When you start your own business, you’re handling most of the daily operations yourself. As your business grows, others will come aboard to help. When legal issues arise, you’ll likely need the expertise and experience of a business lawyer. Here are 4 possible reasons why the help of a well-trained business lawyer can pay for itself.

Corporate Structure

Your business attorney should be adept at analyzing your company and helping you select the proper structure. Each type of corporate structure carries a different level of personal liability for you, the business owner. If you choose your business structure without the help of a lawyer, you may unwittingly assume more personal risk than necessary.

Handle Lawsuits

You’ll eventually need to either file a lawsuit or protect yourself against one filed by someone else. Going to court is incredibly expensive. It’s rarely a worthwhile investment. A good business lawyer can help your company handle lawsuits while avoiding the time and expense of going to court. Often, your lawyer can even prevent legal issues from escalating into lawsuits.

Review Contracts

Running a business means using contracts. The professional relationships you have with investors, partners, vendors and employees requires the use of contracts to make sure each person’s (or entity’s) rights are protected. Many business owners make the mistake of creating these contracts without legal help. Then, they’re surprised when those contracts don’t provide adequate legal protection in court. Have your business lawyer draft these contracts to avoid issues down the road.

Labor Laws

As your business grows, you’ll continue to add employees. There are labor laws that protect your employees’ rights. Because you’ll be busy running your business, you won’t be able to keep up with the constant changes made to these laws. As a result, you may unknowingly violate your employees’ rights and find yourself the unfortunate target of a lawsuit. A business lawyer can be invaluable here. He’ll help your company avoid unnecessary labor law legal issues.

Located in Troy, Michigan, the law firm of Campbell, O’Brien & Mistele, P.C. has been serving their clients professionally, successfully, and loyally, since 1952. It was originally founded by Dale C. Campbell and Edwin G. O’Brien (formerly with the Internal Revenue Service) and was later joined by Henry E. Mistele who brought his entrepreneurial and business background to the firm. The firm now caters to small- and mid-size business and corporate clients in the entire Southeast Michigan area, as well as serving individuals in personal matters in certain practice areas. To discuss your legal matters with the attorneys of Campbell, O’Brien & Mistele, P.C., call them for a free telephone consultation.

Many people seek bankruptcy because they are unemployed, have large medical expenses, have marital problems, or have another unexpected expense. Filing for bankruptcy can be a very emotional time, and many people have questions about bankruptcy procedures in Texas.

The first step when considering bankruptcy is to identify an experienced Texas bankruptcy law firm and work closely with them to set a strategic financial plan. The law firm should offer a free consultation meeting to discuss the credit problem and decide if bankruptcy is the right option. If it is, the firm will begin drafting the petition and ask for your signature. Then a 341 Meeting is scheduled about 30 days after the petition is filed. This meeting is help with a trustee appointed by the court and is usually a fact-finding meeting in which the trustee makes sure everything is in order.

There are several types of bankruptcy that can be filed in Texas. Chapter 7 bankruptcy is sometimes referred to as a straight bankruptcy because it is a liquidation proceeding. In Chapter 7 the debtor will surrender all non-exempt property to a bankruptcy trustee. The trustee will sell off this property and distribute the cash to the creditors. In return, the debtor is discharged from all debts within a few months. In most cases of Chapter 7 Bankruptcy, the debtor has no assets to loose, so it provides the debtor with a quick fresh start.

Another type of bankruptcy is a reorganization of debt called a Chapter 13 Bankruptcy. This type of bankruptcy allows debtors to pay off their debts over a span of three to five years. Chapter 13 is set up for debtors with non-exempt property that they want to keep, or for a person who’s income is sufficient to pay their expenses and pay off their debts.

Usually the way to decide if Chapter 7 or Chapter 13 bankruptcy is to look at the non exempt assets of the debtor. There are several Texas specific exemptions that you can claim when filing for bankruptcy, or you may choose to use the Federal exemptions in your petition. The state exemptions include the following: homestead, personal property, insurance or government benefits, property of a business partnership, tools of trade, and wages or commissions. Consult a Bankruptcy Attorney in Texas for specific information on exemptions.

Offering expert advice and bankruptcy help to consumers and businesses, the experienced attorneys at The Vida Law Firm, PLLC represent individuals and small businesses throughout the Fort Worth, Texas area in all kinds of bankruptcy proceedings. If you or your organization is facing financial difficulties, mounting bills, foreclosure and repossession proceedings, or harassing collection activity, you can rely on their skilled Fort Worth bankruptcy advice.

The attorneys at The Vida Law Firm, PLLC can represent you and your interests to creditors, the trustee, and the court, helping you reorganize debts and make a fresh start. With nearly 70 years of combined legal experience, their attorneys have the skills and experience to guide you or your business through even the most complex Chapter 7, Chapter 11, or Chapter 13 bankruptcy in Fort Worth. To schedule a free initial consultation, contact The Vida Law Firm, PLLC today.