Whether you are thinking about opening a small business or have had one in existence for 5 years, things will happen, many times, beyond your realm of knowledge. This is when having proper representation and an educated legal mind will help your business prevail. Listed below are a few instances where having a business attorney can prove to be beneficial.

On a Tight Budget

Many small business owners dismiss the idea of hiring a business attorney because they think they can’t afford one. They have a tight budget that’s already at its limits. If this is your position, ask yourself this question: If you get into trouble with the IRS or get a summons to appear in court, how much money do you think that will cost? At this point, you also won’t have the luxury of time on your side so you’ll scramble to find an attorney to represent you. Not only will this cost more, you probably won’t have the best attorney representing your business.

Business Name

When it comes to deciding whether to form a company as an LLC or Inc., Rockwell Legal Group recommends knowing the difference between the two. If your company already exists, knowing when to change it from a sole proprietorship to an incorporated company is also essential. Since there are both similarities and differences in forming an LLC or Inc., having legal representation from a reputable law firm will provide you with the pros and cons, allowing you to make an educated decision. With your personal business information and knowledge of your plans for the future, your lawyer will be able to properly recommend one over the other to maximize your benefits.

Contracts

There are several different types of contracts, and regardless of the kind of business you run, you will need either to create them or review and sign them. Contracts are a binding agreement between your company and an individual(s) or another company. Small companies use them during the hiring process for employment. Leasing companies have you sign contracts prior to leasing equipment and businesses often create a non-disclosure agreement when collaborating on ideas among several members to ensure they remain private. If you’re under construction, sign contracts prior to hammering in the first nail. Unfortunately, construction contracts contain language that, to the average person, is confusing. You should always know what you are reading and agreeing to prior to signing. This is where a business lawyer comes in. They read, review, and advise.

Tax Laws

From one year to another, the tax laws change. While an accountant can keep up with the changes and implement them, a business attorney can offer advice on how best to deal with these changes to benefit your business. Doubling down by having an accountant and a business lawyer for your taxes will ensure that you’ll prepare quarterly returns correctly and to your advantage.

Litigation

Regardless of your type of business, litigation and lawsuits are always a possibility. You may have trouble collecting on a business contract, with an employee or someone who became injured on the property. For these reasons and others, having a business lawyer on speed-dial will allow you to continue running the company. Taking a proactive approach to hiring an attorney now will save you from losing sleep and sustaining high levels of stress.

What to Look For in a Business Attorney

As you can see, a business attorney can help with many areas of the company. However, not all attorneys are alike. Make sure that, prior to selecting one, you conduct extensive research into the background of the attorney or firm, and take into consideration the number of years of experience it has. Additionally, the areas of law that an attorney practices need to encompass a broad range to meet the demands of your business.