About 20 percent of businesses fail within the first year. By the end of the second year, 30 percent of small businesses fail. Don’t take this to be discouraging, though. You can learn from these failures and protect your investment by hiring an attorney for your small business.
Experience these six benefits when you hire an attorney for your small business.
1. Document and Contract Review
Legal language can get convoluted and confusing. You don’t want to unknowingly agree to terms that are unfavorable to your business. Working with an attorney means you can have them review every document and contract before you sign on the line.
Have your attorney review every agreement from your office leases to your supplier contracts. Work with your attorney to prepare client contracts, so you’re ready when you land that first deal.
2. Dispute Settlement
It would be nice if everything went smoothly, but that isn’t reality. Your attorney will assist you in resolving disputes. As a small business, you’re likely to have disputes with much larger organizations and with more resources.
Work with an attorney who won’t hesitate to go up against the big guy. This tenacious lawyer style can help you level the playing field and resolve issues before they turn into major problems.
3. Debt Collection
As a small business, you can’t afford to not get paid. Paying your attorney to collect on outstanding debt is well worth it for the money you can collect. Hiring an attorney is a more affordable approach than giving up a percentage to a collection agency.
4. Employee Management
There will come a day when you’ll need to hire employees. If you want your business to grow, you’ll need help with all of the required tasks. Before you hire anyone, your attorney will explain the laws that apply to a business of your size.
You’ll want to follow all regulations and requirements to protect your business. Should you be found not in compliance, you’ll face hefty fines and lawsuits from employees.
5. Tax Audits
You already pay taxes for your personal income. The IRS requires you to pay taxes on your business income also. Hiring an attorney ensures you understand your tax liabilities and make intelligent decisions from day one.
A tax attorney will outline the requirements for local, state, and federal tax regulations. You’ll need to understand how to comply with all of these without having to pay double taxes. This puts more money in your pocket.
6. Liability Questions
If you manufacture and sell products, then you’ll need to understand product liability law. Your attorney will help guide you through these potentially confusing legal waters. An attorney skilled in product liability will prevent unnecessary hassles and lawsuits that could potentially cripple your business.
Even if you don’t sell products, you still need to protect your business from liability. Your attorney can help you understand the liability risks that your business is exposed to. Use this information to minimize your risks by purchasing protective insurance.
7. Insurance Disputes
The other side of insurance is when you need to make a claim. Your attorney can represent you during the claims process. This reduces the risk of the insurance company denying your claim.
Insurance companies are in business to make money. It’s in their best interest to find a reason to deny your claim. Your attorney will level the playing field with the insurance company’s attorneys. This lets you focus on your business’s management while your attorney pursues your claim with the insurance company.
Hire a Skilled Attorney For Your Small Business
Hiring an attorney for your small business protects your investment and hard work. It’s smart to seek out legal advice as soon as you decide to form your business entity. However, if you skipped this step, it’s never too late to seek out the consult of a skilled attorney.
Schedule a free consultation today, and let us show you how we can help your small business succeed.
