Whether you are starting a new business or running an established one, having a lawyer on retainer is vital. They can protect your business and ensure you follow all applicable laws.
They can help with everything from drafting high-quality contracts to handling legal tax issues. Keep reading to learn about the top five reasons every business needs a lawyer.
Avoid Legal Issues
A business lawyer is invaluable when dealing with the legal challenges that can arise for businesses. They can help ensure that all contracts, agreements and policies are in place and compliant with relevant laws. This can help avoid lawsuits from dissatisfied customers, labor disputes and more.
They can also help you draft the right contracts for your business needs. This includes contract terms for employees, consultants and contractors. A lawyer can ensure that your contracts clearly define the work they will be performing and how and when they will get paid.
They can also help you comply with local, state and international business regulations. This will save you a lot of time, money and stress.
Prevent Litigation
When you run a business, adhering to state and federal laws is vital. Even small mistakes can put your company at risk of sanctions or penalties. A lawyer can help ensure that your company complies with all the rules and regulations that apply to it.
Litigation is costly in both time and money, so you should do everything possible to avoid it. A lawyer can assist with this by drafting airtight agreements that reduce the chance of future legal disputes.
Also, good communication with clients, consumers, and employees can reduce the lawsuit’s chances by avoiding misinterpretation. Regular reviews and communications can unearth small problems before they escalate into major issues. Besides, lawyers can help settle disputes in an amicable manner, saving both time and money.
Draft High-Quality Contracts
As a business grows, it is bound to contract with contractors, suppliers and vendors. These can be complicated documents that have a wide range of legal consequences. A lawyer must draft these contracts well to protect the company’s interests.
Also, a skilled business lawyer like Ed Batts can help resolve contractor or supplier disputes. These are often complex and time-consuming to deal with, but an attorney can ensure that the company’s legal rights are protected.
Deal With Tax Issues
The tax code is complex, and the legal jargon can be confusing, but having a lawyer on your side can save you time, money, and headaches. For example, a lawyer can review and scan documents before they are signed to ensure they are complete and contain no loopholes that could be used against your business.
They can also help with tax preparation assistance and implement preventative strategies to avoid potential IRS claims or audits down the line. Additionally, suppose your business has serious back taxes issues affecting its operations. In that case, they can help you negotiate with the IRS and work out a compromise or debt settlement offer. They can also help with employee payroll tax issues and federal withholding requirements.
Provide General Business Advice
When building a good relationship with customers, investors, partners and vendors, having the right legal advice can make all the difference. A business lawyer can help you with these relationships and ensure that contracts, agreements, memos and other documents are properly drafted and vetted for potential problems.
A business lawyer can help you select the best type of business entity for your company, whether it’s a sole proprietorship, partnership or corporation. They can also help you understand other legal issues affecting your company, including lawsuits or law violations.
The best business lawyers are familiar with your industry and have experience advising other businesses in your niche. This means they can provide you with more specialized and tailored legal advice.