It can be difficult to know where to spend your cash as a small business. But there are some areas like your accounting or the law that can’t be doubted as a must-have.
From time to time small businesses make big mistakes, and those big mistakes can lead to disastrous outcomes. If you consider your business lawyer on the same level of importance as insurance. You have them both should you need them – but lawyers bring a lot to your table.
Here are just a few of the many advantages of hiring a business lawyer like Manfred Sternberg & Associates.
The right business structure
One thing that many companies will come up against is the decision about which type of company formation is the right one for them. All company structures come with their own benefits, and it can be confusing to choose which ones meet your needs.
A business lawyer will be able to assess what you do, how you do it, potential growth, and liabilities.
The assessment might be one of the most important things that you spend money on.
Contracts
In the early days, you might want to print a contract from the internet – or even try to write one yourself. The issue is that it might not be a good fit for your business, or worse, there are many loopholes and problems with it.
Contracts aren’t just about tying clients into work; they also protect you should something happen. A business lawyer can make sure that all of your contracts are airtight, they make sense for your business and everything that should be in there – is.
Property
If the business is going well, and you choose to either buy or lease a property for the purpose of conducting business, a lawyer should check the contract first.
Property agreements and contracts can be lengthy in nature, and people often miss the fine print. However, it is within that fine print that you might find yourself paying for expensive repairs, extra costs, or paying fines for breaching regulations you weren’t aware of.
Lawsuits
Depending on your industry, it can be essential to consider your risk factors for lawsuits. These could be lawsuits from current or previous workers or clients. Either way, to make sure that you limit your exposure, having a proactive lawyer on your side will prevent or reduce the impact of lawsuits on your business.
Intellectual property
It has happened many times in business and is likely to happen many more. A business owner creates great branding, logos, website, TOV, products, and more. Someone else comes along and steals every piece of the idea and makes it their own.
A business lawyer can make sure that, where applicable, you have the copyright, trademark, and patents – keeping what is yours safe.
Business lawyers are on your side and can ensure that your intellectual property is protected.
And finally, as your business grows, your business lawyer can help you with corporate structuring, restructurings, mergers, and acquisitions.
Perhaps you are trying to figure out if you can afford a business lawyer at all; this post can help you with other financial considerations: The Financial Side of Business You Need to Know About.