While a simple handshake agreement might have been enough to satisfy parties in the past, business transactions are now more complex than ever. Not only are experts required to sift through various corporate matters, but there are a huge number of legal aspects that need attention as well. If your company — no matter how big or small — is preparing for a transaction of any kind, take a look below at just three advantages you can have on your side if you retain the services of a business transaction lawyer.
Protecting Intellectual Property
In the course of almost any transaction, physical property is usually prioritized. This is not only true for sales, in which property itself is transferred, but also for mergers and acquisitions, in which the ownership of property may merely be shifted from one corporate entity to another. That said, intellectual property can tend to fly under the radar, and the question of who owns what can be hopelessly confusing; in fact, it can even lead to legal battles down the road. Getting a business transaction lawyer to protect your intellectual property — whether it is a patent, a domain name, or the right to a database — is one of the smartest things you can do before a transaction.
Handling Contracts
Another huge benefit of having a lawyer by your side to help with business transactions is that they can assist with any contractual issues that may arise. These may vary dramatically: drafting contracts for new employees, verifying contracts of existing ones, and revising old contracts that may need to be updated are all examples of things within the wheelhouse of a business transaction attorney. Attempting to handle all contract-related matters on your own may result in disputes that can seriously affect the health of your business.
Help with Taxes
As any business owner knows, the complexities of a transaction are often carried over into the next year come tax season. Thankfully, an attorney who provides business transaction legal services can help you with the tax impacts of your transaction as well. This can be especially tricky if your sale, merger, or acquisition involves a cross-border transfer of assets, dealings with foreign subsidiaries, or transfer pricing issues more generally. With a business attorney to consult every step of the way, you can have peace of mind by the time you need to submit your tax filing.
For more information, contact a local law firm, like Boynton Waldron Doleac Woodman.
Share28 September 2021
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