Running a closely held or family-owned business often means wearing many hats—owner, manager, visionary, problem-solver. But one of the most crucial roles many business owners underestimate is that of legal steward. That's where a corporate attorney or corporate lawyer comes in—not just when things go wrong, but as a proactive and ongoing partner in the life of your business.
This blog explores the reasons why regularly consulting with a corporate attorney is one of the smartest investments you can make in your closely held or family business.
Disputes between partners, shareholders, or family members can tear a business apart. Regular legal check-ins with a trusted business attorney can help identify brewing issues early, clarify ownership and decision-making structures, and ensure your governing documents (like operating agreements or bylaws) reflect your current business reality.
A corporate lawyer can also help draft or update buy-sell agreements, succession plans, and other key documents before emotions or emergencies take over.
As the world rapidly evolves, so does your business. From tax obligations and employment laws to industry-specific regulations, business compliance is a moving target. Mistakes, even if unintentional, can be expensive. As a business owner, your focus is often consumed by day-to-day operations, leaving regulatory compliance as an afterthought.
By working with a business attorney on a regular basis, you gain a trusted advisor who can spot compliance risks, help you interpret new laws, and make sure your filings, licenses, and trademarks are up to date.
In a world of rapidly advancing artificial intelligence, using online contract templates or modifying old agreements might seem like a cost-saver, but these shortcuts often lead to confusion, unenforceability, or unexpected liability. Every business deal, including buy-sell agreements, leases, employment contracts, and client arrangements, carries risk.
A corporate attorney helps ensure that your contracts are tailored to your business, reflect your current goals, and protect your interests if something goes wrong. By having a business attorney who is familiar with your business operations prior to any issues arising, they are able to easily identify potential pitfalls and develop solutions unique to your business and the manner in which your company operates.
One of the foundational reasons to form a corporation or LLC is to protect your personal assets from business liabilities. But that protection isn’t automatic. Courts can potentially “pierce the corporate veil” if your business fails to follow certain formalities like keeping meeting minutes, maintaining separate finances, or properly documenting major decisions.
A corporate attorney helps ensure that your business observes these formalities consistently. They can provide templates, checklists, and regular reviews to keep you on track and shield your personal assets. Simply put, involving a corporate lawyer in your business helps to prevent any piercing of the corporate veil and thereby helps eliminate the risk of losing all your assets.
Many closely held or family businesses only call a lawyer when something’s already gone wrong. By then, options are more limited and costs are higher. The markedly better and more cost-effective approach is to build an ongoing relationship with a corporate attorney who understands your business, your goals, and your risks.
Think of it like preventative medicine for your business: a small investment in regular legal health checks can save you from major unexpected surgery later on.
If you are the owner of a closely held or family business, call Plakas Mannos today at 330-455-6112 to see how our team of corporate attorneys can assist you in both growing your business and protecting you against potential liability along the way.
Hunter Miller, an associate attorney, focuses on commercial litigation, mergers and acquisitions, intellectual property litigation, and other practice areas.