4 Signs You Need To Retain A Business Lawyer
Business lawyers can help you avoid a lot of potential problems in running an enterprise of any size. People often make the mistake of viewing business attorneys as expensive, but that can be a case where saving money today costs them in the long run. You might wonder when the time has come to retain the services of a business law lawyer, though. If you're seeing any of these four issues, it might be a sign your business needs counsel.
Customers Want Contracts
Whether you're operating in the B2B sphere or dealing with the public, customers may want to have contracts in place. A contract protects their rights and guarantees delivery of services and goods within the terms.
Business lawyers will strongly discourage clients from entering into contracts without a professional review. Even if you run a small business and sell low-price items, the liability risk may be outsized compared to the profits. Ask an attorney to review your contracts to ensure they protect your company's interests and rights. If you need to save legal costs, ask the lawyer to create a boilerplate contract you can use for all customers.
Regulatory and Compliance Issues
All industries are subject to at least some regulations, and there are often compliance requirements, too. If you're not sure how to deal with a municipal ordinance on signs, for example, a business lawyer can usually look into the issue and provide advice.
Notably, business lawyers won't always be able to deal with the more specific versions of these problems. For example, you might end up in the middle of a water rights dispute. However, an attorney can connect you with a law firm that practices in a specific field and get them up to speed on what your business is facing.
Changing Legal Status
One of the great things about doing business in America is you can quickly start an enterprise with minimal legal hassle in most cases. However, a company's legal status will likely change over time. If you turned a hobby into a business, for example, you might need to go from a sole proprietorship to an incorporated LLC. This requires some paperwork to establish and govern the company. Likewise, you may eventually need to turn the business into an S-Corp for tax reasons.
As a business evolves, it often develops greater liability exposure. This comes from issues ranging from premises liability for your properties to risks associated with licenses and intellectual property rights. Once you see the possibility of liability exposure, you should ask a business lawyer for guidance.