If you are among the many Americans that own their own businesses, you may be looking to expand it, as the economic situation has improved significantly over the past seven years. However, just as when you were just starting out with your new business, there are legal considerations associated with growing it.
Is your company's framework adequate?
When you started out, you dealt with the legal aspects of business formation such as bylaws, articles of incorporation, partnership agreements and other legal documentation. For businesses that are just getting off the ground, the liability protections and business framework contained within these documents are essential to begin the process of growing.
However, as your business grows, you may be considering acquiring another business, buying out a partner or increasing your protection against liability. If this is the case, it is important to ensure that your business formation documents are adequate for your ambitions. It is therefore important to have a business law attorney review your company's documents and make recommendations on any changes that are needed.
Mergers and acquisitions
If your expansion plans include merging with or buying an existing business, there are many complex legal issues raised, regardless of how big or small your business is. However, you should not let this fact scare you off the idea, as mergers and acquisitions are effective ways of increasing the market share of your business as well as acquiring and securing the skills, talents and resources you will need to provide better service to your customers.
If this is your goal, an attorney can protect your best interests by performing due diligence on the representations made by the business being acquired, putting together the terms of the deal and ensuring that the process goes smoothly without the threat of future problems.
As your business grows, you may find that you need to increase the number of employees working for you. However, this is not as simple as it sounds. Aside from finding the right persons for the jobs created, hiring new employees has tax and other legal consequences. Additionally, it now becomes necessary to know about health and safety regulations, how to handle disciplinary issues, how to address issues involving employee leave and termination, and other employment law matters.
As you are adding employees, having experienced legal advice along the way can ensure that you have written policies in place to deal with these issues. An attorney can also assist you in drafting a comprehensive employee handbook that will clearly communicate your company's policies and procedures. Additionally, if the need arises, an attorney can help protect company assets through non-compete and confidentiality agreements.
Need help? Contact Dunn Lambert, LLC
If you are a New Jersey small business owner that needs assistance with the legal aspects of your business, contact Dunn Lambert, LLC. Our law firm understands the needs of businesses, large and small, in a wide variety of areas, and can provide you with a prompt, but thoughtful, consideration of your legal concerns.