6 Reasons Why Every Business Needs An Attorney

reasons every business needs attorney

Running any business needs much expertise, and hiring an attorney to help you in certain situations can be extremely important. There are different lawyers for disparate aspects of business law that can help you with a range of operations, relationships, and issues. 

While most big companies have a whole team of attorneys on retainer, small businesses might need to hire a lawyer when a situation arises. However, it is crucial that you do thorough research on the reputation, experience, and expertise of any lawyers that you are considering. Here are a few reasons why every business needs an attorney. 

1. To Avoid The Risk Of Costly Legal Issues 

How you structure your company formation, whether a sole proprietorship, limited liability company (LLC), partnership, or corporation, can determine your responsibilities as a business owner. Furthermore, the structure you pick impacts your legal obligations and liability as a business person. 

For instance, picking the wrong entity can lead to legal issues and make you accountable for your workers or partners if they engage in legal misconduct. To avoid choosing the wrong entity, consider hiring a business attorney. An experienced lawyer can help you determine which business entities offer you the most protection and benefits with minimal disadvantages. 

2. An Attorney Can Help Safeguard Your Intellectual Property Rights 

Intellectual property rights are legal rights that protect your business from original works, inventions, artistic works, product appearance, and scientific developments. Most companies rely on the enforcement of their patents, copyrights, and trademarks, while customers can also be assured of quality when buying IP-blocked products. 

Determining the best ways to protect your intellectual property can be complicated, especially in highly technical areas such as computer algorithms and industrial design. One of the greatest benefits of hiring a business attorney is that they can help safeguard your intellectual property. The right intellectual property attorney can handle patent applications to try and get the patent approved and your intellectual property protected. 

3. A Business Lawyer Can Help You In Cases Against Your Business 

Your business might encounter various lawsuits, the most common being when an employee suffers a workplace injury. Whether your company is liable or not, it can cost you a huge sum of money if your injured employees hire an experienced attorney to represent them and you don't have your own lawyer to counter their lawsuit. 

While your employee might be exercising their right, that does mean you should pay more than they are entitled to. Having a business lawyer can make a huge difference. Although they can protect you entirely from lawsuits, an experienced attorney can help minimize charges. Make sure you are proactive before a case is filed so you can cover all of your bases. 

4. An Attorney Helps Avoid Oversights In Contract Drafting And Negotiations 

Most businesses enact contracts for real estate leases, supplies, or employment. Even small business owners usually sign agreements with employees, partners, and investors, which are meant to protect all parties involved in the contract. These usually come in the form of business contract loans, partnership agreements, LLC operating agreements, and other disclaimer templates. 

Having a business attorney review all the contracts can help ensure your rights are protected. Getting legal help from the right attorney before you enter into an agreement can help you avoid legal issues easily in the future. 

5. For State And Federal Compliance 

State and federal laws differ from state to state, and you will need to meet external and internal business compliance requirements to stay legally compliant. Most external requirements include paying taxes and filing state or federal government returns. On the other hand, internal business requirements are for your own record-keeping

Tax rules can be quite complicated, particularly for small businesses, and trying to sift through these laws alone can take a great toll on your time and energy. An experienced tax attorney can help you understand the laws and ensure that your company taxes are paid and in order. Taxes only need to be filed once or twice a year, so you don't have to keep your attorney on retainer. Only bring them in when it is time to file taxes. 

6. An Attorney Can Help During Business Restructuring 

Business restructuring is used to turn a business around when it is going insolvent or facing a significant problem. It usually involves reorganizing a company's legal ownership, financial, and operational structures to make it more profitable, well- organized, and better adapted to the changing market conditions and business needs. 

Restructuring can have a significant payoff if successful, but a failed restructuring can permanently put your company out of business. That is why hiring an experienced corporate restructuring lawyer is important to help you organize, strategize and manage the process. 

The Bottom Line On Business Attorneys

Working with a lawyer is an upfront investment, but it can provide you with both short-and long-term protection you require to keep the focus solely on your business. It can also put your mind at ease and cover all your bases, including business formation, contract review, and employment law compliance. Get in touch with a business attorney today to discuss your business legal services and risk management needs.

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