There is generally a wrong notion that Business lawyers are required by large corporate houses only to deal with complex legal cases and that no such eventuality arises for small businesses. Nothing can be further from the truth. For example, issues do arise in the domain of tax payments or notices from tax authorities that require handling by legal experts. However, it is understandable that as a small business owner, you will have limited funds to work on and can hardly afford to keep a business lawyer permanently on the rolls. Your natural inclination would be to get in touch with a lawyer whenever the need for an opinion is necessary. However, it is recommended that you take the expenses of permanently hiring a business lawyer as a cost of doing business and pre-empt any issues that might give rise to unwarranted litigation in future.
Given here are some of the instances where you would definitely require the services of a business lawyer. A word of caution though! Always prefer to hire a business layer from the same State where you are carrying on your business. This is because there are no standardized rules that prevail, there are differences in legal requirements between States and only a business lawyer practicing in the State where you are located can guide you optimally. For instance, if you are operating in the State of Victoria, Australia, business lawyers in Melbourne will be your best option for hiring or consultation.
Even if you do have a certain amount of knowledge and skill set in handling legal matters, getting into it will draw your time and attention away from the more pressing core activities of your business. This will affect growth and development in the long run.
Here are some aspects where you will need the services of a lawyer to take your small business forward.
- Preliminary work of starting a small business – There is a lot of spadework that you need to carry out before you can get your business off the ground. Some of them like researching and picking a name for your business and choosing a business structure or interviewing and hiring employees do not require a legal-oriented bend of mind. Reserving a domain name can be done by a digital marketing agency that will also take care of designing and developing a website for you.
- Applying for employer identification number (EIN) and licenses and permits is not a big deal also but only if you have the time to spare to unravel the numerous intricacies of various forms. Otherwise, take the help of business lawyers who are experts in this field. In the must-have business lawyer, guidance category are drawing up contracts for customers, vendors and buy-sell agreement with partners. Also in this section are help in submitting tax forms to regulatory bodies and taking care of audits started by the tax authorities.
- Operational sides that require legal help – While as a small business owner you certainly may not need a business lawyer to fill out a tax form, there are certain issues that you should leave alone and let them be handled by the professionals. One of the areas that can damage your business reparation and cost your firm large amounts of compensation is related to employees. Former or current employees suing you for discrimination in hiring and firing and fostering a hostile work environment are difficult issues to deal with. Next is federal or State authorities and other regulatory bodies filing complaints or initiating investigation process for noncompliance of business laws and regulations. All these should be left in the capable hands of lawyers only.
An area that has gained in importance in recent times is adhering to environmental laws. Even if your business is not directly concerned with causing a problem the slightest of involvements can get you heavily penalized.
Why You Need Legal Help When Taking Your Business Abroad
Finally, you will definitely need the services of business layers if you want to sell your existing business or opt for the acquisition of another. Both these are complex processes which are best handled by them. You should not even attempt to try your hand at these procedures.
These are some of the reasons why as a small business owner you should always engage the services of a business lawyer to ensure that all legalities are thoroughly looked after. It will give you the peace of mind so necessary to guide your business to the next level.
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