Involve an attorney in your business dealings.

[Darker45]

You actually don't have to hire a lawyer all the time while doing business. If it's contract signing or something that needs the opinion of a legal expert, then a lawyer is necessary. Otherwise, lawyers are just additional expenses to your business. Remember that you pay every time you talk to a lawyer. And it's not cheap. You can't just do that each time you need an assurance that the business step you're taking is good. You might be spending too much on simple yeses and nos.

[batang_bitcoin]

With small amounts and contracts, you can comprehend whether the contract you are signing is in favor of you or not. Otherwise, you really need to hire an attorney to guide and review the things that you are signing up which is very common for huge deals. But if this is like a common contract that you're having with, an understanding and reading the whole terms that are on your contract is already fine if there are no conditions listed that are up against your terms and your principles.

[Halime Anatolia]

With small amounts and contracts, you can comprehend whether the contract you are signing is in favor of you or not. Otherwise, you really need to hire an attorney to guide and review the things that you are signing up which is very common for huge deals. But if this is like a common contract that you're having with, an understanding and reading the whole terms that are on your contract is already fine if there are no conditions listed that are up against your terms and your principles.

Of course, contracts also have strings attached, I think what must be added is that if our investment is taking place and there is an extraordinary event, whether technical or non-technical, how should we handle it so that there is no certainty and one party suffers a loss.

[Juse14]

A common mistake that many individuals make is entering into agreements or signing contracts without the presence of a legal representative, an act that can be deemed highly imprudent. Regardless of how well you believe you comprehend a contract, ensure that your attorney is briefed on all its aspects and has had the opportunity to thoroughly review and provide approval for it before appending your signature onto the document, even if you feel you have a good grasp on the terms presented within the agreement.

No matter the case, whether it be a start-up, expansion, acquisition, sale of asset or business; even down to signing a contract with another company, certain mistakes often find their way into the process. An additional oversight that frequently takes place is failing to clearly define and grasp the terms of an agreement before putting pen to paper. This is where legal personnel come in handy; seeking assistance from lawyers can be highly advantageous as they are able to guide you in sidestepping those ominous intricacies that might crop up at a later point post-contractual agreement.

Moreover, it is also not wise to involve a lawyer only when problems arise. The legal advice of the best lawyers can protect you from problems from the very beginning; for this reason, hire a lawyer but remember that it does not have to be the most expensive or prestigious, just make sure they are competent.

[batang_bitcoin]

With small amounts and contracts, you can comprehend whether the contract you are signing is in favor of you or not. Otherwise, you really need to hire an attorney to guide and review the things that you are signing up which is very common for huge deals. But if this is like a common contract that you're having with, an understanding and reading the whole terms that are on your contract is already fine if there are no conditions listed that are up against your terms and your principles.

Of course, contracts also have strings attached, I think what must be added is that if our investment is taking place and there is an extraordinary event, whether technical or non-technical, how should we handle it so that there is no certainty and one party suffers a loss.

That's what are contracts for, to have string attachment and commitment and us signing these contracts will have to read them and we can understand what are the contents of it. I think in the legal process, you have to be the first one to understand your own contract before asking a legal counsel if something is wrong with it or none. Your loss will only happen if you keep on signing these deals without understanding what you're signing for.

[angrybirdy]

I think this works best when we are buying real estate as properties are much more complicated for some people as not all of us don't have enough idea to cope with legalities and technicalities on transactions and we don't want to make mistakes on the dealings since we might spend more money when it happens so yeah much better to get one but for small business transactions I don't think there's a need of an attorney.

well that's true, when talking about real estates or buying properties, the help of an attorney is really necessary to know if a land for sale is legit and there are no other hidden issues, it's also good that there are witnesses who are attorneys so that we have a lot of evidence that a property has been sold to us. If it's just for simple businesses/ventures, their help is not needed, but if millions are involved, we should have professionals with us, not just an attorney, but also like other licensed authorities such as engineers or architects.

[btc78]

I think in the legal process, you have to be the first one to understand your own contract before asking a legal counsel if something is wrong with it or none.

You can also try and ask for an advice what should you add or remove from a contract. There are deals where you’re the one setting the conditions and you want to make sure that you will be able to maximize everything out of your deal to benefit you. So asking for a lawyer early on can help you in your decision making process.

Your loss will only happen if you keep on signing these deals without understanding what you're signing for.

