Starting a business can be rewarding and even more so when you have the foundation in place that lead s to success. No matter how rewarding starting a business can be, there are a few complexities of running a business that can result in circumstances where you will have to read or understand legal jargon or provide it (i.e website privacy rights, patents, copyrights, contract review, etc). Unfortunately, there is no way around it and at some juncture of being in business, you will encounter a need for legal advice. If you want to grow your business and ensure it is properly protected, there are four reasons you should consult with a business lawyer.
1. They Are Great Business Advisors
Having a business lawyer does not mean you only need one if you are being sued or going to court (and actually, this is very rare for small businesses). A business lawyer is great for acting as a business advisor. He/She is educated on laws that protect (or harm) business owners. He/She can give you advice that’ll help you legally; as well as financially.
Additionally, a business lawyer can also help you in certain law-related decisions. For example, if you’re looking to incorporate your company or change the entity of your business; he/she can advise as to which category you should choose and the benefits for your specific business (especially since the entity you choose can result in tax-related issues.
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2. Preventing Lawsuits
If you think you’re at the early stage of your startup and don’t require a lawyer until you’re drowned from head to toe in a legal case; you’re wrong. Getting an attorney after you’re faced with a civil suit is a terrible mistake. The courts can drag you court unnecessarily for days, thus affecting your business and potentially bankrupting you.
On the other hand, if you sought a business attorney in advance to review contracts (despite the contract review costs); you can prevent time in court and either settle or have your business attorney provide documentation where you are not liable. Also, they’ll be always present by your side when you’re making decisions. Being advised by a business attorney can also help you file lawsuits in case you feel you’re being wronged by someone and require legal assistance to resolve an issue.
3. Drafting Contracts
Another essential service a business lawyer is needed for is drafting or reviewing contracts for existing and new employees, partnerships, collaboration agreements, or other business contracts. Hiring an employee or contractor can be tough (especially when protecting your business assets).
Whether you’re looking to make a new contract for joining employees or want to update some of the old ones, a business lawyer is your best bet as smooth and efficient functioning (especially since there are state laws that affect employees and you want to be sure to be aware of how each contract requires specific language to ensure you are protected. Additionally, business lawyers can also help to solve difficult or complex employee issues.
4. Negotiating Partnerships
One thing that you will certainly need a business lawyer is to carry out partnership agreements with the appropriate language that will protect both partners. A business lawyer can help you get the best sides of a business and can safeguard your interest while designing the contract. Not only can a business lawyer deal with contract review costs, but it can also help you sell your company or buy a competitor. Even if you’re not looking to make these actions immediately, you would certainly like to have all information regarding it.
While it is not mandatory to have a business lawyer, you would be making a terrible business decision not to seek one. Contract review costs are minimal in comparison to high legal fees and court fees that can arise when you do not protect yourself and your business.
