670: When do I need an attorney for my small business?
Jun 27, 2024
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Guest Thomas Frank, Partner at The Frank Law Firm P.C., discusses the crucial timing of needing legal representation for small businesses. They cover the importance of early legal consultation, the significance of choice of venue and law provisions in contracts, financial considerations for hiring an attorney, and the importance of consulting an attorney for various business matters.
Seek legal advice early to avoid legal pitfalls related to intellectual property, disputes, and financial issues.
Establishing a relationship with an attorney before urgent issues arise can streamline the legal process.
Deep dives
Importance of Timely Legal Consultation
Seeking legal advice early in the business journey is crucial to avoid potential legal pitfalls related to intellectual property, business disputes, and financial issues. Waiting until the last minute to contact an attorney can lead to missed opportunities for corrective action, potentially resulting in crises. Timely legal intervention can prevent infringement on trademarks or copyrights, ensuring a proactive approach to legal concerns and avoiding reactive, stressful situations.
Benefits of Having Legal Support in Advance
Establishing a relationship with an attorney before urgent issues arise can streamline the legal process and facilitate quick decision-making. Having legal counsel readily available allows for efficient problem-solving, particularly in scenarios requiring immediate legal action, such as bankruptcy filings or foreclosure proceedings. Proactive legal engagement can prevent last-minute emergencies and provide a comprehensive understanding of potential legal challenges.
Understanding the Value of Legal Counsel for Business
Engaging legal assistance for business matters, regardless of financial thresholds, ensures informed decision-making and risk mitigation. Consulting with an attorney early on aids in assessing the significance of legal issues and determining the necessity of retaining legal services. While specific financial benchmarks may influence whether to retain legal counsel, the primary focus should be on seeking legal advice promptly to prevent potential legal complexities and safeguard the business's interests.
There's a time when you should get an attorney, and then there's a time when you definitely, no debate necessary, need a lawyer right this second.
So, when should you think about finding your legal representation? Thomas Frank, partner at The Frank Law Firm P.C., joins me on Episode 670 of "The Business Storytelling Show" to discuss just that.
If you are looking for a lawyer in Long Island, or New York City, connect with Thomas: https://frankfirmpc.com
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This episode is produced by Trappe Digital LLC, hosted by Christoph Trappe, and supported by the Frank Law Firm.
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