Congratulations! You’ve found the perfect idea and turned it into an opportunity to start your very own company. As you probably know by now, the life of an entrepreneur is not easy. There are so many details of the business that you need to stay on top of all the time, from marketing to profit analysis to employee management.
But did you know that you need to consider the legal aspects as well?
If this thought never crossed your mind before, then this blog is for you.
Lawsuits and legal complications can appear out of nowhere. The competitive business landscape demands that you hope for the best but always prepare for the worst. And that means knowing how to protect every aspect of your business from the get-go. This is where an experienced business lawyer will come in handy.
Let’s take a closer look at the benefits of hiring the right business lawyer for your company.
1. Offer guidance for establishing the right type of business
For many entrepreneurs, a business is just a business. However, from a legal perspective, that may not be the right way to start your company. You’ll be surprised to learn that there are several types of businesses, each with a different liability clause and tax implication.
You need to safeguard your assets and understand all the tax obligations. But considering the limited legal information you have, it can be tough to make the right decision. A lawyer can help you decide whether to launch an LLC (limited liability Company), a sole proprietorship, a partnership, or a corporation.
Their expertise in the matter can help you build a strong legal foundation for your business and allow you to start off on the right foot. Not only does this save money, but it also makes sure that your investments are protected.
2. Ensure you are abiding by all relevant laws
In order to remain prosperous, you need to ensure that you are following business laws properly. But staying on top of all the legal matters can be overwhelming. An experienced, professional lawyer will be well-rehearsed with the trade, especially when it comes to tax codes in different states. For instance, a business tax attorney Plano, will be able to provide legal advice and highlight best practices that align with current federal laws and Texas tax code regulations.
3. Manage your taxes for you
One of the most challenging aspects of running a company is taxation compliance. You need to let an expert corporate lawyer handle everything related to taxes. Since they are aware of applicable tax credits and deductions for your business, a lawyer can help structure your business so that you are able to take advantage of these laws.
So not only can they help reduce your tax burden, but they can also save you from the headache of tax fraud or other tax-related issues due to improperly filed taxes. Moreover, a business lawyer can guide you on devising an organized record-keeping system that will streamline the entire process. This will free up more time so that you can focus on running your company instead of managing paperwork.
4. Enable you to protect your business assets
Setting up a company requires a considerable amount of time, capital, and effort. The last thing you want is to have someone walk away with your idea or claim a part of your business.
A corporate lawyer will ensure that all aspects of your business are protected, including tangible and intellectual property.
So even though copyright laws protect your logo and brand name, a business lawyer will make sure that other assets such as blueprints or software are patented, trademarked, and legally protected.
5. Help pre-plan for unanticipated issues
More important than guarding your creations, you need to protect your company from unforeseeable circumstances. Depending upon your business, a business lawyer can draw up the necessary documents to protect your property and financial assets from costly lawsuits, damages, theft, etc. For instance, a liability waiver can help deal with a physical injury resulting from an accident on your premises to a customer or employee.
6. Counsel for bankruptcy
In continuation with the previous point, bankruptcy is a part of the corporate world that you must prepare for even if you are currently a successful, thriving brand. There’s no telling what can happen down the road.
If you find yourself in an economic condition where you are unable to repay debts, you may need to file for bankruptcy. However, this does not imply that it’s the end of your company. A corporate lawyer can help you navigate through the situation and discharge your debt. With the approval of a bankruptcy court, your lawyer can devise a financial recovery plan and help you restructure your company.
7. Help create substantial, enforceable contracts
Every business owner has to deal with his fair share of contracts, whether for employment purposes or the company’s growth. Contracts need to be clear and worded precisely in order to safeguard the business and its interests.
So whether it’s a partnership, a merger, or an acquisition, you need to ensure that you begin your journey alongside an expert business lawyer who can customize agreements specifically for your needs.
Similarly, employee contracts are technical documents that must state the terms and conditions of a particular post. They need to set clear expectations for employees about work and behavior within the company.
When policies are broken, business owners have legal grounds for firing an employee. And even though this is a difficult task, a lawyer can make it such that your business is always away from harm. For example, a non-compete agreement prohibits former employees from working for or becoming a competitor during employment as well as for a particular time after employment ends. It can even prevent them from disclosing important information about your business and customer relationships.
8. Legally represent your company
If you encounter legal issues that must be settled in court for some reason, you need to have a trustworthy lawyer by your side. And since your corporate lawyer is already familiar with your business, they can fight on behalf of your company and make decisions that will be better for it.
On the other hand, some cases may be settled out of court. A business lawyer will ensure that the case is handled in accordance with the law. Moreover, they can guide you on whether this is the best route to wrap up the issue. Not only do they make sure there is proper documentation, but they can help you towards a legal action that is more cost-effective.
Managing a company requires a great deal of foresight. Partnering with the right business lawyer can help you establish a strong foothold in the corporate environment. They can benefit you in more ways than you can imagine, especially as your trusted advisor and business representative.
From sound legal advice to court representation, a lawyer can be at your side from the best moment to the worst. So you need to hire one that truly understands your business to guide you in the direction that is the best for you and your business.