Among the numerous doubts for entrepreneurs is whether they need a lawyer for their business or not. The answer is yes, but let’s see why.
Every company, big or small, requires expert help to function adequately and protect itself against legal consequences and liability. Some businesses do indeed hire an attorney, but only when dealing with a serious legal issue.
While it is wise to do so, it is even wiser and smarter to have a business lawyer in place before the risk arises. Plus, you may need legal assistance regarding the myriad of laws imposed by authorities that, more often than not, are hard to navigate. Laws are sometimes daunting to even remember. Hence, entrepreneurs with a lot on their plate are less likely to do business successfully without a professional lawyer.
Some of the most common issues entrepreneurs face relate to property purchases, taxes, and employees. But there are hundreds of problems a business attorney can handle, so let us find out what it is all about.
Navigate taxation
One of the most anxiety-inducing parts of running a business is handling taxation. But a business attorney’s professional advice can avoid future taxation issues. That is because they have the expertise and experience to develop a practical record-keeping system that transforms prepping for tax filing from daunting to simple. Generally, entrepreneurs forget due dates and deadlines, a reason they sometimes fail to overcome the tax season. If you find yourself in just the same situation, we highly recommend collaborating with a business lawyer.
They will keep you updated regarding the filing deadlines and potential legal changes. Plus, specialists can find deductions and credits to save you considerable money and reduce your tax burden. As someone who merely has basic to no knowledge about legal matters, it can be challenging to guess all those line items relevant to your company; that is why it is better to work with a professional.
Draft and ensure sound contracts
Contracts are unavoidable in business, but they are also serious problem generators if not created and revised correctly. If your contracts are not solid enough, other entities may benefit from your mistake and make money out of it. Vague or incomplete agreements are one of the leading causes of lawsuits, so be sure you have a lawyer to draft iron-clad contracts and avoid the sloppiness that can cause many legal problems.
A professional business attorney can expertly create and review these legally binding documents and take action if there is uncertainty that can alter your company’s interest.
Suppose you are a vendor and have to sign a contract with one of your customers. But you are unsure whether this document plainly summaries the work to be performed or if a potential transaction requires a contract, too. No problem – a business lawyer can help in this sense, and with many more worries along the way.
Represent you in court
Just like a medical negligence lawyer in the UK can protect your rights in court, so can a business attorney in the event of injustice. And do not just assume that your company will never head to the courtroom/ There is, in reality, a 50 per cent chance to be so, not because of you but because of some sort of circumstances that may lead to an all-time uncertainty.
Protect your property
Whether we talk about tangible or intellectual property, both are crucial assets that must be protected assiduously. Anything from corporate vehicles and equipment to clothing and jewellery is considered tangible/physical property, while intellectual property is all about inventions, designs, trade secrets, logos, and original works.
Some recognise this latter as more significant than the former, as this personal touch makes your business stand out in the crowd of competitors. You may have sensitive product or customer information that you need to keep secret to remain relevant and competitive in this continually evolving marketplace.
This sort of information can grab the interest of many individuals who would be trying to steal it from you by means of hacking or other malicious practices.
A specialised business lawyer can help you preserve your legal right to your corporate property by filing a copyright, patent, or trademark based on the type of intellectual property you possess. They can draft a non-disclosure agreement so that no party involved in a particular deal does not reveal private information about the other. You will have, this way, your most sensitive data protected from a disastrous breach.
Establish partnerships
You should benefit from legal guidance whenever establishing a partnership to avoid vague agreements. Business partners always look for seriousness and professionalism, and it is only normal – you would do the same regarding your next deal.
Thus, consider collaborating with and, even better, hiring a professional business attorney to take care of the many aspects of a business agreement. This way, you will not be in a dangerous situation where you can lose valuable assets or miss critical loopholes.
It is also essential to consider a lawyer when incorporating. Apart from acting in your best interests, these specialists can give you day-to-day advice regarding profitability, growth, and flexibility. Also, when in doubt about the type of corporation that can better benefit your business, do not hesitate to call for legal help. They can tell you whether an S-Corporation or a simple LLC would best suit your business.
Handle employee issues
Taxation law is, without a doubt, complex and hard to navigate, but employment law is just a nightmare. As an entrepreneur, you have to consider many aspects regarding your employees’ health and well-being, as well as provide them with safety conditions. If you fail to do so, you might become liable for an event where they get hurt.
Workers injured in the workplace can further take legal steps against you and claim compensation for their losses. In such an unpleasant situation, you will want to have a legal expert by your side to navigate the various codes, laws, and regulations regarding employment law and also to protect your rights in court.
Unfortunately, some situations cannot be avoided; that is why it is essential to have a professional lawyer by your side to handle and solve conflicts of any kind.
