Are you an entrepreneur wondering whether your business needs an attorney or not? A lawyer provides excellent expertise on the dos and don’ts of your small business. But not everyone can afford to pay their price.
Therefore, you must understand the nature of their work and when it becomes necessary to hire a small business attorney. Otherwise, you will end up wasting your money, a mistake new businesses cannot afford.
Why do small businesses need a lawyer?
Small businesses are usually a product of passion and interest. Therefore, rarely do you find owners who are well versed in the legal fields of business. Thus, they rely on lawyers to provide the necessary counsel. It includes:
- Ensure compliance: A lawyer can ensure your business is opened and working in compliance with federal, state, and local laws.
- Reduce risk: A lawyer can significantly reduce the numerous risks businesses face during the initial opening phase.
- Minimize liability: A lawyer can restrict liability in a legal claim by adequately defining business terms of service and contract language.
- Establish agreements: A small business lawyer helps establish formal legal documents that govern relationships across the organization. This ensures everything goes smoothly with your partners, employees, vendors, and clients.
- Help with taxes: A lawyer can identify what taxes you owe and also help you lower tax liability.
When do most small businesses usually use a lawyer?
Most businesses usually seek a lawyer’s assistance when they have to:
- Choose a business entity, such as sole proprietorship, partnership, LLC, or corporation, depending on your business’s type, nature, and size.
- Choose a business name, as registering under an already trademarked company name can cause legal penalties.
- Obtain a license or a permit.
- Draft contracts like terms of service or vendor and employee contracts.
- Business attorney resolve business disputes through litigation and rely in civil jury instruction.
Do I need a lawyer to start a small business?
You can easily perform most of the tasks mentioned above on your own. Therefore, you don’t have to retain the services of a small business attorney to start your business. You do not want car accident lawyer to help you with your small business. Unless you have to file incorporation documents to begin operating, for which a lawyer’s service becomes necessary, you can do well enough on your own.
Usually, businesses utilize the services of lawyers when entering a partnership. If you can afford it, best hire a lawyer as they can save you from the danger of making a wrong decision.