Are you an entrepreneur with an existing small business? Or are you considering bootstrapping a startup? Or, are you perhaps an existing small business owner? It doesn’t matter where you are in the small business life cycle; there will always be times that you need to consult a Las Vegas Business Attorney.
At this juncture, it is important to note that business law is also known as commercial law or mercantile law. And, in this article, these terms are used interchangeably.
What is a business attorney?
Before we look at some of the stages of the small business life cycle and when, in these stages, an attorney’s assistance and expertise might be required, let’s look at a concise definition of a commercial attorney:
Succinctly stated, a business attorney is a legal expert who is qualified and equipped to handle all the commercial operational and regulatory legalities.
Mercantile Law and the small business life cycle
The four primary stages of the small business life cycle are as follows:
The establishment of the business
This stage involves all the steps and processes that are to do with the setting up or founding of the business, including the development of business plans, business models, financial models and products. The business attorney has a significant role to play in this phase. For example, he can be called on to submit business registration documents and file patent documents.
Business growth and development
The business has been set up, the necessary legal documents have been submitted, and the company has started operating. In this step, the company’s primary aim is to reach a point where it is growing consistently — also, the business lawyer’s role changes during this phase. He can act mainly in an advisory capacity, continue to submit patent application documents if necessary, and handle any business disputes that arise.
It is vital to note that at this juncture the future of the business, its ability to grow and mature into a sustainable operation, and its ability to weather any geopolitical and socio-economic storms that might come its way depend entirely on management practices and procedures.
Expansion into national and international markets
This developmental stage is mainly about upscaling from a small business into a national and, ultimately, international corporation. For this stage to be successfully implemented, there needs to be no doubt that the company has enough capital as well has robust procedures and processes to ensure not only its longevity but its capacity to expand and grow beyond the parameters of a small business into a multinational enterprise.
Maturation and maintenance
The company should now have the wherewithal to survive most unforeseen circumstances. It should have enough capital, backing, and management to make the necessary adjustments to grow and thrive in the current turbulent market conditions.
Finally, it should be noted that the commercial attorney’s primary role during the third and fourth steps is an advisory position as well as the management of disputes and the continued monitoring of new and existing patent applications.