What do you do when a million-dollar idea pops up in your head?
Do you just proceed to the execution stage without following laid-down procedures? Or, do you keep calm and seek proper advice on how to proceed?
Whichever one it is that you think is right to do, the fact remains that, a million-dollar idea caught in the wrong legal battle can become a billion-dollar nightmare overnight.
As a startup or business owner, there is more to starting and running a business than just your managerial skills. At any point in time, your business is most likely violating one rule you never knew existed. You’re only not seeing it because no one has decided to sue you.
How do you prevent your valued business from getting into legal trouble? The answer is quite simple. Hire the best legal solicitors your money can get.
Having a professional legal magnate to do all the heavy lifting on legal matters is not only important but necessary. A good legal solicitor collaborates with you to help your company avoid future troubles and, save you from existing ones.
What else can a lawyer do to help your company? A whole lot.
First things first, a legal adviser helps you determine the best business structure suitable for your business. A legal solicitor weighs the current factors and, makes a decision on what template is best to start the business. In the case of one person, it is decided whether or not the business is a sole-proprietorship or a partnership whenever there’s more than one person.
A brand or product name, no matter how hard you think before coming up with it, can get your company in trouble if proper legal actions are not taken to either copyright or confirm the copyright status of such a name. What this means is, a 3-month-old company can sue your company of five years if they happen to copyright a product or brand name before your company. In cases like that, the court doesn’t care which company was founded first, but the one who legally claimed the name first. Developments like this can be avoided with the help of a solicitor who does all the research on the company’s behalf.
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The signing of contracts is a crucial part of a business. Some, you get from other bodies. Others, you give out to other bodies. Either way, the conditions binding a contractual agreement and its possible implications may not be fully understood by the private individuals involved. It takes the presence of a trained contract lawyer to explain in details, the good and the bad in signing such an agreement.
In the case of mergers and lease/rent agreements, the lawyer takes the pain of explaining in clear terms, all the complexities of the document and tries to avoid any pitfalls that could lead to disputes in the future. This is better described as “Tying loose ends.”.
Employment law is a very spontaneous branch of law in general. the rules keep changing without employers being aware of the legal shifts. The continued ignorance of such laws can get an employer into a messy situation especially during employee dismissals. Most disagreements between employees and employers are caused by lack of contracts understanding. It is the job of a solicitor to help check for contract conditions that may eventually lead to legal battles in the future.
In the recent past, many companies based in Malaysia have been caught in legal battles against the government for tax evasion. A lot have lost those cases and many will still lose. The best bet against this eventuality is to procure the services of effective law firms like L Y Lu & Co Solicitors and Advocates to take care of the financial loopholes.
Legal battles are better if they don’t have to be fought at all.