The U.S. is home to over 32 million small businesses and thousands of large businesses. Many, perhaps even most, of these businesses will sink or swim on their own merits
15 Reasons Why You Need a Business Lawyer
Many people are rethinking how they earn a living. Business starts are up 30% since before the pandemic. However, it’s also well known that many businesses fail within their first few years. What can you do to make sure this doesn’t happen to you?Business lawyers can help you increase your odds of success. Keep reading for 15 reasons why you need a business lawyer.
1. Asset Protection
A business lawyer can help protect both you and your family’s assets. They’ll help you cover your personal assets from liability.
You could achieve this goal by filing articles of incorporation or organization. However, these documents alone won’t release you from personal liability.
You must form these kinds of entities appropriately according to business law. You must also comply with statutory formalities. By working with a seasoned attorney, you can make sure to take the appropriate steps to protect your interests.
Owning a business is exciting, but it’s also stressful. More than anything, working with a business lawyer will give you peace of mind.
For example, there are many different moving parts involved in launching a business. These responsibilities can create an important burden you must bear.
By working with an attorney, you can enjoy peace of mind as you launch your business. In fact, one of the best decisions you can make in your career is to delegate the legal aspects of your business to a lawyer.
3. Buying or Selling Your Business
Somewhere along the line, you may want to buy another company or sell your business. There are many legal consequences involved with these activities.
Your lawyer can conduct due diligence. For example, they can advise you whether or not you should buy the stock of a company or its assets.
A lawyer can also write acquisition and purchasing agreements. They can also transfer licenses and permits you’d need to continue operations.
It’s easy to overlook things when negotiating business terms and drafting contracts. An experienced lawyer can draft standard contracts on your behalf. For example, you may need contracts when dealing with:
Your lawyer can help you fully understand contracts with other parties.
Imagine you’re about to enter an important agreement. In that case, you’ll want your lawyer to review it.
A lawyer can make sure the agreement provides sufficient protection. They’ll also ensure it provides indemnification in the event of a breach. Moreover, your lawyer will make sure the contract terms are clear and fair.
Each day, it becomes increasingly important to maintain a presence on the internet. You may only have a part of your business online.
When conducting business online, there are a few things you have to take into account. When doing so, you’re entering a range of responsibilities to your customers.
Each day, you’re forming legally binding relationships. Are you sure you’re protected?
A lawyer can make sure you have mechanisms in place to protect your business when conducting e-commerce.
6. Employment Law
If you haven’t already, you may soon need to hire employees. In fact, growing to the point of needing them should remain a focal point of your business. When that day comes, you must comply with government standards for managing employees.
An attorney can ensure you comply with applicable codes, regulations, and laws when hiring people. For example, they can keep you from hitting a snag when classifying individuals as employees or independent contractors.
A lawyer will make sure you classify employees properly, and you’re not breaking any state or federal laws. They can also ensure you’re complying with applicable laws to prevent claims of discrimination.
Overall, when you hire a lawyer, you’re hiring them for their expertise. A competent business attorney can ensure you make informed decisions. They’ll help you weigh your options and figure out what’s right for you.
For example, a lawyer will help you to consider your short-and long-term business goals. They could also help you to consider important points about a business you’re thinking about starting.
For example, you could need limited liability protection. In other instances, you may need to weigh the pros and cons of working with business partners. In either case, an experienced lawyer can help you think through your best options.
8. IP Rights
Imagine you’ve started a business based on a design or product you’ve created. In this case, your designs, logos, or original works are your trade secrets.
In other words, they have value. These items are intellectual property.
In today’s competitive market, it’s critical to protect your intellectual property. For example, you may need to file a trademark registration.
You could also need to file patents or copyrights depending on your creations. A lawyer can help you to manage these potentially complex tasks.
9. Launching a Business
If you’re forming a new business, you’ll most certainly want the help of an experienced business attorney. They can give you counsel about all aspects of starting your business.
They may begin by helping you choose the right business structure. A lawyer can also help you consider what tax breaks you’d qualify for based on different structures you might choose.
You can choose from one of several initial business structures. The structures might include a:
- Sole proprietorship
In either case, the structure you choose for your business will have a large impact on how you operate. It will determine your legal and financial liabilities.
Imagine you launch your business as a sole proprietorship. In that case, you’ll have full autonomy, but you also face liability for any losses.
If you were to form an LLC, however, you could shield yourself from some liability, depending on the structure you select. A lawyer can help you to understand how different company structures can help or harm your enterprise.
Let’s have a closer look at business liability.
10. Liability Protection
As you operate your business, you could face any number of various lawsuits. Occupational injuries are one of the most prevalent causes of litigation.
