It’s sad, but only 10% of Americans say they’re working their dream job. What’s even worse is, 70% don’t think they’re on track to even get it!
Chances are, you’re stuck in a rut like everyone else. And it’s high time you break out of the monotony and pursue your passions.
Becoming an entrepreneur can be extremely rewarding, but there are risks that follow too. To avoid legal issues, you should work with a lawyer. But when are the right times to hire one?
Keep reading to see when you should hire business law attorneys so you avoid legal issues but don’t waste money either.
When You’re Forming Your Business
You want to start things on the right foot, so consult with a business law attorney the moment you want to create your business.
There are various business structures available, such as sole proprietorship, limited liability company (LLC), partnership, and corporation. If you’re opting to work alone, then business formation will be easier. However, if you’re involving other partners or employees, then things can get complicated.
Regardless, a lawyer can walk you through the differences between each type of structure and help you select the right one for your needs. In addition, they can draft partnership agreements or articles of incorporation to ensure you’re complying with local regulations.
When You’re Creating Contracts
Even if you’re working alone, there comes a time when you must partner with a vendor or other professionals. To make sure that everyone’s rights and interests are protected (especially yours), you’ll require legally sound contracts to sign.
When you come across vendor agreements, client contracts, employment agreements, or non-disclosure agreements, these are all things that a business law lawyer can assist with. Should any disputes arise, you can have peace of mind knowing that a legal professional created these contracts for you and that they’ll hold up.
When You’re Hiring Employees
You’ll have to create contracts when hiring employees, but the process entails much more than that. The employer-employee relationship is a sacred one, and your workers need to know that they’re not being taken advantage of.
Preventing business risk here is easy when you have a law expert’s assistance. Not only can they help create employment contracts, but they can also ensure that you’re compliant with labor laws and that you aren’t being discriminatory toward applicants. If you need advice on other employee-related matters, they can lend their expertise here too.
If You Have Intellectual Property to Safeguard
It’s likely that your business will have intellectual property that you rely on as a unique selling point (USP) to set you apart from competitors. This is something you should guard with your life; if someone steals or copies this product, then it can be the death knell for your company.
You can hire a lawyer to assist with the registration process if you have to apply for trademarks, copyrights, or patents. You can rest easy knowing that if anyone tries to rip off your intellectual property, there will be swift consequences. Your business law attorney will take the proper steps to stop it quickly.
If There Are Legal Disputes
You can hope and pray that it doesn’t happen to you, but there may come a day when someone files a lawsuit or has a legal dispute with your business. It can be stressful to go through, especially if the issues threaten to shut you down.
A reputable business law attorney can represent you in court and resolve the matter through negotiation or mediation if possible. They’ll know the wisest route to take and will protect your rights throughout the process.
This also rings true if your business is under investigation by a government or regulatory body. Your lawyer will be your advocate.
When you leave these legal problems in their hands, it’ll take a load off your shoulders and enable you to focus on running your business.
If You Have Tax Issues
On that note, if you’re not on top of your taxes, you can find yourself in hot waters.
Your attorney can walk you through tax planning and ensure that your business is compliant with tax laws. That way, if you ever go through a tax audit, the IRS will have nothing bad to find.
Should you have tax liens or other tax-related disputes, you can entrust your business law attorney to handle these matters for you. Again, this can reduce a huge amount of stress and keep your company running smoothly.
When You’re Conducting Business Transactions
Business transactions are no small matter; they often involve large sums of money and major changes to your company’s structure.
Whether you feel insecure or confident about a transaction, it’s wise to have the advice of a business law attorney. Their negotiations can result in favorable terms for you.
Areas they can help in include:
- Buying or selling your business
- Merging with another company
- Engaging in significant financial transactions
These actions may happen at random times, so having an on demand lawyer can be useful.
Get the Aid of Business Law Attorneys
No matter what industry you’re in, there’s always business risk involved. While you can’t eliminate risk, you can certainly decrease it by having the aid of business law attorneys.
From creating to selling your company, these legal professionals can bring their years of knowledge and experience to the table and create the best scenarios for you. This will leave you with plenty of energy and vigor to put your entrepreneurial skills to good use.
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