If you’re a business owner or planning to start one, hiring a business lawyer is highly recommended. In a country where everything can be brought to court, having a legal counsel is vital especially if you operate a business. In 2017, trial courts received around 83 million lawsuits, which include a wide range of cases filed against business.
Corporate attorneys are knowledgeable about the laws and will help you navigate through legal processes. They protect your business’s rights and interests. Most of the time, you’ll need an attorney to interpret legal matters associated with running a business. If you are not careful with legalities, these issues end up costing you.
You might be tempted to scrimp on the legal aspect of your business, believing that it’s an optional expense. But the fact is that doing business is guided by laws, hence, hiring a legal professional is vital to your company.
If you hire a business lawyer, you can take advantage of the following:
Compliance to State and Federal Laws
As mentioned above, there are specific laws, rules, regulations and practices that govern the operations of a business. Every step in doing business entails particular legal guidance. For example, there are laws on incorporation, taxation, contracts and lease, performing business dealings across state lines, and doing business abroad. To complicate things, state and federal laws are not necessarily the same and have respective procedures. Market capitalization losses due to class action securities filings are estimated to have surpassed $1 trillion in 2018.
Considering the voluminous corporate laws, you might have no time to sift through each of these regulations to ensure compliance. Working with an expert Orlando business lawyer can guarantee that your business is compliant to each one.
Focus on More Crucial Tasks
Business owners have a full plate and have no time to learn about legal stuff involved in their business. With the help of a business lawyer, you can save time studying legal processes and focus on more important tasks.
The corporate lawyer will alert you in case there are legal impediments or deficiencies. This way you can continue working on crucial issues while ensuring that legal aspects are met.
Choose Best Business Organization
One of the first things you need to consider is how your business will be structured. There are different legal ways to form a business entity, such as partnerships, sole proprietorships, corporations, and Limited Liability Corporation. Each type of business organization has its benefits and drawbacks. They also differ in terms of requirements as well as protection. Working with a reliable business lawyer can help you differentiate and choose the most appropriate way to structure your business.
Protect Intellectual Property
In a highly competitive market, your products and services are a vital commodity. As such, you want to keep it distinct and inimitable. Corporate lawyers can help ensure that your intellectual properties are protected. These include trade secrets, business services, inventions, logos, and product designs.
With the help of a lawyer, you can apply for trademark, patent or copyright. These documents provide legal protection to your intellectual property.
Ensure Favorable Contracts and Agreements
When doing business, contracts are necessary to protect your rights. As a business owner, there is a wide range of agreements that you will enter into, from lease to supplier terms to employment contracts. These legal instruments bind parties to agreed terms and conditions.
Business lawyers prepare contracts for your business. Before you sign any agreement or legal documents, they will help review all fine prints making sure that your interests are protected.
Handle Labor Issues
From wage disputes to breach of employment contract, the employer-employee relationship is governed by various labor laws. Whether you like it or not, you will have to deal with employment-related legal questions. Hiring a business attorney ensures that your company abides by labor statutes and codes. In case of any legal concerns from your employees, you can get counsel from a legal professional. A lawyer also protects you from possible fines, penalties, and even lawsuits arising from employment disputes.
Simplify Tax Laws
Taxation is a complex matter. While an accountant can help you in many financial aspects, lawyers can interpret, simplify and explain tax laws to you with ease. A business lawyer will help you identify which taxes are applicable to your business and how to process an audit.
Immediate Dispute Resolution
Whether it’s a criminal case or a civil lawsuit, you don’t want to be brought to court. Lawsuits could cost your company millions and can also be detrimental for your business. With the help of a professional corporate lawyer, you can explore legal remedies that are beneficial to all parties. Mediation and arbitration are options you can take instead of going straight to the court. This will save you money and time, as well as, protect the image of your business.
Peace of Mind
Running a business can be really stressful. However, hiring a legal mind can give you peace of mind. As a business owner, you have a lot of things to consider. You don’t want to legalities to into your concerns. Working with a business lawyer can unburden you and make doing business more fun.
Considering all these benefits, hiring a business attorney is definitely worth every penny.