Ways a lawyer can help your small business
Whether you are preparing to start an enterprise or have an existing business, getting a lawyer to advise you is essential. In fact, it is an intelligent way of investing your money and time as it helps you eliminate and analyze possible risks. Most small business owners overlook the need to have a lawyer for their business. Nevertheless, all small business operators should equally budget for legal services like any other business.
Start-up
Even though you might be knowledgeable about the enterprise you would like to start, there might be some legal issues you might not be familiar with. During your business establishment, you will need a lawyer to help determine the best ways to obtain funding. Also, a lawyer can help you draft a good business plan perfect for your business.
Likewise, a lawyer can help you get necessary permits and licenses and draft employee handbooks and contracts while guiding on matters relating to labor law.
Contracts
Any business must deal with contracts at one time or the other regardless of the industry they serve. Besides, contracts form the backbone of each business. Small business operators should get a lawyer to draft, negotiate, and review contracts. Many business operators might be tempted to copy from others, but each contract should be specific to every business. Having a lawyer in your enterprise will allow them to guide you on several agreements, including- partnership agreements, letters of intent, stock purchase agreements, and vendor contracts.
Taxes
Many business operators are in trouble for failing to understand and comply with tax regulations fully. You might think that having a good accountant is enough, but having a person who can help you guide you on the ever-changing tax regulations is best. If your business received a government loan, a lawyer could follow all the Small Business Administration guidelines, which are in constant flux. Also, a lawyer can guide you on tax deductions and credits.
Similarly, if you become an audit target, your lawyer can represent you, ensuring you do not fall into traps. You can contact defense lawyers at Kingston Fox for your representation in a court of law when under investigation. Also, if your business faces financial issues, the lawyer can guide you on whether to file for reorganization, liquidation, or bankruptcy.
Intellectual property
Many small business owners lose their business ideas and profits to more prominent business owners for lack of intellectual property knowledge. Having a lawyer in your business will allow you to get guidance on acquiring product names, trademarks, and protection for logos. Protecting your business as soon as you start is crucial, even if it might take time to pick up.
Privacy policies
Business lawyers can help small business owners protect their customer’s or clients’ information. Besides, some states will require a business to have privacy policies for every business. The information may include email addresses, contacts, and their place of residence.
Exit strategies
Small business owners may need to establish strategies regarding the end of a business, especially if it involves two or more people. You will need a lawyer to help you structure a way forward if one of the shareholders decides to exit the business.
Regardless of the business stage, you are in, getting guidance from a qualified lawyer is essential for any small business owner. It will not only save you money and time but also your business reputation.
