When you own your own company, you assume a wide variety of legal responsibilities. You may fail to appreciate the full burden of these obligations, however, especially if you have little to no legal prowess.

Even so, you do not want to risk breaking the state or federal laws that govern your industry. You can make sure that you follow the law to the exact letter by hiring an experienced attorney who practices business transaction law to represent you.

Verifying and Negotiating Contracts

As a business owner, you may need to sign and agree to dozens of different types of contracts. These contracts might outline relationships that you have with your vendors, for example. They can also stipulate what obligations that you have to your employees.

They also may contain complex legalese that you barely understand and may not appreciate to what you are agreeing. Rather than sign them without being fully informed, you can retain a business transaction law attorney to review and explain them to you. They can also verify the information found in the contracts and negotiate better ones that protect you and your business if needed.

Protecting Intellectual Property

When you have invented or improved on a popular consumer product or service, you do not want anyone to steal it from you. You want to protect it at all costs to ensure that you are the only one who can benefit from it.

When you have a business transaction law attorney on retainer, you can protect your business's intellectual property. Your attorney can file for the necessary safeguards, such as copyrights or trademarks, to ensure that you alone own them and can be the only person to benefit from them. 

Overseeing a Merger

Finally, your business transaction law attorney can take a leadership role if you decide to merge your business with another company. They can make sure that you retain possession of products or services that you own outright. Your attorney can also ensure that your financial interests are protected and that you cannot be edged out of the merger without fair compensation or credit.

A business transaction law attorney can handle numerous important tasks for you as a business owner. They can review and negotiate contracts. Your attorney can work to protect your intellectual property and ensure your best interests if you decide to merge your company with another business.

To learn more, contact a law firm like Boynton Waldron Doleac Woodman.