Running a business comes with many responsibilities, but few of them are as important as handling legal issues. Unfortunately, there’s a common perception that hiring a business lawyer isn’t worth it unless you’re being sued. It’s a tempting myth to believe, as many lawyers do charge high rates and there are plenty of legal matters you can deal with yourself.
In many situations, however, competent legal help isn’t only worth it but can actually save you money in the long run. Read on to learn more about when you should hire a business lawyer and why it makes sense to do so!
- Changing Your Business Structure
Deciding on the business structure is one of the first things you’ll need to do when setting up a new company. Choosing the proper structure protects you from liability and helps you deal with tax obligations, setup costs, and employee inquiries. With a little research and some advice from the experts, you can probably handle this decision yourself.
Now, what if you decide to change your business structure down the road? Well, that’s when a business lawyer may come in handy, especially if you’re bringing in new partners or investors. A lawyer can help you set up a shareholder’s agreement, define each partner’s role, outline a structure for resolving disputes, and so on.
- Dealing With Employees
Employment law is a complex and specialized field. The regulations for workers’ comp, overtime pay, family leave, and other employee rights change all the time, so staying up to date can be a hassle. Your legal obligations to your employees may also depend on the size and structure of your business. All these issues can affect your employment policies.
Hiring a business lawyer is the most effective way to ensure you understand your legal rights, as well as those of your employees. This becomes even more important if you have an unusual employment situation, such as paying employees in stock options. Of course, you’ll also need a lawyer to deal with employment disputes before they can hurt your brand image.
- Creating Business Contracts
If you’re not a lawyer yourself, drawing up contracts can seem like a maze of legalese. Still, creating standard contracts for clients, suppliers, and other key parties is something you’ll have to do when you start a business. Hiring a lawyer to help you with this task will allow you to cover all the specifics for your business and prevent time-consuming litigation later on.
And while standard contracts may do the trick for simple transactions, long-term arrangements (such as a loan) may require specific input. For example, some contracts may give the other party too much leeway or power or cause serious tax implications. Your lawyer can help you spot these details and negotiate better terms.
- Protecting Your Brand
Your brand, either your business name or names you provide to your products or services, typically provide important customer recognition of you as a business. A lawyer can assist with securing the protections that you need and ensuring others do not encroach upon your brand.
Small business owners: If you need legal insight or advice, I’m here to help. Connect with me today and let’s discuss how a lawyer can assist in your unique situation.