Whether you’re starting a business in Georgia, or you have an existing business, there are a lot of unknowns out there that can derail your future. Even the most experienced business owners need trusted experts to consult with when it comes to making important decisions and creating directives for the future.
The experienced team at Smith Barid is here to help educate our community about legal issues they should be aware of in our areas of practice. We know small business is the backbone of our country, and we want to share some important questions we are often asked, and help you navigate them when it comes to protecting and growing your business.
- Do I need a business lawyer for my small business?
Most people think of corporate lawyers when they consider business attorneys. However, small businesses need legal guidance too.
When it comes to creating a business plan, it’s important to have everything up to par when it comes to planning for the business’s structure and operations, but you’ll also want to make sure you have a solid plan for the future of your business.
You may want to hire an attorney with experience in your industry, as well as experience with other legal considerations like tax law, real estate, trust, and estate planning, prenuptial agreements, and legal guardianship expertise to make sure both your business and your loves ones are protected into the future.
There are a lot of benefits to hiring a small business attorney. Keep reading for more considerations, and to help you find the right one.
- When should I hire a business lawyer for my business?
There are various legal situations that may require you to hire a lawyer. You want to protect your product, and protect your future when these come up.
If you are a start-up, hiring a business attorney will help you navigate planning and structuring, contracts, taxes, and protecting your assets and intellectual property.
In general, you will want an experienced business attorney in your corner if you:
- Have contracts involved
- Are being investigated or sued
- Are dealing with real estate properties or intellectual properties
- Are buying or selling a business
- Want to settle internal disputes and issues
- What are some tax considerations I need to know about?
The saying goes that death and taxes are the only certainties in life, but many people are still unsure about navigating the ever-changing tax landscape when it comes to small businesses.
When it comes to federal acts, changes to IRS decisions, and payment plans and additional protections, a good small business attorney will have the most up-to-date information about how to plan ahead, be prepared for changes, and take advantage of tax breaks and discounts available to small business owners.
- What kind of trust or estate plan is right for me and my business?
Simple estate planning can protect Georgia business owners, their businesses, and their families for the future, yet many businesses don’t consult with attorneys until they are already facing hardship.
With a legal estate plan in place, business attorneys can:
- Provide clarity on your wishes for your estate and make sure those wishes are followed
- Clear up common myths and misconceptions around estate planning so you’re making informed decisions
- Draw and help execute legally binding plans for succession and shares of your business
- Explain and plan for tax implications and benefits for your loved ones
- Protect your business and ease the transition of your company in your absence
- Save you and your loved ones from financial loss
Your attorney can help you decide which kind of structure and estate planning will protect you best.
- How do I navigate business succession or selling my business?
When it’s time to transition to life after business ownership, a Georgia business attorney can help you with everything you need to plan for the succession of your family business or selling your business so you can avoid legal woes.
These are both complex processes, but starting with a plan in place early, and addressing it often to make sure it is up to date is a great way to make sure your business remains safe, and simplify the process over the long haul to put your mind at ease.