If you are a business owner, chances are you have hired an insurance agent, an accountant, or even an advisor for your business. But what about an attorney for your business? It is pretty obvious that you won’t be needing the services of a business attorney on a daily basis, but in every business, there are times that you should contract one.
Here is how a business attorney can help your business:
1. Can Provide Guidance on How to Properly Structure Your Business
At times you may need to structure your business based on your growing business needs or preference.
If your line of interest is to get into a partnership, corporations, or be a non-profit organization, the business decisions that you make may affect legal business aspects such as setup fees, tax obligations, personal liabilities, and expenses that might require a business attorney.
An experienced business attorney will enable you to make the right decision for your business.
2. Negotiate or Draft a Contract
While in business, the chances are that you will draft or enter into at least one or more contracts. A business attorney plays an important role as you will be adequately advised less you sign a deal that might drag your business down. Business attorneys are experts in identifying clauses that may lead you to lawsuits or point you to do the right thing in case a party breaches a contract.
3. Dealing with Issues That Affect Your Employees
A business attorney comes in handy on employee-related issues. For instance, when you are making decisions on hiring employees, there are specific laws that might require a business attorney in order to stay out of trouble.
4. Proper Planning
Hiring a business attorney soon can help your business solve problems before they become serious issues. A business lawyer can advise on sensitive issues like management, what happens in the event of a deadlock or even getting sued. Many issues can be resolved before ever becoming an issue such as how business growth (or winding down) decisions are to be made, distributions of profit and what happens if someone dies, gets sick or is no longer able to work in the business.
An experienced business attorney will particularly help you in arriving at a right decision on hiring criteria such as using independent contracts or direct hiring.