Adding to the many worries of an entrepreneur either seeking to start or already owning their own small business is whether or not to hire the services of a business lawyer. Perhaps one of the biggest misconceptions is that attorneys are simply too expensive, or that your company needs to be a certain size to find a business lawyer helpful. Both are potential issues for small businesses since they don’t have much extra money and aren’t yet established. However, having legal help is a cost that can end up saving you money in the long run and setting up your business for future success.
Here are a few of the most common reasons where a business lawyer should definitely be consulted:
*Current, former, or potential employees suing you for discrimination in firing or hiring, or for providing a hostile work environment
*Local, state, or federal government representatives investigating your business for any law violations or filing complaints
*Making a special allocation of your profits and losses, or wanting to contribute property that’s been appreciated to your LLC agreement or partnership
*Environmental issues involving your business
*Negotiating for the potential sale of your company or acquiring another company or its assets
Perhaps the best reason for hiring a business lawyer is to help prevent issues like the ones listed above from happening in the first place. Even consulting with one wouldn’t hurt you. It would be much better than having to pay attorney fees, damages, and court fees if something were to happen and you had no attorney to assist you when setting up your business in the first place. Instead of having to build a working knowledge from zero and using valuable time you could put into your business, an attorney can provide you with the best possible advice based on years experience.
Not every issue that arises will require you to obtain the services of a business attorney. However, when the time does come, it’s always good to know just where you can find the right one. Lawyers help just as much with prevention as with damage cleanup.
Thank you for visiting the Hollister Legal blog, an Austin business attorney. We write to inform locals about law changes and current events.