10 reasons why you should shire a business attorney in the US

There are several things a business needs to contribute to its success. A successful business needs to excel in all areas:  great product or service, consumer market, suppliers and dedicated employees. The list of contributors to a business’ success can go on indefinitely.

One of the main contributors entrepreneurs forget to invest in during the formation stage is legal counsel. A business attorney has many valuable insights to impart upon any startup or existing business. Even though lawyer fees are not cheap, dealing with litigations alone can be an even costlier problem.

Below are 10 reasons why every business should have a business lawyer on retainer.

Protect against lawsuits

The primary reason for keeping a lawyer on retainer is for counsel in the untimely event of a lawsuit or other legal trouble. After all, it is probably too late if you are hiring an attorney after you have already been sued. A good lawyer should help in reducing the likelihood of litigation, but, naturally, they cannot protect you entirely. Therefore, be proactive and get your legalities in order before a lawsuit occurs.

Reducing reputational damage

In the unlikely event of a lawsuit, a business attorney can reduce the damage your reputation and business will indefinitely amass during a lawsuit. For instance, if you are facing a personal injury case from an employee or customer, a lawyer can help mitigate any damages. To get the best result, however, it is important that you tell your lawyer the plain truth. No matter how damning.

Contract drafting

It is essential to have a lawyer while drafting or negotiating a contract of any kind from customers and employees to suppliers. Let the lawyer deal with all the legalities that may affect the business. In case the lawyer raises the alarm on certain contracts, it is prudent to restrain yourself from laying your hands on the document. Notably, a contract that the lawyer does not approve may be a problem.

Business incorporation

Incorporating your business involves more than merely receiving a certificate of incorporation. It is vital to have someone by your side that is familiar with the process of incorporation. In this case, a business lawyer through the whole process without any legal implications. A business lawyer will know exactly know what to do.

State and federal compliance

You’re probably familiar with the fact that state and federal laws are different and have varying procedures. When incorporating a business, perform business dealings across state lines to get the biggest bang for your buck. On the other hand, there are specific rules and regulations you must observe while taking your business overseas, building or developing property or paying your taxes. As a business owner, you may lack time to sift through all these laws to ensure that you are complying adequately.

Employee issues

Employee-related issues are common in the workplace. Often, the issues may leave an employer shorthanded; however, if you have an attorney on your side, these issues diminish quickly. This is because a business lawyer can facilitate the hiring process and administer worker’s compensation. Moreover, they can also help draft up agreements for independent contractors and assist in carefully dismissing employees without legal repercussions.

Filing for patents and copyrights

One of the most crucial components of situating a new business is registering a patent for any new or developing products and services associated with your brand. The process of obtaining patents can be both time-consuming and expensive. Furthermore, patents are often difficult to get approved in a timely manner without the help of an attorney. Luckily, an experienced business attorney will help you obtain patents promptly.

Buying or selling a business

Many legal implications arise when either purchasing or selling a business. The process of buying a business is more complicated than buying a car or another asset. So, get your attorney involved in the process, which involves valuing the business, writing the acquisition, purchasing agreements and transfer of any permits and licenses.

Environmental issues

In recent decades, environmental issues are getting bigger attention than ever because an increasing amount of people are interested in securing the planet’s biodiversity and at-risk ecosystems. Consecutively, federal compliance standards have been changing for the better part of a decade and requiring businesses to be more conscious about their impact on the environment. There may be dire legal consequences if your business does not observe these environmental laws. A good business lawyer is your first line of defense in case of a lawsuit or federal complaint.

Business structural decisions

Whether you are starting a brand-new business or seeking to restructure an existing one, it can be tempting to handle fundamental business decisions all by yourself.

Apart from incorporating your business, it is vital to understand liabilities, tax obligations, setup fees, ongoing expenses and employee-related concerns among other issues. A business attorney will allow you to be secure in your handling of these highly esoteric components of starting and operating a business.

At Mount Bonnell Advisors, we can help you get an experienced lawyer. Just get in touch with us any time!