In this instance, your company may or may not have liability for an employee’s injury. That employee may hire a skilled law firm. If the firm takes the case, they’ll give the employee access to a powerful team of business litigation lawyers.
Here, it’s vital to understand you could stand to lose a substantial amount of money. If you don’t have a sharp lawyer to counter theirs, you could find out in the worst way that things don’t go in your favor.
11. Mergers and Acquisitions
Any merger and acquisition activity requires detailed planning. It also requires a well-thought-out execution. During this kind of transaction, there are many legal problems that can arise.
Usually, merging with another organization requires large amounts of legal paperwork. You could find yourself buried in a mound of contracts and financial ownership deeds. These and the many other documents required for mergers and acquisitions are best handled by a qualified attorney.
12. Permits and Licenses
Sometimes you may need to apply for a license or permit. Laws regarding your business may even require you to file a public notice of your intention to start a business. Alternatively, they may require you to give public notice about acquiring the assets of an existing business.
An informed lawyer can guide you throughout this process. They’ll ensure you file all necessary documents. They’ll also ensure you’ve complied with all respective boards and government offices.
13. Real Property
When you sign a commercial lease, it’s a legally binding agreement between you and the landlord. In this instance, either you or your company are the tenant.
It’s essential you understand the legal effects of the lease. These terms are important for the success of your business.
For instance, you must understand the consequences of terminating your lease before the end of its term. You must also understand how to give proper notice of termination to your landlord.
An experienced lawyer will ensure you understand these important points. They’ll make sure you know what you’re getting into before you sign any type of lease agreement.
14. Risk Management
If you have a successful business, you’ve taken some risks. Fortunately, you’ve overcome them. Still, more risks are yet to come.
An experienced lawyer can help you mitigate any coming risk. They’ll help you understand potential legal obstacles.
For instance, you’re most likely an expert in your field. However, that doesn’t mean you know everything about expanding into a new business opportunity. A lawyer can help you safely navigate the next step in your entrepreneurial endeavors.
15. Tax Matters
Again, it’s very important to choose the right structure for your business. Your business structure will have an impact on your personal and business taxes.
Before selecting a business structure, there are a few things for you to consider regarding taxes. You should begin this process before you even begin your company.
Conversely, if you’ve already started your business, you may have yet to hire employees. If so, there are also tax implications to consider.
For instance, you must set up payroll. You must also collect the correct amount of payroll taxes.
An experienced lawyer can help you work through any preliminary tax questions. They’ll also work along with your accountant to make the best decisions for your company.
What Is a Business Lawyer?
A business lawyer has special training and knowledge of the law. They’re qualified to handle all your business needs.
For example, you may want to launch a sole proprietorship. Alternatively, you may want to start a business with partners. You might even want to launch an enterprise that’s backed by investors.
An experienced attorney will protect you, your business, and your investment. They can also help you prevent misunderstandings with your business partners. Most importantly, an experienced attorney can help you protect yourself from personal liability for business debts and legal responsibilities.
The Benefits of Business Lawyers
You may have saved for years to reach your goal of launching your own business. Now, you may have a solid business plan, and you’re ready to execute it.
Still, there are many concerns you should address. You want to make the right decisions at this early stage in your business. These decisions will affect your daily operations.
By working with a well-qualified attorney, you’ll save time and money. You’ll also avoid problems as your business grows.
Working With Business Attorneys
An attorney can help you manage important tasks like choosing the name of your business. For instance, they can make sure the name you want is available and ready to use. They’ll also make sure you choose the right type of business entity.
Remember, an attorney has the knowledge, training, and skills to advise you properly. They understand the law. Moreover, they have your best interests in mind.
The Big Picture
It takes a lot of expertise to run a business. In some instances, you could find the know-how of a lawyer is absolutely critical to your success.
There are many different kinds of lawyers for businesses specializing in different aspects of the law. They can help you with a range of operational problems, conflicts, and business law issues.
Some large companies keep an entire team of lawyers on retainer. Smaller companies, however, might only hire small business lawyers as needed. No matter the size of your business, you can find the right lawyer in the right price range.
We’re Here to Help You Make Better Business Decisions
Hopefully, we’ve given you plenty of reasons to see the benefits of business lawyers. If you need a business lawyer in the Greater Tampa area, Venerable Law can help.
We help everyday people and entrepreneurs navigate the legal landscape as their businesses evolve. We take the time to understand your unique situation, and we’ll serve as your long-term partner and trusted advisor.
Please feel free to contact us to learn more about how our expertise and network can help you move your business ambitions forward.
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