in the future?
Whether you have or have not planned to raise Venture Capital (VC), structuring investments the right way is critical.
Furthermore, seed rounds done incorrectly can make it difficult to raise more capital in the future. This is one of the areas of business law where most business owners go wrong.
The right business lawyer or law firm can help you handle all of this, so you won’t have to deal with all this alone.