What Types Of Contracts Or Business Documents Should Be Prepared And/Or Reviewed By My Attorney?
All of them. The fact of the matter is I will have business clients that will come as either new clients or as existing clients that I’ve had for years and I will do all kinds of work, set up their businesses, review their contracts, draft their contracts and then all of a sudden they will bring me a document that I’ve never seen before and I was like, did this come from the other side? I never reviewed this. Sometimes they say yes. We just signed it without your review or no, we found a form on the internet and so we just went ahead and drafted it. It’s to the detriment of our client and it may sound like overkill to a small business owner but the fact of the matter is if they are simple and relatively shorter documents that are involved in reviewing and figuring out the potential pitfalls, it doesn’t usually take a great deal of time or research in review and suggestion as far as changing those documents and even drafting those documents from the get go because if you are an experienced attorney, obviously you’ve done those types of documents before.
So it really is, in my opinion if you are going to run a business, if you are creating some type of new document then you need to have an attorney take a look at it. Now I’m not talking about inter office memos and some of those get businesses into trouble as well and either an employee or an employer contacts the lawyer and the other side may file suit and find out all kinds of juicy information based on some type of inter office memo. So sometimes those need to be reviewed by attorneys as well. So there are some day to day documents that can be done without attorney review but I would say air on the side of caution and have an attorney review those documents before you create them or before you sign them if someone else has presented them to your business.
Why Do I Need An Attorney To Represent Me In The Purchase Or Sale Of a Business?
There are so many pitfalls that are created if it’s done without a business lawyer. If you are purchasing a business, though the last one I finished up was the purchase and sale of a motel and so you had the real estate involved in the purchase but you also have the purchase of the existing business with the goodwill and all the assets and the furniture and the staff and so that’s just one example but there are so many complexities when it comes to that and if you have a business that is worth selling, it’s worth having an attorney to go over those documents even if the sale of the business doesn’t involve any real estate, it still can be quite complex and you certainly can step online so to speak if you don’t know the important questions to ask. It’s not just having the right answer but the questions are what should I be looking out for when I am selling a business or buying a business?
So, in the case of the purchaser, what exactly is the purchaser buying? In all the personal property listed, is there any kind of warranty in regard to the assets of the business that is being bought. From the seller’s perspective, they try and avoid warranties as much as possible because when they close they want to be done with it but from the purchaser’s side they want to make sure that the representations that are made by the seller are correct and so they want some type of guarantee, maybe that goes beyond the purchase date or the sale date and so all those things can come into play and many others. So I think, if you have a business that has any real value to it at all and you are selling it then you need to get legal advice whether you are selling a business or buying a business.
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