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Why do I need a business law attorney?

Starting a small business is an exciting endeavor that has potential to bring in substantial revenue and life-changing success. Creating and operating a small business in Florida comes with state-specific laws and regulations that must be properly accounted for when forming a company. While not every aspect of running a business requires legal assistance, investing in time with a business law attorney is advisable for cases in which the owner or ownership group may not possess the legal knowledge to handle certain complex situations. For example, a lawyer might be necessary in the following circumstances:

  • Preparing, completing, submitting, and storing all relevant legal documentation regarding ownership and management of the company
  • Creating special allocations of financial losses or profits reflective of owner contributions
  • Registering the company and obtaining licensing and approval for its operations
  • Conducting negotiations with employees, vendors, and clients
  • Creating sound contracts to with employees, vendors, and clients to limit future legal disputes or cases in which the business may use

One of the most common concerns for small business owners in Florida is the creation of buy-sell agreements. A buy-sell (or buyout) agreement protects a company during the departure of an owner. This agreement is created and signed by all business owners and outlines the allocation of the departing individual’s ownership interests. They are commonly used by family businesses to preserve the company in future cases of divorce or death. A business law attorney may be required to accurately prepare, complete, and distribute this agreement.

What does a business law attorney do?

Business lawyers assist with representation and counsel for a myriad of business law matters depending on the needs of the client. Small business owners typically enlist the help of a business attorney to handle certain complex documents and processes that they do not possess the expertise to fully understand. Enlisting a lawyer can help protect business owners against future financial loss, ownership or management disputes, and mistakes that may have a negative impact on the company.

Types of business structures in Florida

  • Corporation – A corporation is considered a separate legal entity that must be incorporated with the Florida Department of State.
  • Sole proprietorship – Owned by one individual and regarded as the easiest business structure; entails little to no paperwork to create or manage.
  • Partnership – Unincorporated structure that enables two or more individuals to share liability; may be incorporated with the Florida Department of State.
  • Limited Liability Company (LLC) – Considered a “hybrid” structure that demonstrates characteristics of both a corporation and a partnership.

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