Unfortunately in my country a lot of people are either illiterate or just lack basic literacy skills. Before we even blame them, we need to try and understand how can we help them so that they would not be taken advantage of.

[kryptqnick]

Sometimes it depends on who you're dealing with and what kind of culture exists in your country. In my experience, I've signed contracts without involving lawyers, and they turned out okay. In case of work or business-related contracts, I always take time to read them carefully and think about the implications. If something sounds shady to me, I ask for changes in the contract, and if changes aren't implemented and no concessions are made, I refuse to sign. I'm not a lawyer, but I took a couple of law courses at university, and I feel capable to analyse contracts for myself most of the time.
But if it's something very serious and involving big finances, I agree it's better to consult with a lawyer than be sorry later.

[justdimin]

this is truly essential if someone really trying to make business deals and we are talking about some not measly amount of money where if you just not diligent enough to know that there's term that can cut you off your rights you gonna get in the losing side later on.
there's always reason why the big company always have legal department because they know that every business need someone that knows well about law and will oversee the legality from many aspects, you know sometime some people just ignore the importance of lawyer to skim through their contract to save some pennies ended up in unfavourable side because they don't even understand what they are signing.

spending some additional money is worth it for anything that involves large amount of capital, only people that have thoroughly learned about law will know that some term is trying to give advantage to the contract maker.
to be fair you can always use AI these days but its not guarantee, just letting AI do all the work will never give you high accuracy of how fair the contract is, some AI only fed with outdated data, regulation always changes, the AI can be outdated.
its always good to have someone help you take care of the law and regulation related thing even more so if that person is knowledgeable about the law and keep being updated.
but yes you gonna spend some additional money so always take that into account.

I think the main reason for us not really "needing" an attorney usually ends up because we are talking about capital that is too small for any attorney. For example, I have NEVER invested into anything that required an attorney, because I have never invested that much of a large amount to any business at all, or had any dealings.

The biggest job I have is about 800 dollars and I do not think that it would have ever required attorney and I turned out to be right, been doing that for years and never had a single issue, been more than I could ever imagine levels of great. So, if you are focusing on something like this, you need to make sure that the capital you are dealing with is big enough that attorney would make sense for that deal.

[o48o]

A lot of people make the mistake of signing contracts or making business deals without involving a lawyer, which is not very prudent.

In whatever deal or contract you're getting into, make sure your lawyer is aware of it and make sure he/she has gone through the contract and gives you the go-ahead to sign before you sign, even if you feel you understand the contract very well.
It doesn't matter if it's a start-up, expansion, acquisition, selling of an asset or business, signing for a firm etc. Anything at all that involves you or your business and another party carrying out a business transaction.

Another mistake people make is not defining and understanding the terms of the contract before signing. This is where lawyers come in handy. You're not expected to know every business law, so there are a few details you might miss, details that can be against you in the future. Also, laws differ from region to region, so a law that favours you in your region may be against you in the region where you're doing business.

Some people involved a lawyer when things have already started going south. This is also not wise. Having a lawyer from the beginning may protect you from trouble.
It's okay if you can't afford the most expensive lawyers or firms to represent you or your business, but just make sure whoever you're hiring is competent enough

Five reasons you should involve your attorney early in your business transactions.

1. To Solve Problems in Advance
2. To Make Due Diligence Easier
3. To Reduce Last-Minute Time Burdens on Your Team
4. Because “Business Terms” are Not Just Business Concerns
5. Because Hiring Them Earlier is Probably Not Going to Cost Any More Than Hiring Them Later
Read more details here

I completely agree with you, even though there are you need to evaluate situation and realize the fact that not all contracts need a lawyer. Lawyers cost a lot and in some cases they obviously save a fortune, but not all lawyers are alike, and not everyone is specialized on some fringe subject as well as it seems to outsider. You don't need a lawyer to sign a contract when you rent an office as in most regions there are already laws in place to prevent any lessees to be abusive. And some contracts that are made to be misleading are unlawful in the first place in some regions.

But as a rule of thumb, if there's more money involved, or could be involved as a growing company. Lawyering up is definitely step nr1, that should be endorsed by all parties involved and if someone says you don't need them, you definitely do.

[Volimack]

An attorney in business transactions is generally required for most businesses in all states. Sole proprietorships and general partnerships are exceptions. Each state's laws and regulations may vary, but having a registered agent is a common requirement across the country. A small business does not need an attorney, the individual can handle everything himself.

