Advising your small business clients

Before getting started, consider the special issues involved in representing both the business owner and the business itself. Because the individual client and their business are legally separate entities, your engagement agreement should reflect this. At the same time, small businesses at the inception are sensitive to costs, so consider alternative fee arrangements to help your client start off profitably.

Practical Law has the resources to ensure that your client fully understands the potential conflicts in representing both an individual owner and the business itself. Practical Law also has informative resources on flexible fee arrangements that will help you and your client get the most out of the representation.

Choosing the right entity type helps protect your client’s business profits and protects individual owners from personal liability for business activities. The right entity type varies depending on each client’s needs, financial situation, and the industry in which they operate. Whether their needs are best suited to a corporation, partnership, or LLC, Practical Law has the resources to help make the right decision.

Related resources from Practical Law 
Forming and Organizing a Corporation 
Startup Company Toolkit 
Forming and Organizing an LLC (DE) 
Choice of Entity: Tax Issues

Most startups need financing through either raising private capital or borrowing from a financial institution. Practical Law resources can help navigate the complicated waters of raising funds through private offerings, traditional lending, and modern, innovative financing methods.

Related resources from Practical Law 
General Solicitation and Startup Capital Raising: Guidance and Questions 
Road Map for Undertaking a Private Offering 
Startup Seed Financings: Overview
Startup Venture Finance: Overview

Once your client’s business is up and running, the need for legal representation does not end. You helped your client select the right entity type to protect both personal and business assets; now you can help your client maintain good corporate governance and the necessary corporate formalities to keep that protection in place for the life of the business.

Practical Law resources help you guide your client through complex issues involving the fiduciary responsibilities of business leaders, federal and state regulation of business entities, and the necessary filings and disclosures required by law.

Related resources from Practical Law 
Fiduciary Duties of the Board of Directors 
Stockholders Agreement Commentary 
Environmental, Social, and Governance (ESG) Toolkit: US 
Board Minutes and Resolutions Toolkit: Corporate Governance and Continuous Disclosure 
Serving as Corporate Secretary: Considerations for In-House Counsel

Now it’s time to get down to business. As any lawyer knows, modern business transactions present constant legal challenges, from advertising and labeling products to drafting and negotiating agreements with vendors, suppliers, and customers. It’s a win-win situation for you and your clients: they need to avoid legal pitfalls to keep their business running profitably and that provides you with an ongoing source of business throughout the company’s life.

Practical Law resources cover the gamut of business transactions so you are always up to speed and ready to help your clients keep their businesses running smoothly.

Related resources from Practical Law 
Advertising: Overview 
Distributors and Dealers 
Supply Chain Overview 
Product Labeling

Your client’s employees are the lifeline of their business, but employment issues arise in every company, no matter how large or small. Your client must clearly express their expectations to their employees; create simple, straightforward employment policies; enforce rules consistently and fairly; and ensure the workplace if free from discrimination and harassment.

Practical Law resources help you help your client to minimize employment disputes and keep employees happy and productive.

Related resources from Practical Law 
Employment Law Issues for Startups, Entrepreneurs, and Growing Businesses: Overview 
Discrimination: Overview 
Employee Handbooks: Best Practices 
Protection of Employers’ Trade Secrets and Confidential Information

Whether leasing or owning, real estate is one of your client’s major expenses and a frequent source of complex legal issues and disputes.

Whether your client is buying, selling, or leasing property; expanding their business operations; or relocating to a more favorable place, Practical Law resources help you provide the necessary guidance to help the client manage these issues.

Related resources from Practical Law 
Key Issues in Startup and Technology Company Leasing 
Tenant’s Rights and Remedies (Commercial Lease) 
Construction Financing: Overview 
Multistate Real Estate Ownership: Overview

Your client’s trade secrets, trademark and trade name, copyrights, patents, and other intellectual property (IP) rights are often their most valuable assets. At the same time, compromising or losing intellectual property protections can devastate a small business. For this reason, your client needs ongoing legal guidance to ensure their intellectual property is safe, secure, and confidential.

Intellectual property law is among the most challenging aspects of business law, but Practical Law provides the resources you need to protect your client’s IP rights throughout the life of their business.

Related resources from Practical Law 
Confidentiality and Nondisclosure Agreements 
Intellectual Property: Overview 
Assignment of Employee Inventions State Laws Chart: Overview

No business owner wants to become embroiled in litigation with vendors, suppliers, customers, or competitors, but disputes are inevitable in modern business. Your business clients need you to provide the best legal advice to help them avoid and mitigate these costs and to minimize the time and effort they expend on these disputes.

With Practical Law, you can help your client at all stages of a potential dispute, from negotiating a quick resolution to guiding your client through alternative dispute resolution mechanisms — like mediation and arbitration — to litigation in court, if necessary.

Related resources from Practical Law 
Avoiding and Managing Commercial Disputes in the US: Overview 
Commencing a Federal Lawsuit: Overview 
E-Discovery in the US: Overview 
Enforcing Federal Court Judgments: Basic Principles

You’ve helped your client form and run a successful business, now help them plan their personal affairs. Clients who trusted your guidance in complex business issues will trust your guidance in providing for their estate planning, including business succession matters.

Practical Law estate planning resources provide detailed, up-to-date guidance for you to help successful individuals provide for their families and prepare for the future.

Related resources from Practical Law 
Estate Planning for Technology Entrepreneurs 
Key Estate Planning Considerations for Married and Unmarried Couples 
CEO Succession Planning: Principles and Considerations

Even the most successful business owner might want to sell their business someday. In that case, an owner wants a smooth sale on favorable terms. When that day comes for your clients, Practical Law resources enable you to provide legal services in selling the business.

Related resources from Practical Law
Stock Purchase Agreement (Pro-Seller Short Form)  
Membership Interest Purchase Agreement (Pro-Seller Long Form)

From startup to sale, Practical Law provides the resources you need to help your business clients every step of the way. Not only do our resources enable you to get reliable, practical answers quickly, but they position you to expand and grow your own business by becoming your client’s go-to source for legal advice and representation throughout the life of their business.