What are the benefits of using a business lawyer?

This article was originally published by The Hamilton Spectator.

Q: I am the owner of a small business, why should I hire a business lawyer?

A: As a business owner, it is a good idea to have a business lawyer on your side.

On the most basic level, business lawyers can assist with your minute book. Your minute book is used to fulfill the record-keeping requirements of the Ontario Business Corporations Act and the Canada Business Corporations Act. A well-maintained minute book is crucial if you ever want to borrow money, purchase another business, or sell your own business. A poorly maintained minute book can lead to financial losses and fines in the event of an audit by the CRA or WSIB.

Based on your minute book, a business lawyer can also advise as to how you should structure your business. Should I incorporate? Should I initiate a limited partnership? A business lawyer can assess your business’ needs and advise you on a structure that will help support these needs.

Another benefit is that business lawyers can advise you if you want to add a partner or enter into a contract with a supplier. Although there are a lot of legal templates online to get you started, poorly drafted documents and contracts could result in theft, fraud, and severed relationships.

Finally, having a professional relationship with a business lawyer provides you with an advisor to bounce ideas off of, and often, business lawyers can help connect you with other professionals to further assist your needs.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Ross & McBride professionals will be pleased to discuss resolutions to specific legal concerns you may have.