Why You Should Hire A Lawyer For Your Business
- By tania.advocates
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- 04 Dec, 2017
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There is reluctance amongst entrepreneurs in UAE to seek legal help when starting out their new businesses.
This reluctance stems from two things:
- They believe they can handle all legal matters
that will come their way (most don’t even consider the kinds of standard
infringements they could be sued on), and;
- They believe lawyers charge too much, and they’d
be better served investing that initial capital elsewhere in the business.
Both of these beliefs are fundamentally wrong, and we’re here to tell you why!
Starting a business is very hard work, and most entrepreneurs don’t realize how much of their time they’re going to be giving away once they set foot on this journey.
There are tons of legal matters to oversee, like jurisdictions, patents, licenses, and contracts, and the lack of any personal time and the immense volume of work will overwhelm even the most business savvy of people.
This is why it’s always a great idea to hire Dubai lawyers when you’re starting out. The biggest threats to new businesses come through legal implications, and you definitely don’t want to be looking for attorneys after your company has been sued or is embroiled in jurisdiction issues with the government.
By then, it’ll already be too late, and your new attorney will only be able to help you minimize the damages, not avoid them.
There are plenty of other reasons too that why you should have a legal team ready before your business dreams start becoming a reality, like:
Setting up the company structure
In the UAE, your company can be registered as many different kinds of entities and it’s important to know the differences between each before you decide on a company structure.
The structure will go a long way in determining your relationship with the other partners, your tax incentives, and deciding your personal liability.
Protection against lawsuits
As mentioned earlier, it’s already too late to avoid the damages if you’re hiring a lawyer after you’ve been sued. Ideally, any business wants to avoid lawsuits altogether.
Lawyers help you get all your legal matters sorted before you start your business, which eventually saves you a lot of money you would’ve lost to court proceedings and settlements.
Contracts drafting
Anytime you’re drafting a new contract with a client, supplier, or an employee, it’s vital that you have your lawyer look over it before it’s signed. So many entrepreneurs sign contracts without reading them, and one small provision ends up proving very costly.
Protecting your intellectual property
If your company is launching a product or service which incorporates new technologies, it’s vital that you apply for a patent to ensure your idea isn’t stolen by your competitors. Filing a patent is a long and tedious process, and a lone business owner can get lost in the technicalities.
Employee issues
Attorneys also help protect against the all too common legal issues in dealing with employees. These can include compensation packages for employees injured on the job, lawsuits in cases of wrongful termination, and legalities of payments to suppliers.
Family-run businesses
Start a company with your family members can be emotionally tricky business, and you certainly won’t be turning to family lawyers in Dubai when there are disagreements about the proposed ownership or profit sharing.
Having an attorney on hand will ensure that everything is kept professional, and all parties are satisfied with the agreement before anything is signed.