A business lawyer is a professional who can help you get your new business off the ground and check all of the boxes to make sure you’re compliant with your local area’s government. Aside from starting a completely new business, when does it make sense to hire a business attorney?
Here are 4 distinct ways a business lawyer can help you and why you should keep them on retainer.
1. Legal Defense for a Business
In the rare case that your business gets sued, a business lawyer with litigation skills will be a great resource for you. This type of attorney has experience in the courtroom, working on trials for businesses and coming to settlements for businesses. When you need someone to defend your business, be sure to hire an attorney with a positive track record of winning cases.
Most business cases are on public record, so check with your local court to find a prospective attorney’s record.
2. Understanding Complex Tax Laws
Tax laws are difficult, especially for entrepreneurs. You have to know which tax bracket you fit into, how much you need to pay and on what basis you need to pay – monthly, quarterly, bi-annually or annually. An experienced business lawyer will advise on what you need to do and let you know what is best for your business’s budget. Additionally the lawyer might refer you to a certified public account (CPA) for even more help.
3. General Business Consulting
Running a business comes with a lot of questions. You have to decide what you’re trying to sell in your business and what costs are associated. But you also have to setup a long-term strategy, focus on the financial aspect of the business and decide if you’ll be hiring employees sooner than later. All of the questions can be a lot to the average business owner and this is where a legal advisor can really help with consulting questions. Since you want to be on the right side of the law at all times with your business, be sure to keep an attorney on retainer and pass all questions through them.
4. Human Resources Law
If you have ever been sued by a former employee, you know that you need an attorney to establish your human resources department. This type of business lawyer helps ensure you’re following all of the “people” laws that are required when running a business. This means setting forth straightforward documentation for new employees, setting standards and policies in the work place and knowing what to do if employee retaliation should occur.
Final Thoughts for Hiring a Business Lawyer
Of course, if you are just getting started with your own business, you can hire a business attorney to help with defining your entity and processing any initial documents that need to be submitted to local governments.