Contrary to common beliefs, business lawyers are not exclusive to large business establishments. Quite often, small businesses also need the services of a business lawyer.
Nonetheless, most small businesses don't hire business lawyers because of two reasons: most small businesses don't see the point of hiring a business lawyer, and some small business view hiring a business lawyer as an unnecessary expense.
Hiring a business lawyer may seem unnecessary and costly, but it provides several benefits to a small business. Thus, here are three reasons why a small business should hire a business lawyer.
1. Business Structuring
Even if you start small, it doesn't mean that your business will not grow in the future. As a result, it is essential to structure your business in a way that facilitates its future growth. But, as a layman, you may not understand all the financial and legal implications of structuring your business or the types of business structures you can pick.
Hence, you need to hire a business lawyer to help you correctly structure your small business to avoid future issues. Furthermore, your business lawyer can help you understand critical factors that will affect the business structuring model you choose. For instance, how will your business structure affect business taxes, business liabilities, and legal obligations?
Hence, a business lawyer can help you structure your small business to facilitate future growth and minimize the risk of breaking the law or failing to meet your tax obligations.
2. Contracting Assistance
Gone are the days when most small business agreements were sealed with a handshake. Today, even small businesses have to put all agreements on paper as contractual agreements. Hence, small businesses are not exempt from legally binding contractual agreements with other businesses, employees, and customers/clients.
However, formulating and assessing contracts is no easy feat for a layman. As a result, it is advisable to have a business lawyer help you formulate and review the different types of contracts your small business enters.
A business lawyer will help you protect your interests in any contractual agreement and also help you understand the finer details of entering the contract. Thus, your business lawyer ensures you fully understand the implications of signing a contract before placing your signature on the dotted line.
3. Assisting in Business Growth
As your small business grows, there may come a time when you take on investors, shareholders, or partners. However, when such a time comes, you need a business lawyer to walk you through the complexities of adding partners or taking on investors.
Besides, you and your partners/investors will have to hold negotiations on the by-laws of your business. During such a time, a business lawyer can provide valuable counsel and help with negotiations to protect your interest.
Hence, hiring a business lawyer is of great benefit as your small business grows. Contact a local business lawyer to learn more.