5 Important Reasons To Have An Attorney For Your Small Business
As a business owner, you launch your business with the hope that everything will go smoothly, and you’ll wind up running a very successful organization. Unfortunately, we don’t live in a utopian society where every business flourishes. Mistake happen, issues arise, and you’ll inevitably need an attorney from time to time. having a good attorney can provide incredible value to your business, namely in helping to protect you from legal implications. Below are reasons why you need to hire an attorney for your small business.
1. Potect 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, get your legalities in order, and cover all of your bases.
2. Mitigate Damages
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 employer or customer, 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 opposing side’s attorney.
3. Contract Drafting
According to Bobby Saadian, founding president and managing attorney at Wilshire Law Firm, 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 to help with any legalities. 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 – and 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. State and Federal Compliance
You’re probably familiar with the fact that state and federal laws are different and have their own procedures to follow. For instance, your state’s labor department may investigate a claim an employee made against you, or the IRS may not agree with the numbers you submitted on last year’s tax return. When you incorporate a business, perform business dealings across state lines, take your business overseas, build property, and pay your taxes, there are certain rules and regulations you must observe. Even if you’re a whiz 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.
5. Employee Issues
Employee-related issues are all too common in the workplace, leaving you shorthanded and low on money. However, if you have an attorney on your side, those issues are quickly diminished, since they can facilitate the hiring process, administer worker’s compensation, draft up agreements for independent contractors, and help you safely fire employess without legal repercussions. The last thing you want on your hands 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.
Environmental Issues Impact Your Business
Lately, environmental issues are bigger than ever as more and more people are trying to save the environment. As a result, new federal compliance standards have come out all over the nation that may affect your business. In addition, if you fail to comply with past regulations and face the consequences from a lawsuit or federal compliant, a good business lawyer is your first, and most important, a line of defense.
A good business attorney can be a small business owner’s best friend in certain situations. If you don’t already have a relationship with one, think about finding one now, so you will know who to call when the need arises.