Managing a business is a tough thing to do. You have a lot of people that you’re responsible for and a lot of clients that you are talking to and working with. Running your business is going to take a lot of time, effort and in some cases, money, so having a legal team there to advise you is so important.
Business lawyers have knowledge of the law and they have the training to handle your business needs – all of them. Whether you are starting your company alone or you’re doing it with others, you need to have a business lawyer on your side so that you can protect your business and your investment. You have to work with your business partners, prevent arguments, protect yourself from liability and more – so a legal team who understands business is a must. So, with this in mind, here are ten reasons having a legal team on your side is a great idea:
- They’re there to give you options. When you have a business lawyer by your side, you’re going to have somewhere to lean when you need to make informed decisions. Your options depend on your business goals and the needs of your business, and a lawyer can talk you through what those options are as you need them. You might even need business legal advice when you are choosing the type of company structure you want. The legal advice you get is going to help you to get set up in no time at all.
- To protect yourself and your assets. As you come into a new business, you might have assets personally behind you. You don’t want to risk your personal assets when you start a business, and a lawyer can help you out with that. They can help you to ring fence your assets to keep them away from your business, and that means that an entity must be properly formed according to the law. You have to keep your personal finances out of the equation.
- They can help with contracts. Drafting contracts is a big deal and there are so many opportunities for oversight. Whether you’re dealing with clients or customers, you need your contracts to be solid and the same can be said for your employees, too. You want to have fair protection and a legal team can provide indemnification in case of a breach of a contract. You can invest in the success of your business when you have a business lawyer helping you to draft and revise contracts.
- You’re buying or selling your business. Whether you are buying a business or selling one, there are many different legal consequences that come with it. Some are good and some are bad but you want to ensure that you are on the right side of it. A business lawyer is going to help you here, and experienced business legal teams can help you to save money while avoiding liability.
- They’ll work to get your license and permits. If you have to apply for permits, license or any public notices of intentions to acquire assets, your legal team can hold your hand through it. They’ll process and file any and all necessary documents with the right government offices.
- Your tax liabilities will be explained to you. There is so much jargon involved in figuring out your tax and you don’t have to do it alone – any of it. With the right legal team working with you, all of your questions will be answered before you find yourself in a position of needing added help. Business attorneys can respond to initial tax questions before you chat to an accountant, and they can walk you through your tax liabilities with ease.
- They’ll help you to protect your intellectual property. Are you starting out with a product you created yourself? Business lawyers can help you with contracts that protect your intellectual property. If you want to patent your designs, you can and they can work with you to do that. Intellectual property can protect your product and your brand and they can support you through that.
- For help with your employees. If you’re bringing people on board into your business, you need to have a legal team at your back. They’ll guide you on codes, regulations and laws that relate to hiring employees or managing independent contractors. The right advice can prevent you from discrimination claims and any breaking of federal laws. You need your hiring contracts to be watertight! While you’re doing that, ask your business lawyer to help you to write your policies and procedures for the workplace, too.
- For advice with real estate leases. Commercial lease agreements are legally binding between landlords and you – so you need a legal team to help! What would be the consequences if you need to leave a commercial lease? What happens if you need to expand or downsize? Having your legal team reviewing any and all contracts will make a big difference to the way things end up for you!
- For simple peace of mind. Owning a business is exciting, exhilarating and stressful all at once. It takes time to build it up and it takes even more time to become successful with it, but having a legal team on your side can give you the peace of mind that you need to get to the success you want!
There are plenty of things that you can do as a business leader that will make your business successful but you need to have an added eye cast over what you do when you do it. When you have a legal team behind you, you can feel secure in what you’re doing and how you do it. You know that you can stay on top of your business and grow it securely and successfully and the legal team you have will be there for you to answer any questions that you have.
