It is often said that there are two professionals that every business will need during their existence; an accountant and a lawyer. The reasons for hiring an accountant can be relatively obvious- you will need someone to check your numbers and prepare all the necessary federal and state local tax returns etc. However, the benefits of hiring a skilled business lawyer may be less apparent, however, a good business layer will be able to provide you with some vital assistance in all aspects of your business. A business lawyer can assist with compliance, copyrights, trademarks, and possible lawsuits in the future as well as contracts, such as employment contracts.
Why should you hire a business lawyer:
Over time, your business lawyer will prove to be very useful in many ways. They will learn your business’ needs and direction and will be able to make recommendations to improve the areas of your company. Here is some valuable advice and guidance that they can give:
Business startup advice:
It is advisable to contact a business lawyer before your company formally gets off the ground. Creating your company with solid foundations can protect you in the long run. The investment in a solid foundation will save you time, money, and possible issues for years to come.
Deciding on the type of business that you form is complicated. The most common are limited Liability Company (LLCs), a sole proprietorship, a partnership, and a corporation. Each different company type has various degrees of liability and implications on the directors. Therefore choosing the correct type for you and your business will protect you in the long run, save you time and costs, and shield you from some forms of personal liability.
Contract creation and enforcement:
All business relationships with your clients are governed by contracts. Your lawyer will be able to assist you in creating these types of agreements and ensure that your agreements are watertight and with a high degree of protection. Your business lawyer can also check over suppliers’ contracts and give you guidance on whether or not you should sign them
The right contract is vital if you are going into the business world with family or friends. You can ensure that you can avoid any possible ugly situations that may arise later, they will ensure that you get the terms and conditions of your agreement in writing. Your attorney will be able to create a contract to protect the interests of all parties involved.
Tax consultation:
Complying with tax laws is one of the many complicated parts involved in running and operating your business. Your business lawyer’s expert advice and guidance can prevent further issues that may arise with taxation. They can also find credits and deductions to potentially save you money when tax season comes.
Your business lawyer can guide you in developing a proactive and well-organized recordkeeping system to make prepping for tax simpler. Your attorney will be able to keep you posted and keep your business updated on due dates and filing deadlines, therefore enabling you to focus more on your business.
Employment agreements and issues:
Employment law and employees are complicated, as a business owner you will need to consider both deferral and state legislation with employees such as firing and hiring them.
Therefore to ensure that your employee-employer agreements and relationships are clear the employment contracts need to outline what is expected of both parties, these agreements should state without ambiguity how their work will be compensated and what benefits they receive.
Day-to-day advising:
Having a business lawyer is a valuable addition to your team, they will be there to help guide you and provide support daily. Making decisions is often a burdensome task for a business owner, therefore having an expert who assists is invaluable.
Your business lawyer can be a trusted advisor and fierce advocate.
Businesses both big and small need to have a business lawyer, having one on your side offers a multitude of benefits that can significantly enhance stability, efficiency, and overall success for your company. A business lawyer is able to provide critical expertise in helping to navigate complex legal landscapes, ensuring compliance with regulations, and protecting your company from potential legal disputes.
