As a business owner, you have a long checklist of things you need to stay on top of in order to keep your company running and to make sure that your policies and directives are on the right side of the law. Things can get complicated any time your business attempts to close a deal with another party, whether it be a major contract with a client or another business. To that end, here's why it might be a good idea to retain a law firm that can offer business transaction law services before you close your next deal.
Bringing Companies Together Can Raise Antitrust Concerns
Any time two businesses sign a deal with one another in a way that might reduce competition, you can bet the federal government will want to take a look at it. Even if your deal is not a straight-up merger or acquisition, there could still be antitrust concerns. By having your own legal team look at the deal before it is announced to the public, you can give yourself the best chance of success without government interference.
Tighten Up The Contract So Everyone Knows What Happens If Things Go South
Sometimes business deals just don't work out. You might change your mind somewhere down the line, the other party could do the same, or the market itself might make clear that the deal is no longer a good idea for either side. Breaking a signed contract can be messy. A good legal team can help you draw up clauses that will come into effect if one or more parties want out of the deal. These will be designed to protect your assets and your company's integrity as you move forward with your post-deal plans.
Protect Your IP
If your company also has unique intellectual property to protect, you'll of course want to do everything you can to protect that IP as you move forward. If you need to give another party access to your IP or confidential information as part of a business deal, you'll want to make sure that you are protected in the long run no matter what happens. A good lawyer can draw up a contract that will make certain that there are consequences if someone doesn't deal with your IP in an honest manner.
Don't close on your next business deal without having a lawyer look over it first. Contact a local business transaction attorney today for more information.