Starting and running a small business can be a complicated matter. Along with the day-to-day activities, the owner must also deal with the larger legal issues pertaining to their business. Oftentimes business owners lack the legal knowledge to handle these issues effectively, and end up hurting their business. A small business lawyer can be a major benefit to a business from inception to management. Here are several areas that small business owners may need the assistance of an expert:
What is the best way to ensure limited personal liability? Should my business be founded as a corporation or an LLC? What is the difference between a C corporation and an S corporation? How do I form my business? What roles do my business partners and I play in the business and what happens if one of us decides to leave the business?
These are all questions that must be considered before forming your business and will have major implications on how your business functions. A small business lawyer can help you make the right decisions based on your individual needs and can help you with the formation process.
Generally, the answers to these questions are yes and always. This means that your small business will require many contracts to function properly: employee contracts, lease agreements, partnership agreements, independent contractor agreements, etc. Small business lawyers can supply your business with all of these and they have the expertise required to tailor each of these in order to meet your individual needs.
Attorneys can ensure that your small business maintains control of its intellectual property and resolve any infringement issues that may arise.
What kind of taxes does my business need to pay? What happens if my business fails to meet its tax obligations to the government?
Tax issues can be complex and particularly difficult for small business owners to manage alone. Small business attorneys can provide the legal assistance required to resolve the issues at minimal cost to your business.
How can I avoid lawsuits? What should I do when faced with one?
The prospect of being sued is enough to induce panic in any small business owner. Generally, there are several simple things that a small business owner can do to avoid costly lawsuits. Furthermore, frivolous lawsuits can be resolved relatively quickly and cheaply with the proper legal acumen.
There are many legal consideration involved in running a small business. Therefore, you should have someone on your side that knows the ins and outs of business law and can help your business thrive.