Business often starts as an idea, which step by step, turns into a reality. Most of the time, business owners focus on the things needed to make the company work – the products, marketing strategies, target customers, employees, and many more. The legal part of the business is not the spotlight and is often being left behind, especially if you’re starting a small one.
Even though the legal side of the business is not always what the company owners concentrate on, it doesn’t mean this side is of any less importance. A business cannot fully and legally operate without a handful of registrations, contracts, tax papers, and more. However, the best thing about it is that it can be (and should be) taken care of by the right person – an attorney. Business owners need to find a good and reliable lawyer to handle all the legalities and to make sure the business is aligned with all the codes and laws regulated in the country if they are serious about their company.
If you own a business and thinking twice if you should hire a lawyer in Manila, Philippines, here are some pointers to ponder on:
- Lawyers serve as your business’s best protection and security. It is no secret that having the right attorney can provide an unimaginable value to a business by being able to protect your entity on all possible legal matters that may arise. Having an attorney as early as possible can prevent lawsuits as it allows you to make the right decisions that may be simply overlooked if you don’t have one at your side. By hiring a lawyer, your legalities (such as contracts, tax documents, and the likes) will surely be in order, reducing the chances of getting sued by your employees or other entities. All your bases will basically be covered so you can just focus on the things that can improve your business better.
- Lawyers can help lessen the damages of a lawsuit. Let’s face it, not every business owner includes legal expenses into their budget; and we don’t blame them, as most people don’t get to see the value of an attorney until they get into legal trouble. If you have finally decided to hire an attorney after you’ve already been sued, there’s a big chance it’s a bit too late. But instead of giving in right away to the demands of the plaintiff, a lawyer will help protect you and your business’s rights and advise you the best possible course of action.
“When you operate a business, regardless of its size, being proactive is one of the traits that you must possess, especially when it comes to the legal aspect.” – Atty. Enrique A. Yap III, Managing Counsel at Yap & Associates Law
Indeed, your lawyer can help to lessen the damages you’re facing in the event of a claim. For instance, if an employee, customer, or even the government sues you for injury or labor/business codes violations, a lawyer can help minimize or even prevent any damages. It is vital that your lawyer must know the truth if it’s you or your company’s fault in order to provide you the best alternatives and solution to such issues.
Contract creation, law compliance, and employee matters might be very difficult without an attorney. Going all through the legal process of establishing your business all by yourself can be a cumbersome process. Sure, you have the Internet to walk you through the preliminary procedure of doing things, but a single mistake might cause a ripple effect that would make it hard for you to fix. Without a lawyer, it’s easy to commit minor law violations if no one is there to advise you, which is why having a lawyer is important for any business.
Once a business is established, it would need employees and the hiring process must be bound by a contract. A contract ensures that the employee and the company have a legal agreement to one another that must be strictly followed. For example, an employee suddenly goes AWOL and it is indicated in the contract that he or she may get terminated for doing so. Therefore, it absolves the company of any obligations to the concerned employee. Creating a contract that protects your company is also applicable for business partnership, buying or selling stocks, and the likes.
Lawyers are vital for keeping up with the changes in business laws and guarding your intangible assets. The only thing constant in this world is change and laws are not exempted from it. From time to time, laws change, and businesses must be able to keep up with it – something that might be easily ignored without the assistance of a lawyer. Contracts need to be revised accordingly upon its expiration. Also, company regulations must be updated to fit the adjustments imposed by the government in order to protect the business.
Another aspect of your business that is often ignored are the intangible assets, i.e., patents, trademarks, and copyrights. In case you’re thinking about getting a business patent (an exclusive right granted for a product, process, or an improvement of a product or process which is new, inventive and useful), you must ensure to get all the best advice that you can get as this type of asset that can easily be stolen. Obviously, no one is more capable of this job than a lawyer.
All the pointers provided above are just a few of so many reasons why you should hire a lawyer for your business. Lawyers may not seem so cheap for a business but in the long run, getting one is worth so much more.
If you’re looking for a lawyer in Manila, Philippines, Yap & Associates Law can help you with your business and everything that comes with it such as business registration and taxation among others. Contact us today!
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