When it comes to business law, numerous choices are required
Starting a small company here in Alberta comes with mixed emotions. Excitement, trepidation and more can make the decision-making process challenging if done alone. Choosing an entity structure is an important part of the process, but it is only one choice entrepreneurs need to consider as they work to make their visions come to life. Business law encompasses a wide variety of circumstances and situations that could be encountered when embarking on a new venture.
Contracts are a crucial part of any business. These agreements solidify, identify and outline relationships that a business will have with others. For example, a brick and mortar business requires a location out of which to operate, which often means leasing an office, manufacturing or store location. This means signing a commercial lease, which requires careful review and negotiation just as any other contract does. Indeed, many owners are reluctant to review or negotiate changes to leases, but more than most contracts these require a specialized review. Leases are difficult to read, contain archaic language, and have terms that have specialized industry meanings. Unless one has extensive experience with leases or is trained to understand the unique terminology, a business may enter into an unfavourable commercial arrangement.
In addition to leases, contracts with employees, contractors, vendors and customers are extremely important. Working with others does not always go as planned, so having a good contract could provide an avenue for protection against liability or recovery should the relationship encounter difficulties. Depending on the type of business, other concerns such as industry or environmental regulations, risk management, confidentiality, the protection of intellectual property, employee concerns and more also require attention. How an entrepreneur addresses all of these issues from the start of the business often determines whether it is destined for success or failure.
These are only some of the issues that every new business owner may face. Due to the importance each decision is to the future of the business, Alberta entrepreneurs would more than likely benefit from taking advantage of the experience, advice and assistance of a business law lawyer. An experienced legal advocate will provide the necessary information to new business owners to enable them to make decisions that give their ventures the best possible chance of success.