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There are a number of key matters related to finances that every business owner needs to deal with. A few of these can be handled without the aid and counsel of a lawyer. However, there are others that you will need to secure the services of a legal representative to undertake. Here are a few of the most crucial matters.
Don’t File for Bankruptcy without a Lawyer
One of the most obvious scenarios in which the help of a lawyer will be crucial will be if you are forced to the edge of bankruptcy. The truth of the matter is that you may not even need to proceed to this step. However, if it does become necessary, a NJ bankruptcy lawyer will be needed. This will be your best shot at a result that you can live with.
A bankruptcy lawyer can help you try other means of settling your debts before you have to file. For example, they may be able to mediate between you and your creditors. This will give all parties involved a chance to reach a settlement that helps you avoid bankruptcy. It affords you a payment plan you can fulfill.
If no mediation is possible, you will most likely have to choose a form of bankruptcy to file. This is an area where the aid of a lawyer will be useful. Your lawyer can help you choose the form that is best for the needs of your business. They can save as many of your assets as possible while doing so.
Once you have filed your bankruptcy, you will still need to employ a lawyer to oversee the process. This is needed to make sure that all areas are being handled in a fair and professional manner. Once the payout is complete, your lawyer can help you to tie up all of the loose ends so you can start over fresh.
Don’t Form a Business without a Lawyer
Are you getting ready to form a new business? This is exactly the kind of task that will require the aid and counsel of a financial attorney. You want to be sure that the deal you sign with your partners to open a business is a fair one. You don’t want to be doing all the work while getting the lowest possible share.
There are many types of forms that a new business can take. These include the C-corp, the S-corp, the LLC, and others. You need to make sure that the form of your business is agreed upon before you move to take part. You also want to be sure that the rules of the business and who owns it are completely set in stone.
The last thing to consider is your possible exit strategy. If you decide to leave the business, you want to be sure you do so with a golden parachute. The rules regarding anyone departing from the business should be negotiated with the aid of a lawyer.
Don’t Dissolve a Business without a Lawyer
Another very common scenario where you may find yourself in need of a good financial attorney will be if you decide to dissolve a business. When this happens, you need to make sure that you come away with all of the profits and other assets that you are owed. Your partners will likewise want to be sure that they are getting their fair share. This can be a very complex and tricky process.
Distribution of assets, intellectual property, and other matters is easier when you have a lawyer in your corner. It’s also much safer to have a lawyer handle any disputes that may arise. They can do so in an objective manner that is clear and precise. This is exactly what is needed during a time of sharp transition.
The Time to Lawyer Up is Now
If you are faced with decisions whose consequences seem dire at best, the time to lawyer up is now. Your lawyer can help you make sense of what is happening. They can also alert you to solutions that you may not even be aware are yours to consider. This is the main reason to hire a lawyer before you give up all hope.
