In the modern world, we live in today, a lawyer is usually depicted as a well-dressed individual, with a briefcase in hand whose world revolves around helping out people who need legal help. While there is some bit of truth in this depiction, it is vital to note that there are attorneys who rarely hit the courtroom, a good example being transaction attorneys. Even though many people consider them an extra expense, having a transaction attorney when starting or running a business is incredibly beneficial. Here is all you need to know about this group of attorneys and what they can do for you.
What Is Transaction Law?
Also known as transactional law, this is a field of private law which as the name suggests relates to cash, business, and commerce. In respect to that, a transaction attorney, therefore, offers the legal aid necessary in business transactions. He/she deals typically with clients in the business realm.
Drafting And Signing Contracts
As a business owner, you have a whole load of responsibilities. Among them include drafting and signing legally binding contracts. For instance, if you have employees, you may have to come up with an employment contract that safeguards the wellbeing of each employee. You will also find yourself signing agreements with your suppliers, partners, and even clients. Dealing with all these plus all the tasks required to keep your business up and running can prove to be quite overwhelming. Seeking the help of a skilled attorney from a law firm that specializes with any business transaction law services manchester nh could however change this as he/she will not only draft the needed contracts but also review all agreements that you may need to sign in future. This means you don’t end up in any trouble or being trapped into a legally binding partnership that you signed to without understanding the terms.
Offer Tax Advice
Every year, you are required to give back what belongs to Cesar by filing taxes. Any slight errors in the tax filing process could mean a lot of trouble with the IRS. A transaction lawyer will also prevent this from happening by ensuring that you are following all regulatory tax laws and that you fill the forms as required. Also during asset acquisition, there are various tax regulations that you are supposed to follow. Again, such an attorney will inform you of these during the process so you can stay on the safe side.
A business regardless of its size is often involved in many transactions. Some of these can be quite risky and might put your entity at stake while others require a third party. Besides reviewing the terms of the acquisition or sale agreement and ensuring you don’t end up falling into the trap of scamming individuals, an attorney is also a more reliable third party and will help enhance the outcome of each transaction that your firm partakes.
Connects You To Investors
Lawyers come across and work with a lot of people. This is especially the case with transaction attorney as they deal with clients from the corporate world daily and are involved in many transactions. They hence boast a rich network of angel investors and links to venture capital sources. Therefore, besides minimizing risk by ensuring you are on the right side of the law and overseeing transactions, they will also help you add value to your business by connecting you to other investors who are meaningful to your business.
Offer Financial Advice
Regardless of how good you are at running your business, you may at times find yourself in need of financial information. The advantage of having such an attorney by your side is that you don’t need to look far to get sound advice on the financial decision you want to make. As noted earlier, transactional lawyers often deal with clients from the business realm daily and have been part of countless transactions. They are therefore at a better position to offer you financial advice and prevent you from making business moves that could force you out of business.