Addressing Frequent Business Law Concerns
Business law matters can be complex, requiring careful consideration and experienced counsel. At McEvoy Law, we have over 25 years of experience in assisting business owners, managers and entrepreneurs across Maryland with the needs and goals unique to their businesses.
To address some of the more immediate concerns you may have regarding your business, read below for some of our most frequently asked questions:
What Is Business Law?
Business law is a legal area that concerns the vast rules, codes, guidelines and issues as they relate to businesses and business owners. Several key areas of business law include formation, transactional matters, business planning, negotiations, mergers and acquisitions, contract reviews and disputes.
When Should A Lawyer Review My Contracts?
Contracts are the foundation for many key components of your business, including the very structure of it, your employees, your property and more. While not required, hiring independent counsel to draft or review your contracts and business agreements is often recommended. Doing so can help prevent future disputes, mitigate risk and get a fresh, experienced perspective on important legal matters.
What Are The Options For The Legal Structure Or Formation Of My Business?
The organizational structure of your business will determine how it is both set up and organized. The most commonly used structures include:
- Limited liability company (LLC)
- Sole proprietorship
The right structure is completely dependent upon your business, affecting liabilities, expenses, taxes and investment needs.
Why Would I Need An Attorney For My Startup?
Much is often at stake for startups. You may have limited income at first, few employees and pressure to begin immediately producing results. An attorney can help throughout this fragile early stage of your startup, assisting in securing proper funding for your venture and protecting you from liability.
When Should I Consider A Business Succession Plan?
If you are a business owner or own your own medical, dental or veterinary practice, you should consider establishing a business succession plan at the very least as you begin to consider your retirement. You have likely put years, maybe decades, of your life into your business. Establishing a business succession plan can ensure that when the time does come for you to transition your business to a new owner, the plan is well thought-out and comprehensive, instead of hastily prepared perhaps without your best intentions in mind. An attorney can help you incorporate a business succession plan into your estate plan, should anything happen before you are able to transfer ownership of your business according to your own terms.
What Alternatives Are There To Resolving A Dispute In Court?
Many consider litigation to be a last resort, should other methods fail to yield a result. Contracts typically dictate which resolution method will be used in the event of a dispute. Arbitration and mediation are two types of alternative dispute resolution (ADR) methods that are commonly utilized to resolve business disputes. Both methods can vary widely as to how they will proceed, depending on the issue at hand and parties involved. Either method can significantly streamline the dispute resolution process, focusing on facilitating a resolution involving a neutral arbitrator or mediator, rather than in litigation where you typically have little to no control over the outcome.
Contact Our Attorneys For Legal Guidance
You may have many questions that are unique to your goals, business or industry. Contact our experienced attorneys at McEvoy Law, in Frederick to consult on your specific questions or concerns. Call us at 301-228-0810 or send us an email.