Lawyers are not everyone’s cup of tea, and that is why there are so many jokes about them. However, on a serious note, lawyers are very important when it comes to solving legal matters in our lives. When you are starting up a home-based business, there are two critical people which you need to consult and hire: an accountant and a lawyer.
I think it is obvious why you need an accountant for your business. You need a person who will balance the numbers and know their stuff when it comes to taxes and all your financial responsibilities. However, the work of a lawyer is a bit more complicated but equally important. So, when should you hire a business law attorney and how do you benefit? We will take a look at this below.
It doesn’t matter if you own a large business or a small business; you need to hire an attorney.
Why Do You Need a Lawyer for Your Business?
A good business lawyer is like a business partner. You’ll need an attorney to see you through your most challenging times. There are certain situations in which you will need an attorney to come to bat for you and your home business.
Here is a look at some of the everyday situations for which you will need to hire a lawyer.
#1. To Keep Healthy Business Contracts
Once you start a business, you will be required to seek legal advice from a legit lawyer from time to time. One of the reasons in which you should hire a lawyer is when you are reviewing legally binding contracts. The only way that your business can grow is by forming agreements with clients and other companies.
However, you will need a lawyer so that you can avoid getting duped by intelligent business owners. When you are creating a business contract, you will be required to have discussions before you sign the contract. You will need an attorney to oversee the debate.
Your lawyer will provide you with the legal advice that you will need. Moreover, a lawyer will protect you from getting into bad contracts that have legal consequences.
#2. Legal Assistance
When you are starting a business, I am sure that there are a lot of things which cross your mind. These may include how you will start and run a business, as well as which business entity to choose. For instance, when you are having a hard time picking a business entity, it will be the work of the lawyer to point out the pros and cons of different business entities.
#3. Real Estate
When you are looking for a place to set up your business, it is best to give your lawyer a copy of the lease contract. You might think that they are not negotiable, but these deals are. In most cases, the leasing contract always benefits the landlord.
Your lawyer should be equipped with a “tenant’s addendum” which contains all the things that will benefit you. The clauses can be added to the printed contract. Therefore the next time you are leasing property, hire a lawyer.
#4. Taxes
Your accountant is not the only professional who is required to look into your finances. It is the work of your lawyer to file and tax your business returns to the state. This will help the lawyer identify the tax implications of your business transactions.
#5. Liability
The kind of business that you engage in will have its share of risks. However, for every risk, there is a solution that can protect you. Personal liability means that you put everything in the business at risk.
However, with the help of lawyer, you will be able to protect yourself from those risks effectively. Once you identify your chances, you will be able to avoid any economic devastation that you might experience in your business.
#6. Handling Labor Issues
Your business is bound to grow in terms of workforce. However, the more significant the workforce, the higher the chances of experiencing issues. A lawyer will come in handy to help you solve employment issues and to protect your business against any lawsuits.
Settlement employment lawyers are important to help manage conflicts between an employer and employee. This may also include the relationship between an employer and contractors whom an employer has an agreement, contract, or obligation. Having a lawyer in business will help you avoid problems such as employment disputes, tribunal claims, etc. There are many companies providing a wide range of advocacy and legal services in this field of law and it’s important to choose a company with high-quality services.
Verdict
You will not need a lawyer in every aspect of your business. However, it is a lawyer who will help you navigate your journey. Your lawyer will solve all legal issues which you might face. When you are looking for a lawyer, beware of fraudsters. But you will still be able to find honest, competent attorneys who specialize in different fields.
Ensuring that you have legal expertise when you need it will help you decrease sleepless nights over business worries, and keep business going as usual.