[WillyAp]

In my opinion, as somebody that does business, you should have a lawyer, so if you're doing any business deal with another party, even if that business deal is for a very small amount of money, your lawyer should be aware.

People with lawyers are not more trustworthy that people without.
Luckily we have social networks where you can proof that you are who you are, that your dealings are straight forward, have history and not a day fly action.

[Yaqs15]

The importance of an attorney in today's business activities can't be overemphasized with the nature of the business environment becoming more competitive with every tick-tock, businesses or firms ensuring to protect their interest and compliance from other party's in business not to unscrupulously want to take a smart advantage  of another in contracts and, in avoidance of possible legal hassles and litigations in the future for a successful business, it then makes an attorney's presence a necessity. There's that likelihood of people not overriding you in a matter when they are with the awareness of an attorney standing behind you - it makes procedures to followed in the way it should.

It is important for a business person to have legal backing in their business. Doing this will ensure security and strong protection for them and their business against some forms of misconducts from either their business partners or their customers. It enlighten them that are the owners of the business about their does and don't of the business. It will also teaches them their rights, duties and responsibilities. By applying for a legal backing like this, I know it will be costly but if one have the means to it, it is more better . It minimizes some problem that might arises at long run in the business.

[Iranus]

You actually don't have to hire a lawyer all the time while doing business. If it's contract signing or something that needs the opinion of a legal expert, then a lawyer is necessary. Otherwise, lawyers are just additional expenses to your business. Remember that you pay every time you talk to a lawyer. And it's not cheap. You can't just do that each time you need an assurance that the business step you're taking is good. You might be spending too much on simple yeses and nos.

If we have a lot of money and are involved in large-scale business activities, hiring a lawyer is necessary, and even having a team of expert consultants to assist us in doing so. But for small transactions or businesses, hiring a lawyer is really a waste.

In addition, when signing any business contract, if we do not define and understand the terms of the contract, how can we participate in signing the contract? If I were a business owner, I would not sign any contract even if I had a lawyer as my advisor. As a business owner, as an entrepreneur, we must equip ourselves with full knowledge and clearly understand the terms of the contract because it will directly affect our business operations. Don't always ask for help from lawyers and advisors. Because if anything happens, the person who will suffer the most is our business, ourselves.

[dezoel]

I think this works best when we are buying real estate as properties are much more complicated for some people as not all of us don't have enough idea to cope with legalities and technicalities on transactions and we don't want to make mistakes on the dealings since we might spend more money when it happens so yeah much better to get one but for small business transactions I don't think there's a need of an attorney.

well that's true, when talking about real estates or buying properties, the help of an attorney is really necessary to know if a land for sale is legit and there are no other hidden issues, it's also good that there are witnesses who are attorneys so that we have a lot of evidence that a property has been sold to us. If it's just for simple businesses/ventures, their help is not needed, but if millions are involved, we should have professionals with us, not just an attorney, but also like other licensed authorities such as engineers or architects.

Okay that's interesting. Didn't knew buying or investing in real estate is that complex. That made me appreciate crypto more because we are free here. I guess being decentralized is also another factor that made it possible. There are still scams here but it may not really be a big deal since we can choose to invest and lose only small amounts too.

I think that a business or a venture relating to real estates, will still need a lawyer because they sound so formal too and this is for us to avoid troubles. They can be costly but it can be nothing if mullions and more dollars are involved in the deal and who says we can't get our ROI? We can, if we will get successful.

[davis196]

That's good advice, but why is this forum thread in the Economics forum? Maybe you should move it to another forum.
This topic isn't about Economics and finance. It's about hiring lawyers/attorneys for your business.
I don't think that many forum members have an actual business and I don't think that they are dealing with signing contracts with other businesses. I personally don't own a business and I don't plan registering a company anytime soon.
Lawyers are expensive as hell where I live. Maybe that's why many small business owners don't want to get a lawyer.
What is this rblaw website? Is this website yours?

[Alpha Marine]

That's good advice, but why is this forum thread in the Economics forum? Maybe you should move it to another forum.
This topic isn't about Economics and finance. It's about hiring lawyers/attorneys for your business.

Moderators can move it to the appropriate board if its not supposed to be here. The topic may not directly talk about economic and finance, but it talks about business and business discussions are allowed in the economic board.

