Starting a new business is usually a rigorous, time-consuming, and resource-draining process. For the most part, you are worried about how your business will break even soon after you open the shop. But even in the middle of the anxiety and excitement, it’s essential to take a moment and get an attorney for your business. A good business lawyer gives you peace of mind when facing legal uncertainties. Below are some instances when your business needs an attorney and why you should get one as early as possible.
When Choosing a Business Entity
It helps to have the knowledge and expertise of a business attorney in the formative stages of your business. A firm like Tully Rinckey Law has attorneys with extensive business law expertise. Therefore, they can help you pick the best business structure for your unique scenario. The lawyer will explain in detail the legal and financial liabilities that come with each. They will also explain the registration process for the entity you have settled on.
When Drafting and Signing Contracts
Being in a business is about entering into contracts—with employees, service providers, investors, the landlord, and so much more. You need a business lawyer to ensure you don’t get the short end of the stick. The lawyer ensures you don’t sign a contract that exposes your business to unnecessary risk. Similarly, the lawyer helps you draft contracts that cover all the bases—for example, employment contracts. That enables you to set the right expectations from the beginning. That’s why hiring the best employment law firm New York City is important to ensure that your business is in line with the labor law. You might also need to draft confidentiality agreements, mainly if your business deals with proprietary information. Should you want to enter into a business partnership agreement, the attorney will review the contract to ensure that the roles of each partner are spelled out to avoid hitches in the future.
When Handling Tax Compliance Issues
Tax law is an incredibly complex field, and you can easily find yourself in trouble as a business owner. But lucky for you, tax experts like those at Tully Rinckey can help you comply with tax laws and take advantage of tax exemptions. Whether you are looking for legal ways to cut down on your taxes or have issues with your IRS bill, a business attorney can help you through it. Should your business face a tax burden you can’t bear, an attorney can step in and negotiate with the IRS or in court to ease the burden. Besides, tax laws change often, and you need an informed lawyer to translate what these changes might mean for your business. They are well acquainted with federal, state, and international taxation laws.
For Risk Mitigation
A lawyer can help you avoid risks you didn’t even know existed. Since they are well conversant with the law, they can help you avoid pitfalls that could cost you so much. A business attorney is your best shot at saving your business’s reputation and money if you get sued.
Three Ways to Enjoy Business Legal Services
There are several ways to lawyer up in business. Take a look at these three popular ways:
1. Retaining a Law Firm
Having a traditional law firm like Tully Rinckey on retainer is the best option. By so doing, you will have access to legal expertise whenever you need it. The only downside is that you have to pay slightly more, which is a worthwhile investment.
2. Having In-House Lawyers
This means having a legal department in your business. While it sounds pretty convenient, having in-house lawyers is not feasible for a start-up or a small business.
3. General Counsel Services
General Counsel Services means outsourcing legal services from an attorney. The attorney will not be an employee of your company—rather, they will be on a contract. In most cases, you pay for these services on an hourly basis.
How to Choose a Law Firm for Your Business
It is clear that working with an attorney is in the best interest of your business. Therefore, picking a law firm to work with is so crucial. The best thing to do would be to learn about their advocacy style. You want a lawyer who tells you what is right for you, not just what you want to hear. It would be best if you also picked a law firm with a diverse workforce to handle all your issues effectively, regardless of your industry or circumstances.