Every great small business starts with an idea: Whether it’s a service you provide or goods you sell, beginning the path of entrepreneurship is exciting. You probably have a to-do list a mile long, and business law or legal issues are probably not the first thing on your mind.
And the thought of the additional expense that comes with hiring business law counsel is not a pleasant thought. But when you are striking out on your own, you’ll be handling a variety of new challenges. A business lawyer can guide you as you confront the legal issues that come with running a business. Here are four reasons a business lawyer can be a big advantage.
It’s inevitable that you’ll be asked to sign contracts — contracts to lease a storefront, contracts for work to be provided by your vendors, contracts for supplies. You need someone skilled and knowledgeable in business law to guide you and to draft contracts on your behalf. Hiring an attorney could save you headaches – and money – down the line.
Perhaps your small business is just you at the moment, but if you plan to hire (or sadly, fire) someone down the line, it helps to have a business law attorney who can advise you. It’s not always intuitive to know the ins and outs of hiring and firing, but an attorney can steer you the right way.
Similarly, what if you take on a partner? Management responsibilities, cost sharing and other obligations should be reduced to writing. If you don’t have a written agreement in place and later determine the relationship isn’t working out, your business divorce will be more complicated.
Depending on your business, you might need to insulate yourself from liability. Protect yourself and your assets by consulting with counsel.
Let’s say your business is very successful. Congratulations! Maybe you’ve had an offer or two from interested buyers. Before entertaining any offers, consider consulting with counsel to ensure the terms are as advantageous to you as possible.