Reasons Every Small Business Needs an Attorney
With millions of small businesses in the marketplace, and because it is much easier to start a small business, entrepreneurs needing a business attorney’s services is a much-debated topic today.
Since most small businesses don’t operate for more than five years, it is clear that most companies are not focusing on having a business attorney on board. The truth is that there are more reasons why every business should look forward to having an attorney. Here we uncover those primary reasons.
- Ensure compliance: Every state has its unique laws and regulations on starting small businesses. When you have an attorney, they will guide you on these laws to comply with federal, state, and local business laws.
- Lower the risk of failure: many issues in the legal environment can affect your businesses directly. An attorney helps your business to understand the legal environment better and reduce the risk of failure.
- Minimize business liability: To define business terms and contract language, you will need a business lawyer by your side. This is also helpful if you want to reduce the risk of doing business.
- Suppler disputes:Another reason you need an attorney for your business is to ensure contractor and supplier relationships are working well. A lawyer assures you the proper representation in case of conflicts with suppliers.
- Employee theft:Most small businesses forget to put a measure to deal with internal thievery; another reason some companies fail. A business attorney can help you to protect your intellectual property, proprietary, and monetary assets.
- Tax audits: Almost every small business has a CPA and some person in charge of the funds. However, some financial issues may still arise that require auditing. Therefore, you should know that your business needs lawful representation to navigate financial pitfalls when they arise.
- Customer Lawsuit:The threat of customer lawsuit is another reason you should have an attorney for your business. It is easy running your business knowing that you have someone to represent you in case of threats of a customer lawsuit.
- Establishing agreements:If you want to develop formal relationships in your organization, you will need a lawyer to hold your hands. This way, you can easily determine what obligations you owe your staff, partners, customers, suppliers and what they should deliver in the end.
Small businesses need business attorneys when picking business names, choosing the type of business, forming an entity, and applying for a license. Lawyers make it easier to create and establish employee and supplier contracts.
Patenting your business idea and having a unique trademark is also another reason you may need a business lawyer. To stay in line with the legal environment and ensure your business lowers risk, hiring a small business lawyer is necessary.
Having a lawyer is not a must if you are starting a small business. However, if you are looking forward to taking your business to the next level, you should hire a lawyer to take you through the process of registering and running your business.