The vast majority of businesses in Mississippi are owned and operated by small business owners. Running the business involves making important decisions every day, and mistakes can be costly.
Being able to rely on the support of a knowledgeable business attorney can be of great assistance, ensuring that the decisions you make are the right ones for the long-term health of your business.
A business lawyer can do a lot more than help resolve business disputes. They can be involved from the very start of your business and assist across many key areas of operations.
Let’s take a deeper look at what business attorneys do, so that you can weigh up which legal services you may need now or in the near future.
Do you need a business attorney?
Business attorneys work across multiple legal fields, including employment law, contract law, intellectual property, and regulatory compliance.
Consulting with a business attorney is advisable for many of the following business operations:
Choosing and forming a business entity
A business attorney can help you with the formation of your business entity, right at the start of your journey. Functions might include:
· Advising on the right legal structure (sole proprietorship, partnership, LLC, corporation, or S-corp) based on liability, tax, and operational goals.
· Drafting and filing formation documents with the Mississippi Secretary of State, including Articles of Incorporation or Articles of Organization.
· Preparing operating agreements, bylaws, or partnership agreements that define ownership, roles, and decision-making.
· Registering for state and local business licenses, permits, and tax IDs.
Drafting and reviewing contracts
Contracts are the foundation of business law, and they should be carefully drafted by knowledgeable legal professionals to protect your interests. Your attorney can help with:
· Drafting, reviewing, and negotiating commercial contracts, including vendor agreements, service contracts, and supplier agreements.
· Identifying and closing gaps in contracts that could expose your business to liability.
· Ensuring contracts comply with Mississippi law, including Mississippi’s Uniform Commercial Code (UCC).
· Advising on non-disclosure agreements (NDAs), non-compete clauses, and confidentiality provisions.
· Reviewing lease agreements for commercial premises.
Ensuring employment and labor law compliance
A business attorney can draft employment contracts, offer letters, and severance agreements, as well as employee handbooks covering workplace conduct, discrimination, and termination procedures.
Your attorney can also advise on the correct classification of workers as employees or independent contractors under Mississippi and federal law, and compliance with federal laws such as the FLSA, ADA, FMLA, and Title VII.
If your business encounters wage and hour disputes or any EEOC claims, your attorney can help defend your position and advise you on the best resolutions.
Business disputes and litigation
A business litigation attorney can help address a variety of disputes that can impact your business, including breach of contract disputes, business torts, breach of fiduciary duty disputes, and unpaid debt issues.
Attorneys can explore pre-litigation options, including demand letters, negotiation, and settlement, represent clients in mediation or arbitration proceedings as alternatives to court, or manage litigation in Mississippi state courts or federal court when necessary.
Protecting intellectual property
Business attorneys can also help you protect intellectual property by:
- Advising on trademark registration to protect your business names, logos, and brand identity.
- Securing copyright protection for original creative works, written content, software, and marketing materials.
- Advising on patent protection for inventions or proprietary processes.
- Drafting licensing agreements for the use of intellectual property.
- Monitoring for infringement and advising on enforcement options.
Regulatory compliance
A key role for a business lawyer is to advise you on industry-specific state and federal regulations affecting your business.
This includes ensuring compliance with Mississippi business licensing requirements at the state, county, and city levels, advising on data privacy obligations and cybersecurity compliance requirements, and assisting with compliance during government audits or investigations.
To help you stay one step ahead, a business attorney can also keep you informed of any changes in Mississippi law that affect operations.
Mergers, acquisitions, and business transactions
If your business is targeting a purchase of, or merger with, another business, an attorney can conduct due diligence, draft and negotiate asset purchase agreements or stock purchase agreements, and help with structuring deals to minimize tax liability and legal risk.
Additionally, a business attorney can:
- Advise on the transfer of licenses, permits, or contracts as part of a transaction.
- Assist with post-merger integration and restructuring.
Business succession and dissolution
With major upheavals in the business, like a succession or dissolution, a business lawyer can help with:
- Planning for ownership transitions, buy-sell agreements, and succession in closely held businesses.
- Advising on the sale of a business, including valuation considerations and deal structure.
- Handling voluntary dissolution and winding up of business affairs in compliance with Mississippi law.
- Resolving partner or shareholder disputes that arise during succession or exit planning.
Pros and cons of hiring a business attorney
The main con of hiring a business attorney is the investment involved. However, businesses often only consult an attorney after a problem arises. This can lead to higher legal costs and more public legal exposure.
The way to approach this is with a simple question: “What is the cost of NOT having a qualified attorney deal with the inevitable problems that arise for a business?”
The costs of mistakes when setting up a business and with non-compliance, poorly drafted contracts, disputes and litigation, lost intellectual property, etc., are far higher than the cost of retaining a business attorney.
The stakes are high, and working with dedicated legal counsel with the required business experience can benefit you in many ways, including:
- Preventing issues from arising in the first place with “preventive” legal steps.
- Protecting your business from risks associated with non-compliance of state and federal laws (e.g., regulatory and licensing requirements).
- Reducing the threats associated with contractual disputes, loss of IP, etc.
- Helping you navigate the requirements of employment law, which change regularly in Mississippi.
- Preventing costly litigation by seeking alternative dispute resolution methods.
- Helping your business grow through mergers and acquisitions.
Most business owners should leave the legal issues to a qualified business attorney while they focus on the company’s core business.
For business legal advice and assistance in the Biloxi area of Mississippi, contact a lawyer at Rushing & Guice, PLLC.
