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Learning about The Duties of an SBA Lawyer
The Small Business Administration contributes an important role in promoting the growth of small businesses all over the country. The Small Business Administration contributes an important role in promoting the growth of small businesses all over the country. In a business matter, there are some scenarios which a lawyer can get involved. Drawing up contracts, assisting in incorporation process and representing you in case of litigation are some of the ways that a lawyer can help you. There are some legal business issues that you cannot handle without an attorney, but there are others that you can opt to handle independently.
To determine the complexity of the needs of your business and how to continue on most of these issues, it is important to consult with an attorney because every business is unique. A business’ more complex issues need a lawyer. Formation of a corporation which has shareholders and board is a complicated process will need legal help from an attorney. A corporate lawyer, in administrative matters of tax and legal requirements will come in handy. In case of filing a patent, a patent attorney will assist you in the evaluation of your product and understand what rights you will achieve.
Whether by patenting your products will give you a big advantage should be what you first consider. In case of litigation, you will need a lawyer to assist you in solving the issues legally. Litigation may include; discrimination lawsuits, harassment lawsuits, lawsuits by former or current employees and customers, environmental lawsuits and government investigations for legal violations. Negotiations of lease and sales agreements can be helped by lawyers when you want to buy or sell businesses.
Most businesses are operated through SBA loans and without them they would not be in existence. The main loan programs that are offered by SBA are 504 loans and 7(a) loans. For large projects and assets, SBA 504 loans are given. Activities that can be used by the money given are; purchasing real estates for commercial purposes, acquire and develop property, purchase equipment and start, expand or improve businesses. SBA 504 loans may not be used for stock purchasing, working capital and payment of debts. The guarantor comes into play more prominently in case SBA 7(a) loans are defaulted because it mostly goes into things that are not collateralized easily.
Some attorneys are skilled at negotiating and settling SBA loans by understanding the process and options available. Settlement of SBA loan can be negotiated by a lawyer and help you settle a debt without becoming bankrupt. It is possible to negotiate large reductions in 504 and 7(a) loans though it is not easy. By going through the process, a lawyer who is skilled and who has experience can help you get financial recovery.