Is My Business Too Small to Need a Lawyer?
When you’re trying to save money as you build your business, it’s natural to wonder whether you really need a small business lawyer. Regardless of the size of your business, there are a number of areas where having someone who understands the law can simplify things for you. Learning more about what a lawyer can do for your small business an often help you decide which areas are worth spending a little extra on.
Establishing Your Business
As you navigate the choices for establishing your business, you truly don’t know what you don’t know. Working with a small business lawyer can help you with the basic decisions that will impact the way your business operates and the type of taxes you’ll ultimately pay on revenue. These decisions include:
- Creating and filing business formation paperwork
- Determining which type of business to establish (partnership, corporation, etc.)
- Drafting partnership agreements
- Ensuring new hire paperwork meets applicable legal standards
- Reviewing vendor/client agreements to help close unfavorable loopholes.
Unfortunately, businesses of all sizes and in all industries are sued by employees, clients and vendors every day and for reasons that may be beyond their control. Depending on the amount of money the other party wants, it can be to your benefit to bring in a small business lawyer to help you manage the situation. Even if there’s no question that you’ll lose the lawsuit, a skilled attorney may be able to help you minimize your financial losses and expedite the process. In many instances, the ability to make a lawsuit quickly go away can be the difference between a sound bite or two in the local news and sustained negative publicity for your business.
When someone else violates a contract with your small business, you won’t always be able to handle it yourself in small claims court. Bringing a lawyer in from the very beginning of the situation can help alert the other party that you take the contract violation seriously and so should they.
It’s important to remember that you don’t have to have a lawyer on retainer in order to benefit from their legal expertise. In many cases, a small business attorney can help you on an as needed basis. This can be especially useful when you receive the first contract from a new vendor and you need to ensure you fully understand all the legal language.