Entrepreneurial Tip #4: Have a Business Attorney Handy

Any entrepreneur has to be a “jack of all trades”, a marketing expert, accountant, business development strategist, chief cook and bottle washer…you know the drill.   Many times business owners take it upon themselves to be their own corporate counsel by writing their own contracts.  They either borrow from similar contracts or fill in the blanks from stock templates found on the internet.  While it may be quick and cheap, most legal agreements should not be treated like Mad Libs.

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As an attorney I drafted numerous contracts for business owners. Each time, I have heard how some of the provisions I included were issues not contemplated by the business owner.  As a result, business owners who do not understand contract law exposes their business to potential losses, unfavorable terms, and unenforceable provisions.

Business attorneys are trained to think about all possibilities and contingencies and most importantly, if the contract could be enforceable in court.  They mitigate what penalties you may face for non-performance while making sure you get the benefit of the bargain. Align yourself with a business attorney to save you time and hassles.

What a business attorney can do for you:

First, have them set up a “master” contract drafted for your particular business.  Use this contract for each new client so long as no material terms change.

Second, have them draft collection letters, demand letters, and the like to keep your business running smoothly.

Third, ask them to provide helpful suggestions or contacts to improve your business.

Finally, it is also good to have a relationship with an attorney who knows your business. If you have to deal with a business dispute, they can jump right in and handle it.

Therefore, let an attorney focus on your contracts so you can focus on your business.

 

scales ebook coverCatherine Hodder, Esq. and Kelly C. Sturmthal, Esq., authors of Law Office on A Laptop: How to Set Up Your Own Successful Mobile Law Practice, provide practical e-books, advice and support for solo practitioners and entrepreneurs. The book is available in paperback and digital format at Amazon.com. Find them at www.GoSoloForSuccess.com.

One thought on “Entrepreneurial Tip #4: Have a Business Attorney Handy

  • October 7, 2015 at 2:39 am
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    So true!

    Thank you, Catherine Hodder, for some refreshing reminders!

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