Do I Need a Business Lawyer? Yes, and Here Are 3 Reasons Why
As a small business owner, you have a lot on your plate. There are so many different things to think about, including sales, marketing, hiring, payroll, taxes, project management, and more. And with so much to think about, the last thing you need to be worried about is legal issues and lawsuits. In order to prevent these problems, you need a great lawyer.
Do you really need a business lawyer?
Small business owners often look at attorneys with a bit of skepticism. People generally assume they all charge exorbitant hourly rates and offer very little work in return. This is a problem for business owners who may have minimal capital on hand. As a result, it’s not uncommon for businesses to only hire attorneys when something goes wrong.
While it’s smart to hire an attorney when you’re facing a serious legal risk, it’s even smarter to hire one before the risk arises in the first place. In other words, you need access to an attorney at all times–not just when you find your business in hot water.
The good news is that it’s easier than ever to hire an attorney. There are a number of specialized resources and tools dedicated to helping individuals and businesses find legal assistance in their area. When you use these resources, you can cut out the back-and-forth and get to work immediately.
Reasons you need a business attorney
Without further ado, let’s check out some of the specific reasons why every small business owner needs to hire an experienced attorney.
1. Creating partnerships and incorporating
“It’s imperative that you have a business attorney when first getting [your business] off the ground,” says Nicole DeLeon of Just Great Lawyers. “Otherwise you risk building your business on a weak foundation.” From establishing partnerships to incorporating the business, you don’t want to make important decisions early on without legal guidance.
“While you might think a simple handshake or a document you’ve created yourself will suffice, it’s best to have your partnership agreement crafted or at least reviewed by a business lawyer to ensure you don’t miss any loopholes or create a situation where your business is hanging in the balance,” Matt Faustman, co-founder and CEO of UpCounsel, reminds his readers.
It’s also important to consult an attorney when incorporating. There are a variety of options and you need to choose one that allows you the most room for growth, profitability, and flexibility. An attorney can help you decide whether a simple LLC will suffice, or if an S-Corporation is ideal.
2. Handling employee issues
The last thing you want to do is have an ongoing legal issue or dispute with one of your employees. Not only do these issues pose a serious risk to your bottom line, but they can also impact your ability to hire good employees in the future.
A business attorney can help you navigate different laws, codes, and regulations. Hopefully, this will allow you to prevent issues altogether. However, in the unfortunate situation that you already have a problem, an attorney can protect you against suits and claims.
3. Negotiating the sale or purchase of a business
There comes a time when every business owner decides to either sell their existing business or purchase another one. These are not decisions that you can take lightly. They require substantial amounts of paperwork and due diligence. An attorney can help you negotiate the sale or purchase of a business by streamlining the process and eliminating legal risks that are commonly associated with these situations.
A business attorney is a smart investment
You can’t afford to delay hiring a business attorney. While you may feel as if everything is under control, all it takes is one misstep or oversight and everything you’ve worked so hard to build can come crumbling down in a single moment. Do the smart thing and hire a business attorney today. It’ll be the best decision you make all year.
