There are a lot of things that people have to worry about when they have a small business.
You have to budget, you have to find a space to work from, you have to hire employees… it’s not as simple as the phrase “starting a business” makes it sound.
With all of these other things to think about, who has time to think about hiring a business lawyer? Well, you should make the time!
Keep reading to learn about why a business attorney can be so helpful and when you should hire one as a small business owner.
Benefits of Hiring a Business Lawyer
While you can hire a business lawyer at different stages, there are always going to be positives in choosing to do it. They can help you to understand the legal aspects of the industry.
Lawyers know the foundational components of starting a business and they can give you a second opinion from a more professional lens.
Another great thing about having a small business attorney is that they can give you critical advice if something starts to go awry with the business. Getting this type of counsel before things get bad can be so beneficial.
You need to choose a lawyer with your needs in mind. When you do this, you get more advantages because they can give you more help!
If you need a contract drafted, for example, a lawyer is a specialist in this type of field and can give you help. Knowing what to write in the contract, such as labor agreements, will help you stay away from disagreements in the future.
Another great benefit to a small business lawyer is that they can give you options that benefit anyone involved. If you need medication or arbitration, your lawyer could give you sound advice.
When to Hire a Small Business Lawyer
As you start to get to the later parts of setting up your business, you may need to hire a lawyer to help you. Although you can do most of the initial stuff on your own, eventually you will need some assistance!
When you start hiring employees for your business or you enter into sophisticated types of agreements, having a lawyer around might be a good idea.
There is no rule stating that you have to have an attorney, but it is highly recommended. You can learn more about how a business attorney can help you by doing independent research, but the bottom line is that they have more experience than you do.
If you are ever uncertain about anything that comes up during the process of setting up your business, hiring a lawyer can actually save you some money in the long run.
You can avoid extra mistakes or unintended problems that might end up costing you money.
Types of Attorneys to Consider
Just like most professional fields, lawyers are specialized. You want to make sure you are hiring someone that actually knows what you need them to know!
A lawyer that mostly does divorces or home foreclosures is probably not going to be a big help to you and your business. Consider some of the following things to look for in your attorney:
Licenses and Taxes
Your accountant will be the one that takes care of your taxes every year, but your lawyer needs to know what’s going on as well. They should be able to help you register for state and federal tax identification numbers.
In addition to this, a good small business attorney can help you understand the consequences for your taxes with more of the basic business transactions that your business will have.
Contracts for Your Business
Hire a lawyer that can understand your business quickly and accurately is crucial. You need someone that will be able to prepare contracts and forms for your business that you will use with other people, like your clients or suppliers.
You also want a lawyer that helps you understand contracts that are presented to you so that you don’t sign something without knowing what it is.
Organizing Your Business
A lawyer is the best person to consult when you want to decide if you should be a corporation or an LLC (limited liability company). One or the other will be a better way to organize your business and your attorney will help you figure it out, as well as draft the paperwork.
Real Estate Space
To rent a commercial space, you may have to sign a complex lease and usually these leases will be a bigger benefit for the landlord.
The good news is that these forms can actually be negotiable, so you will want to consult your attorney to see if it has the necessary provisions that might actually be a bigger advantage for you.
Find the Best Business Lawyer Today
A good business lawyer will help you when you are down and out, but a great business lawyer will prevent that from ever happening!
Now that you know more about why you need an attorney, when you should hire one, and what traits you want to look for, you may be ready to start the search.
Luckily, there are plenty of excellent options and you are sure to find a business attorney that will be a great fit for your business needs.
To learn about some of the business lawyers that are available to work with you today, check out our website to see what we can offer.