5 Reasons Why Businesses Need a Lawyer
by Arina Smith Business Planning & Opportunities 19 June 2018
So you’ve got a great idea for a business and you can’t wait to get started. But where do you start? Starting a business is complicated, and that’s why businesses need a lawyer. Lawyers can help businesses in many ways, no matter how old or new they are.
But you haven’t even created your business yet, what would you need a lawyer for? There’s plenty you’ll want to have a lawyer in place for.
Will you have employees? Do you even know what type of business you’ll form? What about tax time, do you know anything about that?
These are all things a lawyer can help with.
Still not convinced that you need a lawyer? Read on for five important reasons why you do.
Here are 5 Reasons Why Businesses Need a Lawyer:
1. Protection Against Lawsuits:
This may be the most obvious point, but we’re starting with it anyway. As a business owner, you must have a lawyer on hand if you want protection against lawsuits.
You never know when a legal issue may arise, and you want to be prepared. Your business will constantly interact with employees, other businesses, clients, and maybe vendors. And in those interactions, there’s room for mistakes or issues to arise.
Lawyers can help you be prepared before a lawsuit even shows up, and they’ll also be there for you if one does.
Would you know what to do if you were sued? What about getting charges reduced?
What if an employee was injured on the job? A lawyer can help you learn more about how to handle this.
Having a lawyer already in place is far better than looking for one when problems show up. If you already have a lawyer, you can consult them along the way, before, during, and after any legal proceedings. You’ll be more in-the-know, which is never a bad thing.
Be an honest business owner and hire an honest lawyer (through a reputable recruitment agency like Beacon Legal) and chances are you won’t ever need him or her to mitigate anything for you. But if you do end up needing them for that, they’ll already be there, and you’ll already know them.
2. Help with Contracts:
Chances are you’ll encounter some contracts during your business-owning days. Lawyers are great for sorting those out.
Whether you need a contract to give your employees, or you want one between you and another business, you’ll want to make sure the contract is done right. Contracts probably aren’t your forte, so it’s likely you’ll miss some very important details. A lawyer will make sure everything is taken care of.
Contracts are great for referring back to, whether they’re regarding clients, fellow businesses, or employees. Make sure you have them in place and make sure they’re done right.
3. The advice in General:
Lawyers are great for advice in general. Getting one to accompany you throughout your business’ entire journey is ideal.
A lawyer should be an advisor, there whenever you need him or her. Do you have questions about contracts? What about the legality of something your business wants to do?
Are you thinking of expanding your business after its founding? What do you do if problems with an employee arise?
Having a lawyer in place means you have someone to consult in all these situations, and more. Choose a lawyer with whom you can create a good working relationship and you’ll constantly have the help and support you need.
Lawyers aren’t only for dealing with issues. Consult yours on a regular basis. That’s what they’re there for!
4. Help with Setup:
So many details go into setting up a business. Do you know them all?
Are you creating a sole proprietorship? Or an LLC?
Make sure you understand the different types of businesses and which kind you want to establish. Your lawyer will help you with this.
Beyond helping you understand business types, your lawyer will also help you go about setting your business up correctly. Depending on your business and location you may need licenses or permits, and to register with the state.
It’s your lawyer’s job to know what you need to get your business up and running. Don’t take the stress on yourself. Get yourself a lawyer and let him or her do that for you.
5. Help with Tax Obligations:
Taxes are a big part of being a business owner, and you really don’t want to do them incorrectly. That will cause all sorts of problems for both you and your employees.
You need to make sure taxes are accurate and that you’re doing all that you’re supposed to do.
At what point do you need to send tax information to your employees? When do you send it out? How much should be withheld?
These and so many more questions should be on your mind when it comes to taxes. You may need to hire a tax professional in some cases, but a lawyer will be able to help you with a lot of the tax process.
As a business owner, you have certain obligations when it comes to taxes, and you don’t want to be found skipping those obligations.
Taxes for employees, contractors, and freelancers will be handled differently. And there are many rules and regulations involved. Make sure you bring on some help, or you run the risk of making costly mistakes.
You’ll want to know about tax deductions as well, so don’t forget about those!
Why Businesses Need a Lawyer: A Summary:
There are many reasons why businesses need a lawyer. We’ve listed only five of them here, but they’re five reasons worth thinking about.
As you consider setting up your new business, you should also consider getting a lawyer to help you along the way. Get one in place now so you’ll have one you trust if problems arise.
And even if problems don’t show up in the future, you’ll have someone making sure you do every step correctly, and you can’t get much better than that.
We’d love to help your business get off on the right foot. Visit our website today for more on getting your business started!
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