As a small business owner, you probably already have an insurance agent, accountant, or even a trusted mentor on your team. Yet most business owners don’t realize how important it is to have a working relationship with Bristol law firms. While you don’t need a lawyer on a day to day basis, there are situations that will require you to work with one.
Before we get into the reasons a lawyer is a crucial part of any business, we need to consider an important question:
As a small business owner, when is the right time for you to hire an attorney?
Unfortunately, many business owners consider lawyers similar to plumbers or firemen— to be called only in case of a serious problem.
If you’re already being sued or are being served with summons, then it’s too late. Prepare yourself to face settlements, attorney’s fees, court costs, and other expenses as you try to resolve the legal issue.
That’s why the best time to establish a connection with lawyers in Bristol is a long time before anything bad happens. Your attorney will be able to guide you toward making correct decisions that will protect you through complicated business situations like the ones below.
TOP REASONS TO HIRE A BUSINESS LAWYER FOR SMEs
- To help you structure your business
- To take care of employee issues
- To draft or negotiate a contract
- To purchase or sell a business
One of the first things that small business owners need to do is to select a structure for the enterprise. It can be a sole proprietorship, LLC, partnership, non-profit, or a corporation.
Your choice has a big impact on elements like ongoing expenses, tax obligations, personal liabilities, and set-up fees. A business attorney will not only help you decide, but also assist you in creating and filing documents on top of understanding applicable laws.
There are numerous occasions when you should let your attorney deal with employee-related scenarios.
For instance, would you rather hire independent contractors or regular employees? There are particular laws that govern either option. Your lawyer will also help you draft contracts that are in your best interest.
Are you in the process of hiring or firing employees? Protect your interests with a business lawyer. They can advise you on asking correct interview questions, how to resolve employee lawsuits, how to avoid getting tangled in discrimination lawsuits, and more.
There’s a high probably that you will enter a number of contracts while you’re in business. Never enter into one without a business lawyer by your side.
They can spot problematic clauses and identify the need for additional language to keep your business safe. If the other party breaches a contract, you will also need expert advice to navigate your options and exercise your legal rights.
Time to expand your venture? Time to call local solicitors as well. They will assist you through purchase and acquisition agreements, valuing the business you want to buy, transferring licenses and permits, and other steps in the process.
Likewise, they are also essential for selling a business. You’ll be able to ensure correct stock transfers, get the most value, prevail in negotiations, vet buyers, and more.
A business lawyer should never be an afterthought. Smart business owners are always several steps ahead of the game, and hiring a business attorney is always a wise move.