Only about half of all new businesses survive for longer than five years, and about one third survive longer than ten years. Those statistics alone can be enough to deter you from obtaining your dream of starting or buying your own business. Once you have made the decision to buy a business, it can be tempting to go at it alone, especially when you feel you that you know what you’re doing and have a keen eye for discerning trustworthy people. However, before you take that dive into new ownership, you’re going to have to seek legal advice for drafting contracts, managing your liability, and executing your due diligence.
Entrepreneur says that new companies should look to hire attorneys to help with almost every aspect of your business, like zoning compliance, copyright, incorporation, and of course buying and selling the firm. Their number one suggestion is hiring a solicitor long before you run into legal trouble. Their pearl of wisdom: the cost of getting out of litigation is a lot higher than the cost of staying out of it in the first place.
If you’ve decided to enter the hot commercial real estate market in the Toronto area, you should definitely seek out legal advice from a specialized barrister. As legal expert Adam Dwek tells us, commercial real estate in particular comes with a number of risks, and you should familiarize yourself with all of them. Fraudulent sale, adverse possession, and market decline are just a few of the risks you may face. Speaking with a business lawyer before signing any contracts is a must when you’re dealing in the real estate market. You should be certain thatthe law specialists you choose will help you draft contracts and negotiate an agreement of purchase and sale. They should also help with structuring the transaction, due diligence, risk and liability management, and closing and documenting the transaction. Protect yourself from risk with contractual warranties and indemnity agreements with an expert’s guidance.
You don’t want to hire just any old attorney to handle legal affairs and give legal advice when you need it. It’s important to gather specific information about the attorney,including their experience and their past clients. Do they frequently work with clients whose needs are similar to yours? In Toronto, firms like Dwek Law focus their practice around aspiring entrepreneurs, real estate conveyance, commercial landlord and tenant agreements, and corporate mergers. They will execute due diligence and protect you from any unforeseen risks. Don’t wind up on the hook for property maintenance as a tenant or a bad vendor agreement. Have an experienced eye review your documents and negotiate the agreement of sale. Begin your dream with the right conditions and your company will be able to flourish without any unpleasant surprises.
Hiring a well-connected and experienced lawyer from a firm like Dwek Law will ensure that you receive the best legal care possible. When you’re purchasing a business or entering into commercial real estate, hire the help of an experienced solicitor who specializes in these practice areas.