Starting a business can often be very demanding. It can cost you a lot of physical, emotional and financial stress, but if you are patient, the end result can be quite rewarding.
A new business comes with a whole lot of risks and challenges which can sometimes be very easy to fall prey to. The trickiest of them being legal ones. You should therefore be aware of what these potential legals risks are, so that you can adequately prepare for them should they arise. However, given the complexity of the law, including business law, chances are high that the average business owner will be unable to meet and resolve these risks and challenges without the help of an experienced business lawyer.
Why You Should Hire a Business Attorney?
Hiring a business attorney who is well versed in the language of everyday business is more likely to be able to help spot these potential legal risks and challenges that your business could face, and just as importantly, will be able to suggest ways to mitigate or eliminate them outright. They can in fact proffer solutions to likely issues before they occur.
Some of the legal issues that a business attorney can help mitigate or minimize are:
- Dissatisfied Customers: in this day and age, and in such a litigious society such as the United States, it is not impossible that a customer of your business can bring a lawsuit against your business for one reason or another. From an individual customer who files a lawsuit, to group of people who file a class action lawsuit, over such things as a defective product, a personal injury as a result of using your product or service and more.In addition to having a good product or service, good customer support, instantly recalling defective products once reported, among other things, having an attorney to guide and advice on how to resolve some of these issues once they show up can be invaluable in helping you nip them in the bud, before they become a much bigger legal problem.
- Disgruntled Employees: Human resource is perhaps the most valuable and important resource a business can have and use to grow and accomplish its other objectives. Unfortunately, however, conflicts often arise between employees and employers, to the point where lawsuits are filed, often by the employees.A properly drafted contract of employment, which a business lawyer can come up with, is one way a business can reduce the occurrence of such lawsuits from employees. or when they do occur, can ensure that any potential damage would have been reduced by the properly drafted and signed contract of employment.
- Harassment/Discrimination Issues: Gender, sexual, age, disability, ethnic discrimination charges against an employer can often have damaging effects on the business. From a legal perspective, a branding perspective, or other such avenues. A lawyer who is familiar with the inside dealings of a business can often advice of the potential adverse effects of any such dealings that he or she comes across in the everyday running of the business.
- Patent and Copyright Issues: It is very easy to unknowingly violate a patented or copyrighted work, but such ignorance is no guarantee that your business will be spared the consequence of doing so. In addition to doing your own due diligence before creating and naming a new product or service, consulting with a business lawyer can often give you insights into the new business or service you are working on, that you may otherwise not have seen on your own.
In addition to the above, another value add business attorneys bring to the table is the fact that they usually will have no emotional investment in the business, and can therefore often suggest solutions to problems or potential problems without being clouded by emotions, which the owner of the business can often be guilty of.
Also, businesses often have a lot of dealings with external stakeholders, whether individuals, governments or other companies. Oftentimes, these business dealings will necessitate the signing of one type pf contract or another. Because of a business attorney’s training and experience, they are usually in a better position to scrutinize any contract that you intend to sign and warn you of the potential dangers that exist if you should sign the contract as is. And given the sanctity of contracts, especially in the business world, it highly advisable that you ensure that any contract you intend on signing is first studied by an attorney.
How a Business Attorney Helps With Taxation
- Tax Complexity: Tax laws can often be very complex, more so as laws can very from state to state. For a business that operates in multiple states, this is one very good reason to often consult with a business or tax attorney, as they are either likely to be able to help simplify these complex tax law, or where they are unable to advice you on a specific states tax laws, they often will have the network of attorneys that they can refer you to.
- Keeps You Informed: As a business owner, your main concern is to grow your business, and at such you will likely not have the time to keep abreast with the latest developments in the tax world. But as far the law and the revenue authorities are concerned, ignorance is never an excuse, and they are almost always sure to impose relevant penalties for any business tax violations.
The importance of a business attorney for your small business cannot be overemphasized as the pitfalls they can prevent your business from falling into are legion. You will therefore save yourself a lot of legal headache by hiring or occasionally consulting with one, instead of waiting for these legal troubles to appear, by which time it might be too late to avoid it.