Why Your Small Business Should Hire a Good Business Lawyer
23 Sep 2017
A good business lawyer is a necessity for all businesses, whether you are the only employee or you run a major corporation. You never know what might happen that could land you in legal hot water at some point, so you want to be protected.
Good Business Lawyer
You want to find a lawyer who is well-versed in small businesses and one that has adequate experience. This ensures that your best interests are protected and that you get accurate help and advice when you need it.
Business Structure Advice
When you are first getting started, you have to choose the structure in which you will develop your business. These options are sole proprietorship, LLC, nonprofit, partnership and corporation. It is important to think this through and make sure that you know the pros and cons of each. The structure that you choose will have an impact on your tax obligations, ongoing expenses, personal liabilities, setup fees and even the methods in which you can get funding. An experienced business attorney or advocate, such as Suzzanne Uhland, plays a critical part in this aspect of your small business.
Lawsuits happen and you do not want your small business to be lost as a result. A lawyer cannot fully protect you against charges, but they might be able to get them reduced. This could decrease your overall liability and make them easier to cope with. As soon as you get notification that you are being sued, this is the time to get your lawyer involved. The process is faster when you already have one, making it a good idea to have one ready to go from the first day you start your business.
Assistance With Employees
There are a number of factors to consider when you hire people to help you to run your business and a lawyer can aid you in sorting this all out. The first decision is whether you want to hire independent contractors or direct employees. Both have specific laws that must be followed so that your business does not get in trouble with the IRS. Also, when you go the route of independent contractors, you need to ensure you have an agreement drafted that outlines their responsibilities.
Help With Contracts
Contracts are a legally binding agreement, so it is important that all of the included terms are what the involved parties agreed to. Your lawyer will understand the language and terms in the contract. This ensures that you are getting exactly what you want and that the other people involved are happy with the agreement. Your lawyer can also help you to draw up standard form contracts. This ensures that they are in compliance with the law.
Negotiations for Your Business
There will be times when you have something to negotiate and you want to make sure that you can do this successfully. Lawyers are experienced in the art of negotiation so they can help you with complex transactions. Once an agreement is made, they can also be beneficial when it comes to writing acquisitions, transferring permits, assessing a value to a business and creating purchase agreement.
This ensures that you are getting fair deals and that the people who you work with to keep your business running are also happy. When everyone is satisfied with an agreement, it paves the way for future business endeavors that are mutually beneficial.
Use this information to see how valuable a lawyer is when you own a small business. As a small company, one issue concerning liability could put you under water. A lawyer may be able to help to ensure that you are able to keep your business even if legal troubles occur.