When you start your own business, you’re handling most of the daily operations yourself. It’s up to you to drum up business, handle customer complaints, manage cash flow and plan your marketing strategy. As your business grows, others will come aboard to help. But, your time will still be limited. You’ll be busy managing others and putting out fires. When legal issues arise, you’ll likely need the expertise and experience of a business lawyer. Here are 4 possible reasons why the help of a well-trained business lawyer can pay for itself.
Reason #1: Corporate Structure
Your business attorney should be adept at analyzing your company and helping you select the proper structure. Each type of corporate structure carries a different level of personal liability for you, the business owner. If you choose your business structure without the help of a lawyer, you may unwittingly assume more personal risk than necessary.
Reason #2: Handle Lawsuits
You’ll eventually need to either file a lawsuit or protect yourself against one filed by someone else. Going to court is incredibly expensive. It’s rarely a worthwhile investment. A good business lawyer can help your company handle lawsuits while avoiding the time and expense of going to court. Often, your lawyer can even prevent legal issues from escalating into lawsuits.
Reason #3: Review Contracts
Running a business means using contracts. The professional relationships you have with investors, partners, vendors and employees requires the use of contracts to make sure each person’s (or entity’s) rights are protected. Many business owners make the mistake of creating these contracts without legal help. Then, they’re surprised when those contracts don’t provide adequate legal protection in court. Have your business lawyer draft these contracts to avoid issues down the road.
Reason #4: Labor Laws
As your business grows, you’ll continue to add employees. There are labor laws that protect your employees’ rights. Because you’ll be busy running your business, you won’t be able to keep up with the constant changes made to these laws. As a result, you may unknowingly violate your employees’ rights and find yourself the unfortunate target of a lawsuit. A business lawyer can be invaluable here. He’ll help your company avoid unnecessary labor law legal issues.
Is A Business Lawyer Necessary?
You can do many of the things your business requires without the aid of a lawyer. Deciding on a corporate structure, avoiding and handling potential lawsuits, drafting contracts and reviewing labor laws are all possible without hiring an attorney. Millions of business owners do this. However, they walk the precipice of a legal canyon. They’re vulnerable. One mistake can lead to a lawsuit that decimates their business. Hiring a business lawyer eliminates that exposure. It protects you and your company from ruin at the hands of the legal system. Over time, you may find that a business lawyer can be one of your best corporate assets.
Looking for a Richmond Virginia Attorney or Virginia Lawyer check out Carlson & Collier A Virginia Law Firm.
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