Now that you’re a business owner, at what point should you hire a small business attorney? Do you actually need one, or can you take matters into your hands? These questions plague all business owners at some point.
The first thing you must understand is that all businesses can benefit from the services of a professional attorney.
It matters little if you are just starting out or if your small business is already growing. There are simply too many legal issues your business could run into, and it pays to be prepared.
Why You Need an Attorney for Your Small Business
Most business owners tend to think that since they have a small business, having an attorney is not necessary.
On the contrary, this is a dangerous misconception because when it comes to the law, DIY just doesn’t cut it. The thing is, hiring a lawyer is an additional expense, which is why most people shy away from it.
However, even though you may be able to Google information about potential lawsuits and any legal issues you want to know about, a misstep on your part can cost you dearly or end up ruining your small business. Why would you want to put your business in jeopardy?
If you want to run a successful business that will soon turn into a thriving organization, then you at least need to know when your small business will need an attorney. The trick here is not to wait long enough to get into a lawsuit before you find one.
So, when will you need a small business attorney?
When Contracts Are Involved
It’s true that there are so many online resources that can help you with creating contracts, but this is not enough. Some contracts come with confusing clauses, and you may not understand everything clients, suppliers, or employees stipulate until it’s too late. This is where an experienced small business attorney can help. That experience in helping other clients with their contracts in invaluable when drafting yours.
Whenever you need to draft a business contract, it’s imperative that you have a small business attorney to help with the legalities. They will help create a sound contract that will be in the interest of all parties, and more than that, one that will protect you and your business from malice.
All things considered, hiring a small business attorney is cheaper compared to the legal problems that may arise from a poorly drafted contract.
When Your Business Is Being Sued
Lawsuits are always a possibility once you start a business, and you should always be prepared for the worst. Of course, the best-case scenario would be not to get sued by anyone, but the next best thing is to have a small business attorney on the ready for one when it happens.
A professional attorney will help you out of many sticky situations, and even though they can’t protect you from every lawsuit, they can help reduce your exposure or get out of it without losing your business.
When You’re Being Investigated
Investigated? When did it ever get to that if you’re just running a small business?
You see, it’s very easy to be investigated, even when you’re a small business, especially for violating tax laws. Taxes are the bane of small businesses, and if you don’t have yours in order, things can get out of hand quite quickly.
Beyond that, your employees, if you have any, may accuse you of something, and a small business lawyer will help you navigate the situation.
When it comes to legal matters being investigated, a professional attorney can help you reduce any potential losses but the best thing about an attorney in this situation is that they can actually help you avoid them in the first place.
When You Are Dealing With Properties
Property leases or purchases for a business usually come with very complex contracts. Most of the time you’ll find that these contracts are in favor of the seller or the landlord, hence the need to have someone looking out for your business.
You know what would be a great idea? Having a small business lawyer who’ll go through all your property documents and contracts before you sign anything.
Additionally, property is not limited to real estate because when you have a business, you should also worry about intellectual property, which must also be protected. An attorney will protect your interests when it comes to trademarks, copyright, and anything else that needs protection.
When Buying or Selling a Company
A small business lawyer will benefit your business in more ways than you may think, especially when it comes to the success of your ventures. It pays to have a professional going through the legalities and handling things according to the law.
There are so many implications that come with the selling or buying of a company. You need someone to help you value it, write the purchasing and acquisition agreements, and transfer any licenses or permits necessary.
With a professional lawyer, you’ll have the ability to extract value from the business.
When Incorporating Your Business
If you need to incorporate your business, it’ll take more than just signing a check and filing a certificate. You need a professional who’s familiar with the business incorporation process so everything can be done the right way. You don’t want to find out when you get served with a lawsuit that your do-it-yourself corporation kit was not done right.
When Dealing With Employee Issues
As long as you have employees, you’re bound to run into employee problems, and most of them will leave you shorthanded with money. As a business owner, you have more important things to do, so your attorney should handle worker’s compensation issues, draft the necessary agreements for independent contractors, deal with hiring new employees and even fire them safely without legal repercussions.
When Filing a Patent
If your small business had developed a service, a product, or an idea, you need to protect it with a patent. Patents, however, tend to be quite time consuming and expensive, especially if you go at it alone.
You may find it difficult to obtain approval without the help of a small business lawyer. With a professional, however, it may be easier to get it approved in a timely manner.
Do You Need a Small Business Attorney?
Now that you know all the uses of a small business attorney, do you feel like you need one? Get in touch with us, and we’ll schedule an appointment and help you navigate any issues you may have in your small business.