Small business is not simply the science of business, applying smaller numbers. Rather, small business has a culture distinct from corporate or public sector cultures.
Consider these common small business legal issues: drafting bylaws; choosing the best legal structure; ensuring contracts benefit all parties; creating employee policies that promote adherence to the law; complying with franchise-related laws; raising capital in accordance with state and SEC rules etc.
When drafting bylaws, for example, a small business lawyer would ensure his/her clients could exit the business, without penalty, if circumstances change. Similarly, the choice of a firm’s legal structure would be influenced by the presence of investors, and how much control (if any) the client wants to share. This is an important discussion, because scholars have proven entrepreneurs have a higher need for control than the general population.
Stated simply, an expert in both entrepreneurship and business law provides valuable insight because he/she has been in the entrepreneur’s position. This is especially true when clients own a family business, since family business dynamics are easier to understand once experienced.
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