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Almost every single small business owner knows that they need an accountant from the get-go. Additionally, it is more common than not that a small business will also have an insurance agent and perhaps a business manager to help you navigate your new venture. However, one of the professionals that many people don’t think to hire right off the bat is a business attorney. Since a lawyer isn’t likely needed on a daily basis, you will absolutely need a lawyer to frequently consult with if you are running your own business. Not sure that we are right? Continue reading below to uncover five different instances during which you will absolutely need the help of a business lawyer.
One of the most difficult parts of starting a new business is trying to figure out how you want to structure it. You have plenty of options. This could be anything from sole proprietorship to partnership, LLC to corporations, even nonprofit. While you may think this isn’t a very important decision, you would be wrong. Based off of what you choose, you will affect your exposure to personal liabilities, setup fees, tax obligations and other ongoing expenses. You will also find that this choice will decide for you how you are able to legally become funded. If you use a business attorney, you can get the details regarding which choice would be right for you and down which path each will lead. Your attorney can also help you to file the appropriate documents once you make a plan regarding your business’ structure.
Business attorneys know what the difference is between hiring employees or using independent contractors, especially when it comes to the laws they concern. You should also have your lawyer consult with you any time that you are hiring or firing an employee. This will keep you from being at risk for violating discrimination laws. Additionally, every once in awhile an employee lawsuit will come along and you need to make sure that you have a lawyer you can trust to help you get the best final outcome.
There are plenty of contracts that come with owning a company by yourself. Having an attorney on your side will ensure that you don’t ever put your signature on any contract that your attorney has not gone over with a fine tooth comb. You business lawyer knows how to find problem clauses in contracts and will likely add additional language for clarity, should it be needed.
If you find that a government entity is investigating your business or has already filed a suit against you, a seasoned attorney is a must. While there are many reasons why these investigations or suits take place, your lawyer will do everything possible to ensure that the situation ends favoring you. Local, state, or federal, it doesn’t matter. With the right representation, you can feel a lot more at ease as you go through this hectic time.
When there is an issue that comes about regarding the environment and your business, you will need to speak with an attorney as soon as possible. Whether the problem involves the environment and your company’s waste disposal, manufacturing, development of raw materials or emissions, this could end up being a huge problem in the long run. This is why you should have an attorney you can call immediately to ensure that things get smoothed over quickly.
When you are buying a new business, your attorney should be with you every step of the way. A good business lawyer will help guide you through the more difficult parts of the transaction. They will also help you to comprehend how to value a business, write an acquisition, as well as deal with things like purchase agreements, transfer permits, licenses, and more. On the other hand, if you are selling your business, your attorney will help you to get the most value out of it. From helping you decide who you should sell your company to, to playing a part in the negotiations, your attorney will make sure you get everything you want (within reason).
If you want to hire a business attorney who you can trust and you live in the Matthews area, it’s time to call Sussman Law Firm. We will help to guide you through the legal aspects of your small business whether you just bought it, are beginning to grow it or are selling it. Check out our talented team of attorneys here and call us today for more information!