When you are running a business, there are many things you have to consider.
Hiring a business lawyer is just as important as hiring an accountant. While your accountant can help you review your numbers periodically and prepare tax returns, your lawyers can help you with vital assistance in almost every aspect of your business.
From compliance with zoning to copyright and trademark advice, your lawyer can handle it for you. As your business grows, so too do your assets. And having the services of a lawyer at your disposal is essential to remain on top of your industry. Here are some of the reasons why you need to hire an attorney for your company.
Protection Against Lawsuit
Perhaps the foremost reason for hiring counsel is to protect your business from any potential lawsuits. Litigations are costly, and it can drain the coffers of your company. Even at the early stage of your business, just as much as you need to hire an accountant, consider hiring a lawyer on a retainer basis.
Reduce Damages
If your business is actually facing litigation, your lawyer can help mitigate any damages. Since they are more familiar with various laws, they can work the case in your favour. However, it is important that you stay honest with your attorney, even if it involves an incriminating situation.
Drafting Legal Documents
No matter how small a transaction may seem, not putting it in writing could cause legal problems later on. It is more prudent to have your lawyer present when you need to draft or negotiate a contract with a client, supplier, or employee. Ensure as well that your legal team keeps a copy of these contracts.
Business Incorporation
Incorporating your business is a tedious process. There is more to receiving a certificate from the government. You must have a lawyer on your side who can walk you through the process involved in incorporation, avoiding any legal implications along the way.
Compliance with State and Federal Laws
State and federal laws each have a procedure of their own that you have to follow. And since you are running a business, you must ensure that you are compliant with state and federal business laws and regulations. This is all the more crucial if you have to perform business dealings across state lines.
Employee Issues
Employee-related issues cannot be avoided in the workplace. But the last thing any business owner wants is a lawsuit from an employee. Having an attorney at the early stage of your business can help you avoid this scenario. Your lawyer can help facilitate the hiring process, draft agreements for independent contractors, and administer workers' compensation.
Patent Application
When your business has developed a new product or service, you must file for a patent right away. Nonetheless, the process involved in a patent application is time-consuming and costly if you do it on your own. But with the help of an experienced attorney, the whole process would be easy.
Buying and Selling Your Business
Buying and selling a business is a whole lot more complicated than you think. The whole process is both confusing and difficult, especially for first-timers. Consider hiring a property settlement lawyer instead whose expertise you can count on to ensure your interests are protected when conveying or acquiring a property.
Environmental Issue Impacts
The green movement is more than just a fad. Over the years, we have witnessed global warming and climate change. Businesses across different industries are taking initiatives to save the environment. With the help of your in-house counsel, you ensure your business stays compliant with any environmental regulations.
Structural Decisions for Your Business
At times, it can be tempting for a business owner to handle things on your own. However, you must resist the urge, especially when it comes to highly intricate legal matters. When starting a new business or restructuring an existing one, making business structural decisions is best left to your lawyer.
There are matters involved other than incorporation. You need to have a deeper understanding of tax obligations, liabilities, ongoing expenses, set-up fees, and employee-related matters. You would not have enough time to learn all of that if you are running a business.
Bankruptcy Guidance
There will be times when unforeseen economic downturns happen ━ like this coronavirus pandemic. And it is unavoidable for your business to go bankrupt. With your attorney's help, you are guided in navigating the whole process, making such hard times less overwhelming.
An experienced business lawyer is a valuable addition to your team. With employment laws and other business-related laws constantly evolving, you are sure you are in good hands with a trusted attorney.
