Role of a Virginia Business Planning Lawyer
Business planning means something different to every company. It could refer to the process of starting a new venture, choosing the right business entity, preparing for succession or transitions in leadership, or establishing a plan for daily operations in a way that complies with recordkeeping and other legal requirements.
Considering the myriad of reasons one could plan for their business goals, the role that a practiced company advisor could play can vary. However, an experienced business planning lawyer in Virginia could assist with determining the next step as well as help smooth operation issues.
Advising the Beginning of a New Business
One of the first choices to be made when starting a company is the type of structure the business entity will define itself as. There is not a right or wrong choice, but the best approach is to weigh the pros and cons and decide which makes the most sense for the company. Part of the role of a business planning lawyer in Virginia could be to help compare the attributes of defining your business as:
- Sole proprietorship
- Partnership
- Limited liability company (LLC)
- S-corporation
- C-corporation
It could also be beneficial to start a business with one type of entity and then convert to another structure if circumstances change.
In addition to choosing a structure and preparing the necessary paperwork, such as the articles of organization for an LLC, a business planning lawyer could assist with transactions at the start of a business. These transactions could be ones such as real estate contracts, labor agreements, insurance, and intellectual property advice. All aspects of business are governed by contract law, so having a legal advisor prepare or review standard contracts could prove useful.
Business Succession Planning
No one wants to think about leaving a business when they are just starting it, but the formation of a company is often the best time to establish a plan for succession. If a business owner retires or is forced to relinquish a leadership role, the company can continue to function efficiently if a business succession plan is already in place. However, if there is no plan in place, operations could be put on hold, possibly disrupting business and potentially losing customers, damaging the value of the company.
The role of a Virginia business planning lawyer often includes preparation for future transitions. An attorney could help business principals decide how interests should be valued and who should be able to buy into the company. They could also help draw a buy-sell agreement that allows for the company to purchase the interest of a departing partner and explain how this purchase could be funded. Succession plans can provide some of the best protection for maintaining the value of a company.
Reach out to Learn More About the Role of a Virginia Business Planning Attorney
Business planning is not only useful at a time of major transition in a company. Successful businesses make plans and put those plans into execution regularly. The role of a business planning attorney in Virginia could include providing advice on the legal implications of regular operations, reviewing contracts and transactions, and assisting with personnel matters.
A company legal counselor could also work to resolve conflict and step in for support when a problem arises. Whether pursuing a claim on behalf of a business or defending against allegations, the role of a business planning lawyer could include providing evidence and advocacy to support the company’s position.
