Unless you have been there before, no one understands how exciting, yet difficult forming a new business entity can be. Many of the decisions made at the time of business formation can have a significant impact on the ultimate success of the business venture. Thus, it is very important to weigh the potential short-run and long-run impacts of these initial decisions.
Not all businesses have their own attorney. Many businesses are small to medium-sized. They’re large enough to need legal input on sophisticated business matters but aren’t yet prepared to hire an in-house counsel.
To address their legal and business law needs, these growing companies work with a knowledgeable law firm that acts as their external general counsel. This structure provides much of the same legal support as an in-house counsel or attorney staff does.
The business attorney will help the business to deal with negotiating contracts with vendors, corporate governance matters, employee terminations, or managing expenses associated with business litigation. In these ways, the external general counsel in Utah is an integral part of their client’s business team. They’re involved in helping the business to operate more efficiently by managing the legal matters that affect the growing enterprise.
Not all businesses in Utah have their own attorney. Many businesses throughout the state are small to medium-sized. They’re large enough to need legal input on sophisticated business matters but aren’t yet prepared to hire an in-house counsel.
Starting a business is an exciting time. Founders know that they have to identify their skill and what niche it will serve. They know they have to develop a process for delivering a great product or service. They may not necessarily focus on the legal formalities. But the truth is that business formation is one of the most serious decisions any entrepreneur will make.