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Top six reasons why you should consult a lawyer for your small business

October 22, 2016 by Business Hub, Planning No Comments

Every business needs an attorney to provide vital assistance on lawsuits, business incorporation, and liability. A small business may not afford a full-time attorney but it needs access to a lawyer who understands you and your business. A business lawyer will help you handle issues whenever they arise. Here are a few reasons why you need to consult an attorney for your small business.

When dealing with employees issues

If you are work with independent contractors, create an agreement that stipulates any arrangements you have concurred on.  Your attorney could draft it for you or review the draft you have to make sure that it’s in your best interest. A business attorney will help you stay out of trouble with IRS when hiring employees. It’s advisable to consult your attorney before firing any employee to avoid being at risk of discriminatory lawsuits.

Negotiating a contract

Whenever you are in business you have to get into one or several contracts. A good business attorney will help you by ensuring you do not sign a contract that will jeopardize your business. In the case of a breached contract, an attorney will spell out any options you have and make sure you do nothing you shouldn’t. They are experts in rooting problems clauses thus helping you escape any lawsuit.

To structure your business easily

The first thing to do as a small-business owner is to decide the structure for your business. There are many options which include: corporation, nonprofit, and partnership. Your business structure you choose will affect your tax obligations and your exposure to personal liabilities. It may also affect how you acquire funding. A good business lawyer will give you the guidance you need to make the right decision for your business.

Taxes and licenses

An attorney will help you register your business for state tax identification numbers. He may also help you understand the tax consequences and basic transactions your business will engage. This helps you understand all your rights as a person and an entrepreneur.

Environmental issues influence your business

In the case of any environmental issue involving your firm, you should consult your attorney. These may arise from production or waste emissions thus affecting your business even if you are not directly involved. In this case, you’ll definitely need an attorney to let the law take its cause.

If you negotiating a business sale

When selling a business an attorney will help you get maximum value from it. He will make sure the stock transfer is done correctly and also help with negotiations. A business attorney is a small-business owner’s close friend in various situations. You should think to find an attorney if you own a small business so that you can have someone to call when there’s need to!

Conclusion

A good business attorney will help you in case any government entity files a suit against your business. He is able to plan a course of action to deal with the issues in the best way possible. Establish good relations with a good business lawyer and your business will run smoothly without complaints about more incurred cost and losses.