If you’re in the process of starting a new business, you are undoubtedly filled with excitement and trepidation at the same time. Keep in mind that 20 percent of companies fail during the very first year. So what can you do to increase your chances of success?
Look to hire experts that can help you make SMART business decisions. The right expert will guide you and help make your process smoother and much efficient.
A business attorney can be crucial for knowing what it takes to succeed and grow. Here is how a business attorney can help you grow.
Financial Advice
Numerous procedures come into play when you hire an attorney for your new or small business. Your attorney will know all the financial ropes like applying for business loans, keeping expenses and income records, and raising capital. Most importantly, he or she will know all it takes to become fiscally responsible, of course with a clear bent of mind.
Additionally, the legal counselor will ensure that your company is taking advantage of tax breaks and avoiding situations that put you in tax penalties. Also, he or she will show you how to organize the tax payments so that all your taxes are paid well before time.
Finally, their legal advice is sure to lead you to use the right bank and other types of accounts that suit your purpose. After all, it is all about keeping your personal and business finances separated and secured.
Legal Protection
Your business has numerous stakeholders. Investors and shareholders are a few to name. Thus, your business venture is a risk for them as well. Every move you make will be under scutiny and can either help the business make more money or potentially lose money.
Having a business lawyer by your side helps deal with everything from civil actions to contracts. A business requires signing diverse contracts, which you’ll need for different clients, vendors, employees, and so on.
This will protect all stakeholders of the company. The last thing you want is unnecessary lawsuits or contracts signed that are not in the best interest of the company. A good business attorney will be able to negotiate with any adversities that come along your way. And, even if the negotiations fail, you have skilled legal representation that will fight aggressively to safeguard your rights during the litigation.
Resolves Employee Issues
One of the most damaging factors for your business can be disgruntled employees. Lawsuits, workmen compensations, and poor reviews can give businesses a difficult time. A legal counselor will combat not only such problems with their explicit knowledge of Corporate, Small Business, and Commercial Law but also navigate potential issues before these happen.
An effective combination of great employees and excellent business lawyers helps in providing a company culture that is more conducive to growth. Also, he or she will be well-versed with employee rights and laws to draft employee handbooks to further educate your staff about your business.
Enables Restructuring
As your business grows, you may need to change the corporate structure. Lawyers help in restructuring business decisions. This can be in the form of taxes and licenses to employee terminations.
Market changes and downturns can require your company to pivot and change directions. An experienced attorney can help you make the best decision moving forward.
Protect your Intellectual Property
Intellectual property consists of designs, logos, inventions, original works, business services, and trade secrets. It becomes vital to protect your intellectual property for maintaining your competitive and distinctive business. The enterprise can file copyright, patent, or trademark based on your intellectual property.
Your corporate lawyer can help in protecting and preserving your legal right to intellectual property.
Final Words
While you don’t necessarily need a lawyer to navigate your business journey, it surely helps you prevent problems as a critical takeaway for your business. Although you can handle some business matters by yourself, some legal issues surely require a lawyer’s expertise.
Businesses also have the option of retaining attorneys to assist them with a variety of tasks. Thus, determine the scope of your work and make a checklist of the functions that run beyond your knowledge facade and then hire a business attorney!