As an Entrepreneur, you have a lot on your plate. Whether you’re starting or already running your business, you have to constantly juggle a myriad of tasks. One of the first things you’re advised to do as an entrepreneur is to consult with a lawyer. But do you really need a lawyer for everything? Good attorneys don’t come cheap.
There are various tasks that you can take on all by yourself, or with the help of the internet. For example, you don’t need a lawyer to write up your business plan, pick out a name for your business, hire independent contractors, or apply for various forms and documents. You can certainly hire one if you want to be safe, but it’s not an absolute must.
While you may not need to have a talk with your lawyer during every step of your business-running process, here are four situations when it’s in your best interest to call a lawyer.
Establishing Your Business Structure
If you’re a new entrepreneur and you’re just setting up your new business, you probably already have a good idea of how it’s generally going to be run and the goods or services you’re going to provide. You might have even already picked out a name! Despite this, you still have to decide what the general structure of your business is going to be.
Among the endless decisions you have to make when you start a business, this is one of the most important ones. Your business structure determines how your business is taxed and how personally liable you can be held.
In a sole proprietorship, your net earnings are subject to income and self-employment taxes. On the other hand, in a corporation, the shareholders are individually taxed on their share of the business income. There are a few other types of business structures, so make sure to conduct some thorough research.
You’re Writing up a Contract
If you want to get the better end of the deal, you’re going to have to have a better contract-writing team. Without a lawyer to tie up loose ends or fix loopholes that you might not even notice, the other side is bound to find a way to take advantage of you. Whether it be employees, shareholders, partners, or a totally new party, it’s best to contact a business contract formation lawyer for a watertight contract.
There Has Been a Breach of Contract
This is bound to happen sooner or later, and it’s stressful knowing where to turn in these cases. So as to not get yourself into a bigger mess, this situation calls for an attorney. There is a breach of contract attorneys that are experienced in these cases.
Sometimes, a breach of contract constitutes an accident. Although accidents happen all the time, Spring Hill personal injury lawyers of Holliday Karatinos Law Firm note that most of these accidents happen because of reckless acts by another party. If this is the case, you should contact a personal injury lawyer for your own well-being.
Get a Lawyer before You Need One
Working to stop something from happening is always better than being forced to resolve a bigger issue later down the road. While you need an attorney for the aforementioned cases, you should be focused on preventing those situations from occurring in the first place.
Consulting with a local attorney before making any big business decisions is always a good thing. Hiring locals is crucial because attorneys in your area know the laws and regulations much better than you do. While doing research on what you are and aren’t allowed to require of your employees, something might slip through the cracks and you’re hit with a lawsuit.
Instead of paying $300/hr for attorney services, arrange a few consultations with your lawyer. In this scenario, you’ll be the one doing most of the work and researching most of the material. The lawyer only has to review your material, say if they approve of your conclusion or not, and give you a few pointers.
This is a great preventative measure that doesn’t cost quite as much as hiring an attorney with money you may not have. You dodge potential lawsuits with a minimal cost.
Whether you’re a seasoned entrepreneur or a novice, you shouldn’t dismiss the importance of having a good attorney. No matter how small, every business needs a lawyer. While most entrepreneurs wear a lot of hats and have to know how to do a little bit of everything, many aspects of running a business need the attention of a real lawyer. Do not compromise on the integrity of your business to cut costs. Most of all, don’t be afraid to reach out for help.