Reasons to Retain a Business Attorney in Maryland
Finding the Right Business Attorney in Maryland
A Maryland business lawyer can help your startup, corporation or LLC by not only forming and advising you about the rules governing each type of business entity, but also about other aspects of Maryland business law. Eventually most businesses find themselves subject to one or more of Maryland’s many licensing rules or regulations. A business attorney can help you determine what licenses and permits may be required for your particular business. While some local jurisdictions do offer online access to licensing information, it is often hit or miss and the rules frequently change. An experienced business attorney will not only be up to date on your industry’s licensing requirements and the rules associated with them, but will also be able to provide you with the information in an easily accessible manner. Maryland has numerous tax laws that apply to businesses of all kinds, and the penalties for noncompliance can be severe. A business attorney that is familiar with Maryland corporations, LLCs, and tax law can not only save you money, but prevent your business from being closed down or terminated if you are unaware of certain tax risks or issues. One reason for asking if the law firm has experience working with other businesses: Sometimes small businesses and startups get so caught up in the day-to-day activities of running a business that they fail to account for protecting their assets through proper contracts and agreements . An experienced Maryland business lawyer will be able to help you create options for revenue that involve licensing contracts, joint ventures, service, consulting or other contracts that not only can be lucrative, but reduce your risk of being involved in litigation from other businesses. Properly drafting and reviewing business agreements, while understanding your risks and liabilities, is the area that a business lawyer assists business owners the most. Intellectual property is one of the most important assets of the business. Business assets can include trademarks, copyrights, patents, trade secrets, confidential information, designs, trade dress, and original works of authorship that originate within the company. A Maryland business attorney that is familiar with intellectual property law can help you determine what intellectual property your business possesses and the best ways to protect it. One of the most common reasons for an attorney consultation is because proposed or existing partnerships or business relationships have soured. Business partners and employees can be the source of a number of legal issues. Contract disputes and intellectual property disputes are the most common sources of disputes between business partners and employers and employees. But disputes over ownership, liability, decision-making and priorities are also common. Seeking the advice of an experienced Maryland business attorney can help you avoid costly litigation in the first place. If a dispute is unavoidable, the sooner you can identify your priorities and develop a plan to address the dispute the better and less costly it is to resolve.
Different Ways a Business Lawyer Can Assist
The primary services offered by a business attorney in Maryland include contract drafting and review, employment law compliance, business formation, and dispute resolution.
When you are running a business in Maryland, it is important to ensure that your contracts are carefully drafted and reviewed by a skilled attorney. These agreements govern expectations, limit businesses’ liability, and help you avoid expectations or problems with your employees. By properly drafting and reviewing contracts, your skilled attorney helps you avoid exposing yourself or your business to risk.
Businesses must follow federal and state employment laws, both on an ongoing basis and in the event of an employee dispute or termination. A skilled attorney can ensure that your policies and practices are lawful and non-discriminatory. When a dispute with a current or former employee arises, a lawyer can provide guidance in ensuring that you are following the law and can help if the matter becomes a lawsuit.
Your attorney can assist you with all aspects of your business formation, whether that is setting up a new corporation, an LLC, a partnership, or a sole proprietorship. The type of business entity you choose is important because it will affect your liability, taxation, and how your company is run.
With a wide range of experience working with businesses of all types, an experienced business attorney can help you avoid pitfalls in virtually any area of your operation.
How to Select the Right Business Lawyer
When it comes to choosing an attorney to help with your business needs, there can be no substitutes for those who have the credentials and experience needed to get you the result that you want. Client reviews can also be a good source of information for those looking for the proper guidance from the right attorney. But which credentials matter? Which experience is most valuable to my business interests? How can I be sure that the attorney I’m speaking with has the qualifications to help my company? The answers to these questions are simple:
First, you will want to consult only licensed attorneys that have passed the Maryland Bar Exam. This is a requirement for becoming a practicing lawyer in Maryland. Then you will want to confirm that the attorney you are working with does not have any disciplinary issues on their history. Thirdly you want to make sure that the attorney has experience practicing business law and not other areas. Things like real estate law, criminal law or personal injury law will do you no good when it comes to representation for your business.
Costs and Expenses of Hiring a Lawyer
Most attorneys bill by the hour and my fee is based on my hourly rate and the time I spend on your matter. I bill for work performed that I work on for you and others to the extent that it relates to your matter, such as research, drafting correspondence, court appearances, conducting legal research, meeting regarding your matter or attending a meeting or proceeding. My hourly rate varies depending on the nature of the work performed, and whether or not I perform work at various locations or at your office . If your work requires less billable time than expected, then your legal costs and fees will be lower than what may have been given as a potential cost in the initial engagement letter. On the other hand, there are unforeseen circumstances that can increase the amount of time dedicated to business matters. In addition to hourly billing, I am available to provide services for any particular matter on a flat-fee or contingency basis.
Safeguarding Your Company Legally
As with any business in Maryland, legal protections against liability and the foundational rules of structuring your business depend upon clear establishing of intentions with legally binding contracts. These can be for product or service sales, liability waivers for employees or customers, or even between partners, in which case a partner agreement legal document is essential. For these and other documents, consulting Maryland, DC, and Virginia business lawyers is recommended. Liability considerations may also take the form of business structures intended to protect against issues affecting liability. Sole Proprietorships, Corporations, and LLCs are all corporations that provide differing degrees of protection against liability. Sole Proprietorships are the easiest to set up, but do not insulate their owners from personal liability. LLCs and Corporations are more complex, but the level of protection they afford their owners is often worth the trade-off in terms of the complexity of the business structure. These basic choices, as well as informing partners and employees of their potential liability risks, is part of what a qualified business lawyer will assist you with. In terms of intellectual property, many businesses have trademarks which are a type of intellectual property. Trademarks and licensing are protected by relevant state laws and intellectual property attorneys familiar with the Maryland legal process are able to effectively pursue trademark protections for your business.
Business Lawyer Success Stories
Successful legal strategies employed by Maryland business attorneys can vary widely, but some notable case studies provide insight into the depth of their services. In one instance, a Baltimore client sought counsel after being approached by the Federal Trade Commission (FTC) about alleged anti-trust violations. Faced with a potentially crippling lawsuit by the government that could accuse the owner of engaging in unfair business practices, the owner turned to a business attorney in Baltimore who had extensive experience with FTC litigation. The attorney successfully negotiated a favorable settlement for the business that avoided public litigation and lawsuits by its contracted clients.
In another case, a Bethesda-based technology company needed someone to assist them in the drafting of an investment agreement with a private equity firm that would back the company’s expansion and modernization efforts. Not only did their attorney negotiate the deal with both sides to their benefit , but the Bethesda business attorney also simultaneously reviewed the company’s entire legal structure, verifying that it would support the expansion when the time came. Later that year, when the company secured the expansion funding they sought, they did so knowing that they had the legal bases covered for their new endeavors.
One of the most critical roles of a business attorney in Bethesda is to review and comment on contracts. But sometimes contract review is insufficient. One recent case involved a Bethesda-based dog grooming service that was targeted for acquisition by a competitor. Despite there being no formal letter of intent between the two parties, the acquisition was struck in a matter of days, to the chagrin of the owner. Although all the paperwork was completed, the deal fell through when the acquisition target, now the victim, sought legal action from a Montgomery County business attorney. The result was an investigation into the deal that threatened both funds invested and the entire business of the acquiring company. Ongoing litigation continues as of this writing.