10 Reasons to Hire an Attorney for Your Business

Posted on August 24, 2022.

As a business owner, you launch your business hoping that everything will go smoothly and that you’ll run a successful organization. Unfortunately, mistakes happen, issues arise, and you may need an attorney's services.

Having a good attorney can provide incredible value to your business, protecting you from legal implications and keeping your business running smoothly. If you’re not convinced that hiring an attorney for your small business is a good plan of action, here are some reasons that may change your mind.

Reasons to hire an attorney for your business:

1. Protection against lawsuits

As you might guess, having a lawyer can help prevent lawsuits. In reality, if you’re hiring an attorney after you’ve already been sued, it’s probably too late. A good lawyer can help reduce the charges, but they can’t protect you from them entirely. Be proactive before a lawsuit occurs so you can cover all of your bases. 

2. Damage mitigation

Your business attorney can also help to reduce the damages you face in the event of a lawsuit. For example, if you’re faced with a personal injury case from an employee, a lawyer can help mitigate any damages. In order for them to get the best result, however, it’s important that you tell the truth. If you want an honest lawyer, you must be an honest client. Even if the employee was hurt because of something you did, it’s better for your lawyer to learn about it from you rather than the employee’s attorney.

3. Contract drafting

Anytime you need to draft or negotiate a contract – whether with a customer, employee or supplier – it’s important that you have a lawyer present. A contract that hasn’t been approved by a lawyer can quickly cause problems. It’s your job to run a business, not memorize the rules. If you try to do the contract yourself, you’ll likely miss a few things that could get you in big trouble down the road.

4. Business incorporation 

Incorporating your business involves more than simply handing over a check and receiving a certificate. You need someone on your side that’s familiar with the process and can help you navigate it. You’re likely not familiar with all the intricacies of incorporating a business, but a good business lawyer will know exactly what to do.

5. State and federal compliance

You probably know that state and federal laws are often different. When you incorporate a business, perform business dealings across state lines, build property and pay your taxes, there are certain rules and regulations you must observe. Even if you’re a wiz at research, as a small business owner, there’s no way you have the time to sift through all of these laws to ensure that you’re complying adequately with each one.

6. Employee issues

Employee-related issues are all too common in the workplace, and they can leave you shorthanded and low on money. However, if you have retained the services of an attorney, those issues are quickly diminished since they can facilitate the hiring process, administer workers’ compensation, draft agreements for independent contractors and help you safely fire employees without legal repercussions.

The last thing you want is a lawsuit from an employee, and having an attorney on retainer, whether that’s a business lawyer or a personal injury lawyer, can significantly reduce that risk for your business.

7. Patent applications

If you’ve developed a new product or service, it’s important that you apply for a patent. However, obtaining a patent is time-consuming and expensive, especially if you go about the process yourself. Furthermore, it’s often difficult to get approved in a reasonable amount of time without the help of an attorney. Fortunately, an experienced patent attorney can help you get your patent in a timely manner.

8. Business transfers

There are many legal implications associated with both purchasing and selling a business. It’s a little more complex than purchasing a car, for example, so having an attorney present to help you value the business, write the acquisition and purchasing agreements, and transfer any permits and licenses can be incredibly helpful. Working with an experienced business lawyer is crucial in these situations.

9. Environmental regulation compliance

The environment has become a huge issue as more and more people are trying to save it. As a result, certain rules and regulations may affect your business. In addition, in the event that you failed to comply with a regulation and are facing a lawsuit, a good business lawyer is your first, and most important, line of defense.

10. Business restructuring

If you’re seeking to restructure your business, it can be tempting to handle things yourself, but resist this urge. You’ll need to understand liabilities, tax obligations, ongoing expenses and employee-related concerns, just to name a few. Trying to handle each of these concerns on your own is daunting, and if you don’t get them exactly right from the start, you will likely face legal problems down the road.

Source: Business.com