Running a small business means that eventually you will need the services of an attorney. While you may not be able to afford a lawyer on retainer, getting to know a good business law attorney can make life easier. There are many things that you can do on your own without an attorney. Naming your business, forming the structure of your business, creating NDAs, and filing other paperwork that is pertinent to the formation of your small company does not require a lawyer.
There are some instances where an attorney would be needed:-
Becoming a corporation
Certain types of business incorporation does not create a need for a lawyer. Forming an LLC or going into partnership is a ‘do it yourself’ situation. Once you move into a larger partnership, such as adding shareholders and needing a board – you’ll need an attorney. Many people have run into serious problems when corporation paperwork and tax requirements became overwhelming. A business attorney can help during this stage of growth.
Lawsuits and litigation
While no business owner wants to face litigation, sooner or later a lawsuit is likely to come about. These litigations can be from a former employee, a customer, or even the government. There’s no lack of avenues where a lawsuit can come from. Representing yourself or your business is not a good idea and can result in staggering loss.
Filing for a patent
Patents are frustrating. The time it takes to have a patent registered and approved can span years. Patents may or may not give your company an edge over competitors. Unless you are in an industry where patents are very important, you may want to reconsider this process. If you find that you do need to file for a patent, a lawyer can make the process easier. It is still expensive and time consuming, but a lawyer will help you navigate the waters.
Selling your business (or buying one)
Selling the business you have worked so hard to build is both exciting and terrifying. There are many contracts you must sign and negotiations to understand. A business lawyer during a business sale is almost mandatory to get the best deal.
If you are buying a business, retaining an attorney is best. Your lawyer will read contracts, negotiate terms of sale, and help you avoid purchasing a business that is crippled by loss. Unless your business is to turn around floundering companies, your lawyer can help you back out if the great deal you’ve found turns out to be too good to be true.
Lawyers are often portrayed as sharks, but business lawyers can help you avoid the pitfalls of bad business deals. Attorneys know the laws that pertain to your business, small or large. With their help you can build or expand your small business without becoming entangled in legal disputes you don’t understand.
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