When it comes to the creation and the establishment of a new business, it is very important for it to comply under law. This is why if you are keen to open a business, it is very important for you to consult a keen and competent lawyer who has years of experience in the field of business law so that he or she can guide you in detail through the process.
Dan DeKoter- Understand the needs of your Business First
Dan DeKoter is an esteemed business lawyer in the USA. He says that when it comes to the creation of a business, you must consult a good lawyer in advance. The legal specialist will ask you on the kind and nature of business that you wish to conduct. He says that if you take a look at different companies today, you will find that there are partnerships, limited liability companies, corporations and more. He says that when it comes to the forms of business, they can be customized to meet their individual needs with success.
He says that there are various forms of business that an owner can choose however when it comes to the main purpose of a business, it is important for it to shield the owners from any kind of personal liability.
Internal Agreements
He adds that when you are creating a business, it has the sole purpose to conduct transactions both externally and internally. When it comes to the drafting of internal agreements, business lawyers are hired as they provide the owner or owners information when it comes to the terms and conditions that will legally impact the business and the parties to the contract. When it comes to internal agreements you will find that they should be drafted with care and in detail. The terms and the conditions should be written down in clear and precise language so that there are no legal ambiguities. In case there is confusion, it would be hard for any party to the agreement to prove breach or violation of the agreement in a competent court of law.
Dan DeKoter says that when it comes to business law, the lawyer must understand the needs and the expectations of his or her clients. No two businesses are the same and so it is crucial for him or her to draft business agreements with care and caution. The words and the legal implications should be drafted carefully. The parties to the agreement should understand clearly each and every clause before they sign on the dotted line. In the case of contracts, he says that it is prudent for you to ensure that it is written down so that if any kind of discrepancy arises, the party that has been violated can claim for damages and compensation without any hassles at all in a competent court of law. Oral contracts are not invalid in some segments of the law however the time and effort taken to legally enforce them can be taxing. He says to be prudent and ensure contracts are written down before signed!