Whether you were expecting it or not, you’ve suddenly found yourself at the helm of a family business. Congrats! But now the real work begins. There are many moving parts to running a successful business, and you’ll need a team of experts in your corner to give you the best chance at success. Here are the types of lawyers you should have on retainer when you take over the family business:
Corporate Lawyer
You might need a corporate lawyer if you’ve inherited a family business. A corporate lawyer specializes in the legal aspects of running a business. They can help you incorporate your business, draft contracts, and comply with regulations.
If you’re thinking about starting a family business or have already inherited one, it’s a good idea to consult with a corporate lawyer to make sure you’re taking care of all the legalities. They can also help you protect your business from liability and advise you on best practices for running your business. In short, a corporate lawyer can be a valuable asset for any family business.
Intellectual Property Lawyer
As a family business owner, you have a lot on your plate. Not only do you have to worry about the business’s day-to-day operations, but you also have to think about the company’s long-term future. One of the biggest challenges you may face is protecting your intellectual property.
An intellectual property lawyer can help you to identify and protect your company’s most valuable assets. They can also help you navigate the complex legal landscape surrounding intellectual property, ensuring your rights are safeguarded. In addition, an intellectual property lawyer can help you resolve disputes with other businesses or individuals who may infringe on your rights. Whether you’re just starting in the business world or you’ve been running your family business for generations, an intellectual property lawyer can be an invaluable asset.
Tax Lawyer
A tax lawyer can help you figure out what to do with your inherited family business. They can help you determine if you want to keep the business, sell it, or give it away. They can also help you figure out what the tax implications will be for each option. If you decide to keep the business, a tax lawyer can help you set up a new business entity and ensure that all of your transactions comply with the law.
If you decide to sell the business, a tax lawyer can help you negotiate the sale and ensure that the transaction is legal and compliant with the law. If you decide to give the business away, a tax lawyer can help you determine the most tax-efficient way to do this. In short, a tax lawyer can help you with many aspects of your inherited family business.
Employment Lawyer
An experienced employment lawyer can help you navigate the legal complexities of running a business, from drafting employee contracts to complying with labor laws. Inheriting a family business comes with its own unique set of challenges, but an employment lawyer can help you overcome them. With their knowledge of the law, they can advise you on the best way to structure your business and protect your interests.
They can also help you draft employee contracts that are fair and compliant with all applicable laws. So, if you’re inheriting a family business, consult an employment lawyer to get started on the right foot.
Litigation Lawyer
If you have recently inherited a family business, a litigation lawyer can help to take some of the burdens off of your shoulders and ensure that the transition goes smoothly. First, they can review the paperwork associated with the business and advise you on any legal issues that need to be addressed.
They can also help to resolve any disputes that may arise between family members or employees. Additionally, a litigation lawyer can provide valuable guidance on protecting your interests and avoiding potential pitfalls.
Will Contest Lawyer
If your family business was passed down through a will, there’s also the possibility that someone may challenge that will in court. A will contest lawyer specializes in these types of cases and can help defend the will’s validity if necessary. They can do this by gathering evidence, presenting it in court, and cross-examining any witnesses who may be called to testify. They can also help with other types of estate planning and succession matters.
While it may seem overwhelming to have to consider all of these different areas of law, having a team of experienced lawyers on your side will give you peace of mind and a better chance at success in running your family business. So don’t wait – start building your legal dream team today.
