There is a misconception when it comes to business attorneys and when you should hire them. Often time’s people think that retaining an attorney from the very beginning is an unnecessary expense. This is simply not the case and in fact the opposite is true. By retaining your own business attorney from the very beginning you can avoid legal problems and save yourself a great deal of money in the long run.
For example, if you were to retain an experienced business lawyer while your business practices are being established, they can help you set up any and all contracts to protect your interests. This is a small price to pay for an expensive lawsuit and potential settlement because you used a contract that was inadequate for your needs and left your business exposed.
Here are five reasons why hiring a business attorney right away will benefit you.
Avoid Making Costly Mistakes from the Very Beginning
The example mentioned above is just one of many when it comes to the costly mistakes that many business owners make every day. Don’t be one of them. There are many different aspects of a business that need to be established early on in a business. By consulting an attorney early on these procedures can be put into place in a way that will protect your business over the long hall.
An attorney can review how you have structured your business and make sure this is done properly. This is especially important if you are going into business with one or more partners. There are many areas that need to be settled early on such as the responsibilities of each person, how profits are going to be allocated, and any other expectations there are for each individual. It is essential to get these decided upon and on paper from the very beginning.
Eliminate Any Potential Liabilities
It doesn’t matter what type of business you are in there is always a potential liability. An experienced business attorney can help you drastically reduce this for you. Your liability can be devastating to a business and even bankrupt it in many cases. Do not let this happen to your business.
Evaluate Your Employment Practices
Another area that a business lawyer can be invaluable is with regards to your employees and your employment practices. You want to ensure that these follow the legal guidelines especially where hiring and terminations are concerned. It is critical that you are not leaving yourself exposed to a discrimination lawsuits and also remain in compliance with the complicated state and federal regulations.
A quality business attorney will ensure that you exercise proper procedures in this area from start to finish. They can even inform you of how often evaluations need to take place and what the evaluations need to consist of. All of these elements will need to work together to protect both you and your business.
Address and Resolve Business Disputes
The time to hire an attorney is not when a business dispute arises but long before. By having an attorney work alongside of you from the very beginning they will know your business intimately inside and out. If a business dispute arises they will immediately be able to come to your defense. If you wait until a business dispute is already in place it is going to take an attorney some time to get up to speed.
Nonetheless, if you are going through a business dispute it is critical that you have an attorney on your side. There is no reason to leave your assets vulnerable just because you don’t have the proper representation.
Bankruptcies and Acquisitions
Today is a tough time for a lot of businesses. Many businesses are facing the reality of a bankruptcy while others are selling out before the economy takes a toll on them as well. Regardless of what your situation is you absolutely need to consult an attorney before you move forward in either direction. You need to know what your options are, what the best option is for your particular situation, and how these decisions are going to affect you in the long run. You want to protect your personal assets through this process as well. An attorney can do all of these things for you.
Ultimately, even though some business owners perceive an attorney as an expense, successful business owners actually consider a quality attorney as an investment – an investment in the protection of not only their business but their personal assets as well. With so many liabilities out there today don’t leave everything you have worked so hard for up to chance. Finding and retaining an experienced business lawyer can help your business grow and be far more successful in the future.