Linda Allen, a San Diego Business Law Attorney describes transactional law, “Transactional business law involves a wide range of business matters. It encompasses every phase of a business from its inception all the way through its entire life cycle, ending with either winding down or selling the business.”
Stated another way, it’s all types of entity formation and restructuring, contract creation, negotiation, joint ventures, mergers and acquisitions; it is a wide variety of issues that come up for businesses.
The most basic reason for needing transactional law services occurs in the very beginning when you’re setting up your business. If you decide you want to open an entity selling surfboards, you want to make sure you have some protection so you’re not going to be personally liable for business issues. The business needs to be set up properly to protect you, so the transactional law attorney would be assisting you with regard to those things: Setting it up, which could be an LLC or a corporation, then assisting you by explaining the difference between the two, also, issuing the stocks or the membership certificates. It is also explaining how to run the organization so that you are protected: meetings, proper capitalization, all of those things that you need to do.
Another reason that people call on the assistance of a transactional law attorney is when they need a contract, or they have received a contract from someone else and don’t know what it says. The attorney will assist by reviewing the document to ascertain what it says or by creating a contract.
As an example, you want to joint venture with another business that sells a similar product. That would require a document to be drawn up. The attorney would work with you, to come up with the terms and conditions that work the best for you. He or she would also assist with any revisions the other party proposes, etc.
If you’re considering suing someone an attorney would get involved and help you work it out; come to a resolution before going to court. The process would be a somewhat informal process. It would be a matter of communicating with the other party, discerning what the issues are and working them out, so that you don’t have the cost of litigation.
There can be quite a difference in the cost to hire a transactional attorney and the cost that you may well encounter if you don’t work with an attorney. Oftentimes, business owners do not initially consider the costs of litigation, if they don’t they can have a problem that needs to be resolved and they must come to an attorney. It is much less expensive to resolve it on the front end than the back end.
It is vital that your attorney communicates with you. Communication is key, not only to ensure that you are satisfied, but to make sure that you understand what is happening as you go through the legal process.
You can see more about Linda Allen by visiting her website at: http://www.lawofficesallen.com/.
Or, by calling her office direct line (619) 876-0503.
Offices are located at:
Law Offices Of Linda M. Allen
4445 Eastgate Mall, Ste 200
San Diego, CA 92121