In the past few years, the scope of business operations has expanded drastically in both volume and scale. Starting a new business is not as easy as having capital investments and a great business idea. If your paperwork is not in order, the incorporation is not done right, or you do not have a business tax account, the authorities will be prompt in suspending your operations!
This means that as a business owner, you need to worry about so many additional areas, which are important for your business organization. Entrepreneurs would like to focus all their energies on improving their products, creating marketing strategies and reaching their customers. Looking after the legal requirements is not an area that most are equipped to handle.
In this article, we are going to look at five ways a business law firm can help grow your business organization in 2022. If you are an entrepreneur, or the CEO of a company and are looking to hire a business lawyer, this article will help shed light on some important points by taking help from BSA Ahmad Bin Hezeem & Associates LLP, a leading business law firm in Dubai.
5 Ways a Business Law Firm can help Grow your Business in 2022
1. Help free up time of the Business Owner/Entrepreneur-
The first and probably the most important way a business law firm can help the company is by freeing up the time of the owner, entrepreneur or CEO.
You need to understand that even though business owners wear many hats, the legal area is one place where they cannot afford to go wrong. The stakes are so high that you need legal expertise to handle the concerns.
This frees up the time and energy of the business owner who can then concentrate on other areas of the business. They can look after product development, hiring or marketing.
2. Navigate the business so that it does not encounter any legal troubles-
Running a business organization in 2022 means that you need to take care of at least ten different paperwork and filings.
Right from the incorporation part to following labour codes to undergoing periodic assessments for license renewals, everything needs to be in order at all times.
The slightest delays or acts of omission can result in heavy to severe fines, momentary suspension of certifications, and even legal proceedings that might be initiated. This is why you need a business lawyer or law firm to help navigate the firm through all these issues.
3. Get an understanding of complicated business solutions like Mergers and Acquisitions-
At some point or another, a business would like to grow by acquiring another commercial entity or getting acquired by someone bigger looking to wipe out the competition.
Mergers and Acquisitions are complicated business legal processes where you need your business lawyers to take you through the process. You do not want to end up at the receiving end of something hostile and undervalue your business organization.
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In addition to M&A deals, businesses also need help with employment-related problems and approaches in their organization.
Finally, it’s worth knowing about different market growth strategies like market penetration, market development, and diversification
4. Enforcements of agreements and contracts on behalf of the business organization-
As a business entity, you are entering into agreements and contracts with several hundred vendors, suppliers, partners, and even employees.
You hope that everyone will be in a position to honour your contracts. While this might happen most of the time, there might be instances when a specific vendor or supplier is not honouring their end of the agreement.
If you would be required to initiate legal proceedings against them, you need to take help from a leading business lawyer. They will be able to help with filing the proper paperwork in this regard.
5. Guiding through the complicated process of taxation norms and rules-
You might think that when it comes to taxation, your Chartered Accountant is the best person to help you out. What you need to know is that taxation is a combination to two things- financial records and legal regulations.
While the CA might be able to help you out as far the first part is concerned, it is only a business lawyer that will be able to come to your aid as far as the legal regulations of the taxes are concerned.
They will help ensure that you do not get into any problems with the authorities.
The Bottom Line
In the last few years, there has been a growing awareness, even in small business circles as far as the benefits of a business lawyer is concerned. If you would like us to assist you in any other way, please let us know in the comments section below. We would be happy to help you out in your quest for finding the best business lawyer for your company.