As a business owner, there are certain things to put in place before launching out. Every business needs an accountant to handle the records. In the same way, your business needs a lawyer. Getting an accountant might seem more sensible; but the truth is, you need the services of a lawyer as well.
Entrepreneurs often make the mistake of not hiring a business lawyer. They try to avoid the cost or feel that getting a lawyer is unimportant. However, some business owners have no idea that they need to hire a lawyer.
Why Should I Hire A Business Lawyer For My Company?
Should I hire a business lawyer? Do I need one? How will a lawyer benefit my business? These questions might be on your mind. Your business may encounter some problems along the way and it would help if you had a business lawyer for your business.
Sign 1: Starting Your Business
The first sign that you need a business lawyer is your business formation. Before launching your business, you need to consult a lawyer. It would be best if you had your lawyer’s expertise and guidance from the get-go. It’s better if you have a business with a legal foundation. When getting a business lawyer for your new business, don’t just focus on the present. You can be saved from unnecessary expenses in the future.
A business lawyer will help you decide what type of business is best. Your business lawyer will be more familiar with the tax and liability involved with all companies. Their expert opinion will help you choose between sole proprietorship, limited liability, partnership, and corporation.
There are many factors behind every type of business, and these factors may not be known to you. The lawyer must intervene and advise. Picking the wrong kind of business will ruin it before it even begins.
Sign 2: Having a Hard Time Drafting and Enforcing Contracts
Contracts are essential documents and a well-structured contract will protect your business from future threats. This is why you need the best business attorney to help you draft one. A business attorney will assist in reviewing your employee, customer, and vendor contracts. They will ensure that all necessary clauses are captured and expertly crafted.
Also, if you want to launch your business with a friend or family, you need to put sentiments aside. A lawyer is required to draft a contract that can protect the interests of all parties involved.
For dealings between your business and clients, a lawyer can draft a customised contract that precisely suits your business. This will clearly state the products you sell and your services and protect you from any liability.
Sign 3: Having Problems With Navigating Taxes
Your lawyer can help your business with federal and state tax registration. They have a better understanding of tax transactions and consequences. Understanding and complying with tax laws can be complicated, especially for those new to the business. The duty of your business attorney will be to help your business take the necessary steps to avoid future problems with taxation.
How would you love to focus on your business and have your lawyer care about tax compliance? They will prompt you on filing deadlines and due dates.
Sign 4: You Have Intellectual Property
Suppose your business is the creative type, like media, design, music, etc. Then it’ll be wise to register your products for copyright protection. Your business attorney can help with that, or he’ll have links with intellectual property specialists. Besides creative arts, your business will also have plans and strategies accessible to your employees and clients. They need to be protected as well.
Also, a business lawyer will help you with patent research, so your business doesn’t violate the patent rights of others.
Sign 5: Lawsuits By Employees
Whether you are firing or hiring, legal assistance is needed to do it right. Your terms as a business must be communicated effectively to your employees. They should know what their duties are and what is considered a legal breach.
A business attorney can help with confidentiality agreements and terms for ending employment. Ending an employment contract wrongly can lead to charges from offended employees. In case of accusations from past employees, it’ll be easier for an already present lawyer to defend your business. Getting a lawyer at that point may be too late.
Sign 6: Court Representation
No business wishes for a court case. But what happens when that day comes? Having a business lawyer, who already knows your business inside out, on your side will make all the difference. They will give you the best suggestions and work to get the best possible outcomes.
A business lawyer who has been with the business will quickly know when a problem is brewing. He can help you reach a settlement before the matter gets to court. The last thing you want is standing Infront of the judge for something you could have handled.
Things to Look Out For Before Hiring a Business Lawyer
Hiring a business lawyer is one thing; finding the right lawyer is another. Before you settle for a business lawyer, here are things to look out for:
- Make sure the lawyer has experience handling your type of business. Ask the lawyer where his expertise is. If you run a liability company, get someone who has experience there.
- Look out for a well-connected lawyer. Your lawyer should be able to do essential things. But in a situation where there’s an issue beyond his control or outside his field, he needs access to the right people. You don’t need to run around looking for lawyers.
- Beware of lawyers who also represent your competition. Hiring a lawyer who also supports your competition can be dicey. Although your information should be confidential to him, there’s still a chance of a breach. Moreover, he will be more loyal to the higher-paying client, which may not be you.
- Get a lawyer who is a good communicator. Your lawyer should be able to advise you in a way that moves you to act. Their thoughts must be communicated clearly, and they must be great analysts.
- Always follow your instincts. Your instincts can save you from a lot of trouble. If you don’t feel sound around them and can’t trust them, don’t hire them. Your attorney should be someone you are comfortable around because you will share confidential information with them.
Now you know why you should hire a business lawyer. They are instrumental in helping your business with a lot of legal matters. Endeavor to get a business lawyer before you launch out. If you have already launched, it’s not too late. Get a business attorney to avoid unforeseen but avoidable problems.
Make sure the lawyer you are hiring is experienced and trustworthy. You want a lawyer who can stand by you and not a frustrated business opportunist.