There are two professionals you require in the business from the word go; you need to hire a lawyer and an accountant. The reasons for employing an accountant are obvious because you need an individual that will keep reviewing your records and prepare state, federal, and local tax returns. The primary reasons for employing a lawyer for your business may not be as apparent as other professions. The right attorney for your business will provide pivotal assistance in all aspects of the business, be it trademark, copyright, and compliance advice to liability, lawsuits, and business incorporation.

A lot of businesses ignore employing lawyers until when they are facing a court battle or when they have summons from the court. The right time of getting the right lawyer for the business is before getting sued. After being served with the complaint or summon, it will be too late because the damage will already have happened and the only question will be the amount you will have to pay in terms of court costs, settlements, attorney’s fees, and other expenses required to settle the case.

In many court systems, it is quite easy to get into the court but hard to get out once trapped. Many lawyers come into agreement that while no one likes dealing or paying lawyers, the amount you will pay for him to help you stay out of trouble is smaller than the one you will pay to get out of it.

Should the lawyer come from a small or large firm?

Generally, a lawyer from a larger firm means great overheads, meaning high hourly rates are expected for the services gotten. Additionally, big firms possess more advantages than small firms. With time, lawyers undergo specialization; and employing a small firm or a solo operating lawyer may not accord you the skills you need for the growth of the business. For example, you cannot hire a personal injury lawyer if you have suffered from a brain trauma. You need to hire a law firm with lawyers that can handle lawsuits, file a trademark or patent, negotiate the lease of your retail or office space, draft your software license agreement, oversee corporate annual meetings, and advise on terminating disruptive employees. In such events, you will find yourself dealing with different lawyers on different aspects of the business.

Types of lawyers for your business

You need specialized lawyers for your business and not just any lawyer that handles house closings, wills, and non-business matters. You require specialized lawyers who can handle aspects like;

Contracts

You require a lawyer that understands your business fast, prepares standard contract forms with clients, customers, and suppliers, and helps in responding to contracts that require your signature.

Intellectual property

In case you are in creative business, design, or media, it is a plus if the lawyer will assist you in the registration of the trademark and protection of copyright. In such a case, you need specialists in intellectual property legally. If your choice lawyer is a specialist in small businesses, then he/she has  close relations with intellectual property specialists.

Licenses and taxes

Even though the accountant will prepare and file all business tax returns of the year, the lawyer possesses the knowledge of registering the business for state and federal tax identification numbers and understand the consequences of tax for each business transaction the business does.

Real estate

Leases of rental space like retail stores and offices are complex and are drafted to the landlord’s advantage. Since they are mostly documents in printed form, you might think that they are non-negotiable. That is not the case. Your business lawyer needs to have a standard tenant’s agreement that contains all provisions for your benefit and can be added to the document.

Conclusion

For the business to be successful, you require a lawyer that will assist you in deciding whether you can trade as an LLC or a corporation. He will help you with the organization of the business and the necessary paperwork where needed. Many lawyers often charge a flat fee for these services but they will not volunteer this fee not unless you ask for it.

Read More:

1. How To Build Your Reputation As A Respectable Business Owner
2. Marketing Techniques that will Crush Your Competition