Businesses of all sizes and in all industries engage in transactions and legal matters on a daily basis. These may be major transactions, such as mergers or acquisitions, or more minor business dealings, such as negotiating contracts with suppliers. Transactional lawyers help businesses achieve their goals by providing legal services and advice related to business and financial activities. To learn how a transactional lawyer can add value to your business through any of a broad spectrum of business law services, consider contacting an experienced transactional lawyer at Harrison Law PLLC by calling (480) 320-2310 to schedule a free consultation.
What Is a Transactional Lawyer?
A transactional lawyer provides legal advice and services related to business transactions. Also referred to as a business attorney, a transactional lawyer may work to ensure that a company follows legal processes correctly in all business dealings. A transactional lawyer can help a company achieve its goals by providing legal counsel to assist with decision-making, negotiations, and corporate policies. A transactional lawyer may also minimize risks for a business by helping it avoid disputes and lawsuits.
How a Transactional Lawyer Can Help Your Business
A transactional lawyer can help a business in a variety of ways. Some involve helping with the official registration and formation of the tax structure for the business and other governmental requirements. Others involve assisting with the company’s dealings with other enterprises or even the daily internal practices of the business itself.
-
Governmental Requirements
The types of registrations a business will need, and the documents needed for filing, will depend on a combination of factors, including the number of partners involved and the regulations of the state in which the business is headquartered. A transactional lawyer from Harrison Law, PLLC, may be able to help a new business owner navigate these important steps for a smooth start.
-
Business Formation
The formation of a business involves many complex legal decisions and processes that can impact the company’s long-term prospects. A transactional attorney can provide guidance on the most appropriate business structure and the associated tax implications outlined by the Internal Revenue Service (IRS). An experienced transactional lawyer can often advise a company’s founders on the types of registration they may wish to pursue and help them to ensure that all the necessary paperwork and legal steps are completed to register the company.
-
Licensing and Permits
Many industries have licensing requirements. According to the United States Small Business Administration (SBA), in addition to the various federal business registration requirements and federal regulations that apply to some industries, there are a variety of rules that vary from state to state, and many local authorities may also require permits for a business to operate legally. A transactional lawyer can help business owners understand the licensing and permit requirements that apply to their business and work to ensure that all steps to meet these requirements are completed appropriately.
-
Internal Practices and Policies
The official documentation required for registering a business and applying for permits means that those steps are subject to outside scrutiny. However, much of what goes on daily inside a company needs to be carefully planned and structured to adhere to legal requirements and industry standards for best practices.
-
Compliance and Regulatory Standards
Business owners should understand the industry-specific regulatory standards that apply to their businesses to ensure compliance. A transactional attorney can assist a business owner in staying up to date with these standards and taking the necessary steps to achieve and maintain compliance.
-
Corporate Policies
Corporate policies define how a company is governed, what is expected of employees, and how success within the company is measured. A transactional lawyer can help design effective corporate policies that ensure compliance with relevant laws and regulations while enabling the business to achieve its goals and minimize risk. This function can be especially important as a company grows.
-
Engagements With Other Businesses
Most businesses, even those that deal primarily in direct sales or services to customers, will need to interact with other businesses at least occasionally. For some businesses, what is often called the business-to-business model is the daily standard of operations. A transactional lawyer can help businesses of all sizes to navigate these interactions effectively.
-
Contracts and Legal Documents
Businesses enter into legally binding contracts with suppliers, customers, and employees. Breaking the terms of one of these agreements is a common source of business disputes and litigation. A transactional lawyer can assist a business owner with drafting contracts, understanding and negotiating contract terms, and verifying the document before it is signed. They can also help a business owner make informed decisions about contracts by evaluating the risks involved, and they can review contracts regularly to ensure compliance by all parties.
-
Intellectual Property Protection
According to the International Trade Administration, intellectual property protection may be established through patents, trademarks, and copyrights. Understanding these legal terms and the rights they confer is essential to safeguarding a company’s value and competitive advantage. Intellectual property law is complex, and many legal steps may be required to obtain the ideal protection. A transactional lawyer can assist a business owner with the legal processes involved in obtaining the intellectual property protection needed to safeguard the business.
-
Mergers and Acquisitions
A merger or acquisition is a major and complex business transaction. A business owner who is contemplating either of these ventures may find it helpful to obtain legal counsel from an attorney specializing in business and contract law. A transactional lawyer can assist with evaluating a merger or acquisition contract for viability and profitability, negotiating pricing and conditions for the deal, and assessing relevant competition laws and industry-specific regulations.
When Should You Hire a Transactional Lawyer?
An entrepreneur may wish to consider hiring a transactional lawyer as soon as he or she begins taking steps to start a business. When setting up a business, a business owner must make many important decisions related to the structure of the business, including whether and how to incorporate and, if there are partners, how decision-making and risk will be shared among them. Such decisions can have significant tax and financial implications, as well as long-term impacts on the company’s success.
Transactional lawyers can provide entrepreneurs with valuable advice on the most appropriate business structure and guide them through the legal steps involved in establishing their company. Many business owners also find a transactional lawyer helpful for guiding them through setting up various aspects of the business, including licensing, permits, and corporate policies.
Contact a Transactional Lawyer for Help With Your Business
A knowledgeable transactional lawyer can assist businesses of all sizes at every stage of development. From initial setup to ensuring that internal policies and procedures adhere to prevailing standards and regulations, to evaluating acquisitions of, or by, other businesses, a transactional lawyer can help business owners limit risks and maximize opportunities. To learn more about helping your business achieve its goals, consider contacting an experienced business attorney at Harrison Law, PLLC, by calling (480) 320-2310 today to schedule a free consultation.
© 2023 Matthew W. Harrison and Harrison Law, PLLC All Rights Reserved
This website and article have been prepared by Harrison Law, PLLC for informational purposes only and does not, and is not intended to, constitute legal or financial advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.
