Running a business is, in no uncertain terms, a job for business professionals. However, there are situations in which deferring to other experts to handle business issues is valuable. Among the experts in other fields who you should have on your staff at all times are legal experts. Business and corporate law are complex fields to navigate, and penalties can be quite steep. While business and corporate lawyers are most often consulted during mergers, acquisitions and other such transactions, legal experts can also be helpful when you’re dealing with accounting issues or tax problems. Additionally, dealing with the Securities and Exchange Commission can be a challenge if you don’t have a legal expert to consult when navigating complex regulations.
No matter what field of business your company is in or what size your business is, a knowledgeable legal team is an invaluable asset. Nearly every conceivable aspect of your company’s operation, whether you operate in an international sphere or a local level, is subject to regulations at the national, state and local level.
Due to the confusing way in which these statutes may interact, a legal expert is required to ensure compliance at all times. Simply reading a treatise or industry publication that attempts to explain the required regulations won’t be sufficient, as those types of literature don’t delve into the many exclusions and exceptions that may allow you to avoid penalties or regulations if you meet a specific set of requirements.
One area of business and corporate law that is gaining increased relevance as new statutes emerge is that of environmental regulation. Businesses are being increasingly held to more stringent standards in terms not only of pollution produced during production but also for the ways in which waste is being disposed of. As with some other restrictions, the types of penalties and requirements may vary by the size and area of your business, so it’s best to have a lawyer checking your compliance.