All business owners look for ways to cut costs and save money. You may think that handling legal issues on your own will save your entity money, but working with a business lawyer to safeguard your business’s best interests will save you in the long-run. For example:
- Legal structure. Having an attorney help you pick the most advantageous legal entity for your business is one of the most important things you can do. There are a variety of entity types available and each has its own pros and cons. Choosing the right legal structure for your business impacts your personal exposure to liability and taxes.
- Transactions. Contracts can be complex and extremely difficult to understand. Negotiating the best deal for your entity can feel overwhelming, especially if the other party has their own attorney. Working with your own business attorney can ensure that all negotiations are handled fairly and that the contract is drafted in a way that unambiguously reflects what the agreement was. A seasoned lawyer can also anticipate certain obstacles and take action to decrease your potential liability as well as reduce the likelihood of any disputes going through costly and time-consuming litigation.
- Employment practices. Before your entity hires its first employee, you should confer with a lawyer. It is essential that employers verify that their employment practices (such as hiring/firing employees, providing benefits, classifying employees versus independent contractors, and other similar matters) comply with federal and state laws. Failure to do so can result in your business being sued or being assessed penalties by the government.
- Lease agreements. Leasing commercial space is often a commitment that lasts for a long period of time. Leases often cover numerous complicated matters, so it is essential that you understand what you are agreeing to before you sign the contract. Failure to confer with a lawyer regarding a commercial lease could lock your entity into an agreement with over-reaching or unfair terms that can negatively affect your business’s chance of succeeding.
The above list is not exhaustive, but it gives you an idea of how a business attorney can save you time and money. To learn more about starting a new business or how we can assist you with other business-related matters, contact Leslie S. Marell today.