The attitude of doing business without a lawyer is generally the same: "We do not need a lawyer for this" or "We will call a lawyer when we have a legal dispute." However, consulting with your attorney before a legal dispute arises is similar to going to a doctor for check-up. You really don’t have to wait to consult a lawyer until you receive a summons, or your buyer puts a stop payment on his check. Lawyers can actually make you save a lot of money before a dispute arises. Letting a lawyer review your commercial documents such as an employment agreement, terms and conditions of sales contract, invoice or a purchase order can save you from a costly future legal trouble.
Preventive lawyering takes a huge role in managing business risks when you do business in a new market especially in the United States. One of major business risks is the collection risk when you start doing business with a new company. There are ways to find out the financial stability of a company. Try to find answers to the following questions first: Are you dealing with a company or a person? What is the correct legal name of the company? Does the company have a separate business name? Who are the officers, shareholders, directors? How many employees do they have? Do they have a physical office? Are there outstanding judgments or UCC-filings against it? For more information, please contact us.