When you do business you do not earn money whereas you generate money. You are responsible for the earnings of many people in a way you provide for the bread and butter of many houses. When you take responsibility for so many people you need to be linear with respect to rules and regulations. In fact you need to be adept at so many things only then can you sail smoothly.
You need to be a juggler who can juggle two or three skills at a time. You need to know the tax, law, sales, marketing, purchasing, inventory etc. For all this you need to know the law. You need to be bound to law and be adept at it. Business lawyer if you appoint then he can ease much of your load and give you some relief. Business lawyer is a very broad term though.
Legality is the back bone of any business. You need to take care of many aspects as a legal advisor. Let us see some of them in short
1) Property acquisition--first and foremost the business property whether bought or rented must be legally viable. The appropriate documents are made by the business lawyer.
2) Legal documentation-the business certification required for its running is bone by the business lawyers.
3) Patent-if you require taking a patent for your product then business lawyer advices you the legal proceedings.
4) International standardization certificate-lawyers help you in getting the standardization certificates.
5) Contracts-job conditions and contracts between the employers and employees are done by business lawyers. Breach of contract is dealt with by them.
6) Partnership deals-again chalked out by the lawyers. The clauses of partnership chalked out by them.
7) HR(human resource)-rules and regulations between the employees. Rules for internal smooth working. Conditions if there is a breach in understanding.
8) Authentication of the project. if any new projects are taken up by the company.
9) Bankruptcy laws-these are chalked out initially itself for both company and the bankers. Clauses of understanding are drawn.
10) Blue law-this law is especially observed in US and Canada to take into account religious aspects in work like holidays on Sundays and Christmas etc. If unavoidable then compensation in what form is chalked out.
11) Cyber law--new law that is gaining importance. This ensures the security and privacy options of cyber sites. Also deals with the ethical and unethical hacking.
12) Duress-deals with any act of injustice or compulsions from both sides employee and employer.
13) Corporate law-clauses of corporate working and their requirements and fulfillment are taken care of.
14) Lien-security offered by company in exchange for some services or utilities and the terms and conditions of it.
15) Retirement laws-benefits a person gets on retirement, age, planning for retirement are all taken care of.
It is not easy running a business. However small it is always an empire because you are the sole master who runs the show.