No business owner wants to hire an attorney, but it’s highly encouraged. No matter the size, business entities have something in common – the exposure to risks and threats from different angles. Every business owner wants to succeed and therefore is on the lookout for the right steps that keeps their business going. In doing this, business owners hire different professionals, especially attorneys, to see several aspects of their operations to ensure that their business is functional and all their activities remain on the right side of the law.
As a small business owner, you might have heard a lot about how your size of business reduces your need for an attorney – even though you agree they have a lot to do with your business, here are 3 reasons why you need to hire an attorney for your business now;
Legal Guidance
A lot of small business operations are function of local laws and regulations. As custodians of the law, an attorney will provide you with legal guidance as regards several aspects of your business – different nature of contracts, negotiations, document review etc.
Beyond saving you the stress and agony of losing your business to abusive agreements and poor negotiations, an attorney will also ensure you understand the legal effects of the steps you take in dealing with others as regards your business.
Safeguard from Legal Infractions
The mistake small business owners make is shoving off the idea of hiring an attorney until they get slapped with a high value law suit. At this stage, it is too late and you’ll definitely have to pay more due to pressure of time.
Hiring an attorney for your business gives you a shield from possible legal infractions as you’ll be more aware of the right and wrong in dealing with co-business owners, your employees and rival businesses. Your attorney will also perfect your compliance with state and federal laws, thereby safeguarding you from being caught up with by the law.
A business free from legal disputes is primed for success as you’ll occupy a position of trust from potential clients thereby boosting your sales.
Business Expansion
You do not want to remain a small business forever, just like other small business owners. Hence, when the time comes for your business to expand either by setting up new franchises or buying an existing business, an attorney is a must have to navigate safely through this process.
Expanding your business has its complexities. From valuations to agreements and transfers, and you do not want to wade through this all alone. Involving an attorney in the process will help you achieve the expansion while retaining the best value in the business. Otherwise, the business you are seeking to expand might just be gone in minutes.
Final Thoughts
If your goal is to build that business and get it to grow way beyond the ‘small business’ label, then you should not leave out hiring an attorney from your business plans as he is a strategic partner in building your cherished investment. You want to stay safe and avoid disputes in your business while you seize opportunities. For more information, check out our business formations page.