When Do Small Business Owners Need A Lawyer?
Are you the owner of a small business? If the answer is yes, then have you considered hiring an attorney to take care of the legalities of your business? The fact of the matter is that it’s imperative for you, as a business owner, to have an attorney by your side. Here are a few reasons why.
Structuring Your Business
One of the first things that you’ll need to decide as the owner of a small business is the structure of the business.There are a number of options that are available for you to choose from, including sole proprietorship, partnership, Limited Liability Company and corporation. Bear in mind that the decision you end up making will have a significant impact on the manner you end up conducting your business. Why? Well, it’s because each of the kinds of companies—discussed above—comes with its own set of laws and regulations that your small business will be exposed to. These regulations will not only affect the exposure of your personal liabilities but your setup fees, expenses and tax obligations as well. Considering the importance of making the right decision, it is recommended for small business owners to consult an experienced attorney in this regard.
Entering Contractual Obligations
When it comes to conducting a business, the fact of the matter is that you’ll need to enter a lot of contractual obligations. Considering the complex usage of language in contracts, with a lot of technical jargon, the fact of the matter is that there’s a need for you to consult an experienced attorney when it comes to contracts. An attorney can advise you on any clauses that might need to be added to a contract, so that you might be able to get the most from it. Similarly, attorneys can also advise you in case the other party breaches the contractual obligation. The fact of the matter is that the aggrieved party needs to follow lawful means, when it comes to the course of action under such circumstances. To put it in a nutshell: it’s advisable for you to have an attorney by your side whenever you’re entering into contractual obligations and bindings.
Outsourcing the Employment
When it comes to small businesses, one of the biggest decisions that they need to take is whether to go through with the hassle of hiring employees on their own or to simply outsource the entire thing. Small businesses, considering their limited resources, mostly go for the latter option. When it comes to outsourcing employment however, the fact of the matter is that the business owner will need to enter into a contractual obligation with the contractor. A business attorney can be used, therefore, to draft such an agreement that is as favorable for your business as possible. If the agreement has been presented by the contractor for your consent, an attorney can be useful for the review of it as well.
Countering the Government Complaints
When you consider businesses, the fact of the matter is that they are vulnerable to the filings of complaints from all kinds of parties, including the government. The government or the regulatory bodies might decide to file a complaint against your actions or conduct, and it’s essential in such situations for you to have an attorney by your side. From the filing of your tax returns to a claim that an employee might have made against you, there are a number of scenarios that might prompt the government or some regulatory body to take action against your business. An attorney can help you devise the proper course of action for countering the leveled complaints and charges.
The Selling and Purchasing
Business not only involves the building of an empire from scratch, rather it also encapsulates the buying and selling of already established small enterprises. When it comes to the buying and selling of businesses, the fact of the matter is that they need to be valued first, before the transaction may proceed. An attorney will not only be able to help with the valuation of the business but will also take care of everything else on the legal side of things, including purchase agreements, due diligence and licenses, just to name a few.
The owner of a small business already has a lot on their mind. Bearing that in mind, a good attorney can be the best friend of such owners of small businesses, owing to how they can take care of the legal aspects of your business, leaving business owners to spend their energies on the growth of their small businesses!