I don't think that many forum members have an actual business and I don't think that they are dealing with signing contracts with other businesses. I personally don't own a business and I don't plan registering a company anytime soon.
Lawyers are expensive as hell where I live. Maybe that's why many small business owners don't want to get a lawyer.

You never really know though. Something happened and that led me decide to share this here. I don't know anybody from this forum. There may be people who need lawyers both for their business and other wise. For future purposes too, people here may require the services of a lawyer.
Lawyers are expensive almost everywhere, but in some cases they're necessary.

What is this rblaw website? Is this website yours?

No, it's not my website. I used them as a reference to what I listed in the OP.

[Casdinyard]

A lot of people make the mistake of signing contracts or making business deals without involving a lawyer, which is not very prudent.

In whatever deal or contract you're getting into, make sure your lawyer is aware of it and make sure he/she has gone through the contract and gives you the go-ahead to sign before you sign, even if you feel you understand the contract very well.
It doesn't matter if it's a start-up, expansion, acquisition, selling of an asset or business, signing for a firm etc. Anything at all that involves you or your business and another party carrying out a business transaction.

Another mistake people make is not defining and understanding the terms of the contract before signing. This is where lawyers come in handy. You're not expected to know every business law, so there are a few details you might miss, details that can be against you in the future. Also, laws differ from region to region, so a law that favours you in your region may be against you in the region where you're doing business.

Some people involved a lawyer when things have already started going south. This is also not wise. Having a lawyer from the beginning may protect you from trouble.
It's okay if you can't afford the most expensive lawyers or firms to represent you or your business, but just make sure whoever you're hiring is competent enough

Five reasons you should involve your attorney early in your business transactions.

1. To Solve Problems in Advance
2. To Make Due Diligence Easier
3. To Reduce Last-Minute Time Burdens on Your Team
4. Because “Business Terms” are Not Just Business Concerns
5. Because Hiring Them Earlier is Probably Not Going to Cost Any More Than Hiring Them Later
Read more details here

You are so good for this. A lot of micro-business owners dismiss the necessity of having a good attorney when talking about business dealings, and sadly I was also a victim of this.

Back in the heydays of NFTs a multimedia offering company tapped us to ask about business dealings and if we could collaborate, failing to have a good lawyer on my side who would read the stipulations and decide whether it was smart for us to do this or not, I ended up forking over a couple thousand dollars which is a heavy-handed deal if I do say so myself. In the end we lost a lot of money from the dealing, and we didn't even break even with the NFT sales, while they had a safety net. From then on I made it a point to always have someone who would read the documents for us, and translate it in laymen's terms, preferably a lawyer.

[Agbamoni]

You actually don't have to hire a lawyer all the time while doing business. If it's contract signing or something that needs the opinion of a legal expert, then a lawyer is necessary. Otherwise, lawyers are just additional expenses to your business. Remember that you pay every time you talk to a lawyer. And it's not cheap. You can't just do that each time you need an assurance that the business step you're taking is good. You might be spending too much on simple yeses and nos.

I think it is necessary you need a lawyer no matter how small the scope of business we are doing. Perhaps in your country there are lots of good people who is willing to keep to the agreement without any legal binding. But in my country, you don't have to take the risk of trusting people when it comes to business. To avoid unnecessary drama, argument or conflict along the line it is good there is a signed document legally binding the agreement from the two parties. So that when matter arises the agreement will be there to make things clear and know who have gone against the agreement and who did not.

[Chilwell]

Okay that's interesting. Didn't knew buying or investing in real estate is that complex. That made me appreciate crypto more because we are free here. I guess being decentralized is also another factor that made it possible. There are still scams here but it may not really be a big deal since we can choose to invest and lose only small amounts too.

I think that a business or a venture relating to real estates, will still need a lawyer because they sound so formal too and this is for us to avoid troubles. They can be costly but it can be nothing if mullions and more dollars are involved in the deal and who says we can't get our ROI? We can, if we will get successful.

Today, almost everywhere, scammers are trying to dupe innocent individuals by all means. It's left for everybody to take heed of these scammers and protect him or her self by all means. Business people need to protect their business at all costs to make sure he or she isn't duped by these unscrupulous individuals. One of the best ways by which business people protect their business is by having a legal backing. That's, by employing lawyers to involve in any kind of transactions that they are going to carry out.
This will also make them to understand what law says about their business and entire life. it makes them to know their duties, right and responsibilities.
It also teaches them to know their does and don't.