6 Reasons Why Your Business Needs a Lawyer has been supplied by an outside source and has paid to be published here on Morning Business Chat. As always, I hope you find this post helpful.
When a business is new, there is a tendency to keep expenditure as low as possible. This is why hiring a lawyer is never in the books until you are in a legal mess. However, according to business experts, having a lawyer from the get-go is one of the smartest decisions you can make for your venture, and this is why;
1. Business structural duties
Incorporating a company even if it’s a partnership is complicated enough as it is. You need somebody with legal knowledge to understand and take care of some of the requirements. If you decide to do the initial stages yourself, you still need a lawyer to help with tax obligations, set up fees, liabilities, and renewing of licenses. Instead of dealing with all these legal issues, you should focus on growing the business.
2. Contracts
A business venture deals with contracts daily with suppliers, real estate, employees, and customers. It’s important to let a lawyer draft such contracts or go through them before the two parties sign. Doing so will protect the business interest and ensure you don’t overlook something that could cost you money later on. Get professional, experienced, and personalized legal help from attorneys at Navigate Law Group to avoid any legal pitfalls.
3. Protect you from lawsuits
One of the most significant benefits of having a lawyer is that they can help you to avoid getting into trouble with the law. For example, if you want to fire an employee, your lawyer will advise you on the best way to do that without breaking the labor laws. If someone gets injured on your premises, the lawyer can immediately come up with a settlement before you are sued.
4. State and federal compliances
Businesses must follow a lot of state and federal laws, and it’s hard to keep up with all the changes. Today, you even have to comply with environmental regulations or get your business closed. A lawyer is better positioned to guide you on some of these laws. If you are looking into doing business across state lines or building real estate, you need a lawyer to help navigate all those processes.
5. Patents and copyrights
If you have a new unique product, it’s crucial to patent it so that nobody else can claim it was their creation. You also need to deal with trademarks and copyright laws that are full of legal jargon. It’s tough to get patent and trademark approvals in a short time unless you have a knowledgeable lawyer.
6. Exit strategies and disputes
If you are in partnership with other people in the business, someone may want to exit. Similarly, a partner can die or become incapacitated. This could also happen in a sole proprietor entity where the owner dies, and somebody needs to take over. All these issues have to be dealt with the legal way so you need a lawyer.
Retaining a lawyer may not seem like a priority when funds are limited, but it’s necessary. You want to make sure your business is protected from legal issues that can destroy it.
