Are you looking to hire a business lawyer but not sure whether the move is worth the money?
Well, it’s easy to see why you’re sitting on the fence. As a small business owner, you’re certainly running on a tight budget, splurging on legal services doesn’t sound like money well spent.
Or, why would a small business possibly need a lawyer? After all, it’s not like you’re running a shady or criminal enterprise.
Here’s the thing, though. You don’t have to be in legal trouble to need a business lawyer. In this article, we’re sharing important reasons you need an attorney on your team.
Ensure Compliance with Relevant Federal and State Laws
There are federal, state, and local laws that regulate businesses in your industry.
For instance, if you run a food service establishment, you must comply with the FDA food code, as well as a range of food safety codes in your state.
How keen are you on these laws? Is your business compliant?
You’re probably busy running your business, so you don’t have the time to keep tabs on regulatory changes. The consequence is your business could inadvertently violate the law, which will attract penalties or even license suspension.
To avoid such mistakes, hire a business lawyer. They know what’s happening on the legal front and will help your business maintain compliance.
A common mistake most small business owners make is hiring a lawyer after they’ve already been sued. If they had hired a lawyer earlier, they probably would never have been sued in the first place.
That’s right. A business lawyer can help prevent lawsuits.
These professionals are good at identifying issues that can potentially morph into a lawsuit.
For instance, if there are health and safety issues in your workplace, a competent lawyer or law firm can point that out and recommend steps you should take to eliminate the hazards.
Otherwise, your employees can sue you/your business for failing to provide safe working conditions.
And if you’re already facing a lawsuit, a lawyer can help reduce the charges.
Filing for Patents
Are you an inventor?
Does your business use proprietary technology?
If yes, a business lawyer with intellectual property protection experience will help you secure the patents.
And before you start thinking you can file for a patent on your own and save on attorney fees, you need to know that the process can be complex and time-consuming. Even a slight error in the paperwork will result in patent rejection.
You might have started your business as a one-man show, but as it grows, you’ll want to explore other business structuring options.
For example, you might need to make it a limited liability company. Or you might want to incorporate it. But should you make it a C or an S corporation?
A business lawyer will help you choose the best legal structure for your business and handle all the paperwork involved.
You Need a Business Lawyer
When you set out to open a small business, incurring legal expenses is the last thing on your priority list. But as we’ve fleshed out, a business lawyer is your ally.
This professional will not only help your business stay out of legal troubles but also give it a competitive advantage.
Explore our site for more business tips and insights.