When you are just starting out in a business, there is a desire to keep spending as low as possible. That’s why hiring a lawyer is never on the cards until you find yourself embroiled in a legal mess. However, according to business specialists, having a lawyer on your books from the very beginning is one of the smartest decisions you can make for your venture. This is why:
Take care of the structural duties of the business
Setting up a new business is more than a little complicated. You have to make sure that you are meeting all the regulations and requirements of your industry and where you live, as well as making sure that you have the appropriate insurances.
You also have to register for tax obligations and any necessary licenses. If you do not get these things right, you could land yourself in hot water, so getting a professional who knows how to do it is the best idea. It also means that you can spend your time focusing on growing your business!
Deal with contracts
Whatever field or industry you are in, you will come across contracts at some point. It may be signing one with a potential partner or investor. It may be with suppliers and distributors, or it may be with employees.
These can be a bit of a legal minefield, especially when it comes to small print and jargon. This is where it is a good idea to allow a legal professional to cast their all-knowing eye over it, to make sure it is all above board and legally binding.
Protect you from lawsuits
No matter how well you run your business, there is always a chance that you may hit some legal bumps in the road. This may be from disgruntled former employees or customers and clients who do not like the way that you have handled something. It may be that someone has got injured on your premises and is filing a claim against you.
Having a lawyer on your books that knows you and your business inside out is essential. They can help if a plaintiff is asking to see their Electronic Medical Record Audit Trails, for example. They will go to court on your behalf and fight your case.
Give you advice
With all the legal rules and regulations that you have to follow in business, it is very easy to get something wrong. For example, if you want to terminate a contract with a supplier or sack an employee, you need to make sure you do it properly.
If you do not, you can run the risk of getting yourself into legal trouble, as we described above. A well-versed lawyer can make sure you are doing things properly to avoid any ramifications in the future.
State and federal compliances
We briefly touched on this above, but making sure that your business is working within state and federal compliances is important. A lawyer will know what is what and make sure you are doing it correctly.
A lawyer is well-positioned to guide you on some of these laws. If you are looking into doing business across state lines or building real estate, you need a lawyer to help navigate all those processes.
Protecting Patents and Copyrights
If you have developed a new and unique product, it is essential that you take steps to protect it. After all, you do not want anyone else to take the credit and profiting from it!
Dealing with trademarks, patents, and copyrights can be full of legal jargon and complicated things to get your head around. It can be tough to get applications approved in a short period of time unless you have a lawyer who is knowledgable and knows how to get it fast-tracked.
Exit plans and disputes
If you are working in a partnership with someone else, there is always the chance that one of you will want to leave. There is also the chance that someone will die.
A lawyer will help to straighten things out and make sure everyone is given what they are entitled to. They will also make what can often be a tense and stressful time a little easier and remain the middle man and mediator between the two parties if necessary.
A lawyer may seem like an unnecessary expense, but if you want your business to run smoothly and trouble-free, it is something to put into place as soon as possible.