When starting or running a business, many legal matters must be considered. Business owners in Maryland can turn to a business attorney for guidance and representation on various legal issues.
A business attorney can provide you with various services that will help keep your business running smoothly.
This article will discuss five services that business attorneys commonly offer in Maryland.
Business Formation
When starting a new business, choosing the correct business entity is essential. There are many different business entities, each with its advantages and disadvantages. A Maryland business attorney can help you determine which type of entity is right for your business.
Some of the entities include:
-Sole Proprietorships
-Partnerships
-Limited Liability Companies (LLCs)
-Corporations
Each entity has different tax implications, so choosing the right one for your business is essential. A business attorney can help you understand the differences between each type of entity and help.
A business attorney can also help you with the paperwork required to form your business. It includes filing the articles of incorporation or organization and filing for any licenses or permits required to operate your business.
Debt & Bankruptcy
If your business is struggling to keep up with debt, a business attorney can help you evaluate your options and develop a plan to get you back on track. It may include negotiating with creditors, filing for bankruptcy, or restructuring your debt.
Bankruptcy is a last resort option, but if it is the best option for your business, a business attorney can guide you through the process and help you get your business back on its feet.
For example, a Maryland business attorney can provide the following services:
-Advise you on the best type of bankruptcy for your business
-Prepare and file the necessary paperwork
-Represent you in court
-Work with your creditors to negotiate a repayment plan
-Help you develop a plan to get your business back on track after bankruptcy
Asset Protection
A business attorney can help you protect your assets from creditors, lawsuits, and other liabilities. They can help you create a plan to shield your assets and minimize your risk exposure.
Asset protection is essential for business owners who have a lot of personal assets, such as a home or investment portfolio. Business owners with fewer assets may also benefit from asset protection planning.
For example, asset acquisition lawyers in Annapolis MD, can help you create a plan to protect your home from creditors if your business is sued.
If you are concerned about protecting your assets, talk to a business attorney about your options. They can help you create a plan that fits your needs and gives you peace of mind.
Employment Law
A business attorney can help you navigate the often-complex web of state and federal regulations regarding employment law. They can also advise you on hiring, firing, and employee benefits.
In addition, a business attorney can help you draft employee handbooks and policies that will protect your organization from legal challenges down the road.
Litigation
Litigation involves taking legal action against another party, an individual, or another business. This process can be very costly and time-consuming, so it’s essential to have an experienced business attorney on your side.
Conclusion
Running a company is hard enough without having to worry about the legalities. It is where a business attorney comes in. They can help you with various legal aspects of running a business.
