Sadly, 1 in 12 small businesses close each year.
Looking on the brighter side of that, 11 of those businesses succeed. Maybe they succeeded because they had a great website, loyal customers, appealing social media, and superb products and services.
On top of all these things, they also probably had a business attorney. A business attorney serves a world of purpose so it’s smart to keep one on retainer. Especially if you’re just starting out as a business, you’ll need all the legal help you can get.
If you aren’t totally sold on the idea, keep reading. Below are 9 reasons you need an attorney on retainer.
1. They Aid in Partnerships
If you’re a new business, you’re more than likely excited and eager to build relationships with other local small businesses. Creating a partnership is always a good idea, but don’t let your eagerness get in the way of understanding all of the legal implications.
This is where business lawyers come into play. They remind you of all your legal duties in creating partnerships. They’re also there to make sure you don’t get the short end of the stick if things go wrong.
In a perfect world, everyone would do as they promised. However, this isn’t always the case. Keep an attorney around to help create effective contracts and help if the other party goes against their side of it.
2. They Help with Compliance
In all the stress of juggling responsibilities, you’re probably not sitting on your computer for hours sifting through state and federal laws for owning a small business. You’re probably making sure you have the best staff and happy customers.
When keeping a business lawyer on retainer, you can sleep more soundly at night knowing someone is keeping you in line with the law. To assure effective communication between you and your lawyer, always be honest and regularly check in about business.
3. They Assist with Employee Issues
It’s unfortunate that even if you’re a wonderful business to work for, there will always be a negative incident with an employee. Whether it’s someone trying to sue over a workplace injury or stealing money from the register, there will be problems.
Whenever there’s a problem, a business law attorney can step in to help. They can help by addressing all accusations or decreasing the amount of money you could potentially owe someone.
You should always be honest and have an honest lawyer in the midst of employee issues. Even if you did something wrong and are scared to admit it, honesty is the best policy.
4. They’re Better than Videos or Books
Many people want to save money in their business, but cutting out a business lawyer is not a great way to save money. Letting go of legal help and turning to books or videos won’t bring you the same result when dealing with issues such as a business lawsuit.
Business lawyers went through years of schooling and real-life experiences to provide the best legal service they can. Having a person sitting down with you will provide more insight than someone behind the screen.
Hire and keep real legal help around, like Mark A. Alexander, P.C.
5. They Write Contracts
In any sort of business, big or small, you will need many contracts. These can include contracts with business partners, employees, or suppliers. Legal jargon becomes a mess for anyone not educated on the different issues.
A business attorney knows everything and more you’ll need to put into a contract. A successful attorney will sit alongside you, listen to your wants, negotiate deals, and construct a contract. That’s why it’s always important to keep one on retainer!
6. They Help with Buying or Selling a Business
Even though it can be unexpected to many, there are moments the time to buy or sell a business comes to some people. No matter the scale of the business, there’s always plenty of legal processes at hand when handing over a business.
When you buy a business, you’ll need guidance in determining the value of a business, settling permits, and working out purchase agreements. Many people don’t understand how to do all of this on their own. Having a business lawyer helps with all of these things.
7. They Work with You in Hiring Employees
There’s a huge burden of responsibility that comes with hiring your first batch of employees. Since they’re your first, you don’t know what to expect. You may also not be sure about all the legal rights and benefits they receive when working for your business.
Don’t stress too much. Find a business lawyer to help. They’ll know everything you need to do when working with your first employees.
If your employees have any legal questions you don’t know the answer to, you’ll have someone to ask when having an attorney on retainer.
8. They Assist in a Franchise Agreement
Many people don’t want to build a business from scratch so they own a franchise. Even with owning a franchise, there are plenty of rules and regulations to understand. Violating any of these rules can put your franchise in jeopardy.
When buying into a franchise, have a business lawyer thoroughly look over any agreements and contracts before placing a signature on a page. You don’t want to sign away to a bad experience.
9. They Help Choose a Name
As silly as it may sound, something as simple as choosing a name for your business and products can bring trouble if not staying within boundaries. Lawyers will help do the research to assure any name isn’t violating copyright issues.
Reasons to Have a Business Attorney
If you’ve been on the fence about having a business attorney on retainer, make sure you read the 9 above reasons why you should have one. Not only does it provide peace of mind, it keeps you out of trouble.
Starting and maintaining a business means having to know all rules and regulations when it comes to things like partnerships, employees, lawsuits, and copyright issues. Hire someone to take burdens off of you.
If you are curious about more legal tips when owning a small business, make sure to check out the rest of our site.