WASHINGTON, April 1, 2017 – People who own businesses usually consult mentors, insurers, and accountants who give them valuable advice. While you may not need a business lawyer on a daily basis, there will be situations that require you to consult one.
Here are some of the reasons why you may need to consider engaging a qualified lawyer for your business.
Among the initial tasks you are expected to undertake when you are a business owner is to determine your business structure. Options vary, ranging from sole proprietorship to corporations. Determining the structure of your business is a decision that will have a significant impact on key factors such as tax obligations, liabilities and how to acquire funding as well as calculating operational expenses.
Consulting an experienced and qualified attorney will give you access to the guidance you need to ensure that you make the best decision for your venture. A lawyer can also help you draft and file the documents that you require.
Various circumstances can make it necessary to hire a lawyer when dealing with issues that pertain to employees. When you want to hire an employee or a contractor who works independently, certain laws may be applicable. A good lawyer who is well versed in these kinds of laws will make sure you do not end up with legal problems.
If you want to work with independent contractors, you require a binding agreement that provides details of the contract between your business and the contractor or contractors. Your business lawyer will be responsible for drafting such agreements or reviewing existing agreements to make sure that the best interests of your business are protected.
It is advisable to consult a lawyer before hiring or firing employees to prevent the risk of lawsuits. Your lawyer can advise you on the questions that you should not ask during interviews. If an employee files a lawsuit against you, you will need a hire a lawyer who will represent you and work toward protecting your interests.
While running a business, you are likely to enter into a number of contracts. A lawyer will help you make sure that you do not end up signing a contract that can jeopardize your business. Attorneys are experienced in identifying problematic clauses as well as when additional information should be included. If another party breaches a contract you have executed, an attorney will let you know what your legal options are.
You need the services of a good lawyer if an entity investigates your business or wants to file a lawsuit. Investigations and lawsuits arise for a variety of reasons. Examples include employees making claims against you or the numbers that you submit on tax returns being disputed by the IRS. A lawyer will determine the steps that you should take to handle such issues.
Negotiating Business Sales and Purchases
When you want to purchase a business, a lawyer should be involved in the transaction. Attorneys are aware of how to value businesses, write agreements and transfer licenses and advise you how to handle the numerous additional complexities that are associated with these types of transactions. A lawyer can also help you when you sell your business.
As the economy continues to expand, opportunities for new and established businesses will grow along with it, creating numerous opportunities, even as Federal, state and local governments can create legal complexities that can impact the bottom line. Smart business owners routinely consult a reliable business attorney to guide them through such legal issues.
Walter Moore is a researcher and writer. He has been writing about business and legal issues for more than 5 years and contributes to a variety of sites. During his free time he enjoys trying out new recipes and swimming. Learn more about Gehres Business Attorneys.