How Lawyers Can Help Small And Medium Scale Businesses Grow

• Published date: 09 July 2021
• Subject Matter: Corporate/Commercial Law, Employment and HR, Intellectual Property, Compliance, Corporate and Company Law, Contracts and Commercial Law, Contract of Employment, Trade Secrets
• Law Firm: Asare Bediako & Co
• Author: Mr Kwame Dankwa

Small and Medium scale owners tend to consult lawyers only when there is a problem or a litigation. They would make provision for sales, marketing, branding etc but little or no provision for legal support.

However, Smart businesses do not only concentrate on marketing but also think about preventing problems. Business lawyers can provide several support for the small and medium scale businesses to avoid problems, secure their funds and assets and prevent litigation to help the business grow.

BUSINESS FORMATION

In Ghana, there are several types of business registration or formation. They are Sole Proprietorship, Partnership, companies limited by shares, company limited by guarantee etc.

Each of them have their own peculiar advantages and disadvantages. It is vital that at the formation stage, you seek the right legal advice to assist you on the right type of business to register that will give you the needed protection and security required.

A business lawyer, depending on the nature of the business you intend to undertake, can provide you with the needed and timely advice to guide you choose the suitable one to register.

DEBT COLLECTION

A business that undertakes the provision of goods and services will require the services of a lawyer to secure its credit sales. The credit sales can be secured by drafting water tight agreements to avoid or minimize default. Once you have a water tight agreement, in the event of default it will be easy to enforce it in law court or recover any losses you have incurred. Timely recovery of debt will provide the needed liquidity for your business.

INTELLECTUAL PROPERTY

In the process of building your business and brand, you will want to protect your logo, brand, name, innovations and others. A business lawyer can assist you to register your intellectual property to protect your intellectual property. In the event of infringement, a business lawyer can take the necessary steps to stop or restrain the infringer from further infringing on your intellectual property.

EMPLOYMENT CONTRACTS AND OTHER EMPLOYMENT AGREEMENT

Every business whether a starter or a business with a small team may grow at some point and will require new employees to join. There is the need to draw up an employment contract indicating all the terms and conditions of the employment and in line with the relevant employment laws in Ghana. A good employment contract should clearly spell out all the relevant terms and condition of the employment to avoid any...