There are many worries that come with owning your own business. Whether it is placing orders to restock your inventory, handling your employees, or another one of the many responsibilities that plague entrepreneurs, there is also the added burden of having to know whether or not you need to hire a business attorney.
There is, of course, the perception that attorneys charge high rates and that it is very unlikely that small business owners have the monetary funds to afford to have a legal representative. However, because of this stigma, there are many business owners who simply opt out of using a business lawyer and end up losing everything because of this decision. Plain and simple, the cost of protecting yourself and your business with the help of a lawyer is worth it as it can help your company to thrive or even survive in the long run.
We won’t argue that you may not need an attorney for every little decision you make regarding your small business. On the other hand, there are certain things you definitely will need assistance with. In this post, we are going to discuss the issues you can handle on your own as well as the issues you will need an attorney in order to handle properly. Continue reading below to learn more.
Issues You Can Handle On Your Own
There are certain matters that will come across your desk as a business owner that will be fairly straightforward and not difficult to handle at all. In situations like this, we would encourage you to see if you are able to handle it on your own. Some of the occasions we would not suggest you hire a lawyer to oversee would be the following:
- Writing your business plan
- Researching and choosing a name for your business
- Reserving a domain name for your business
- Creating a legal partnership, LLC or shareholders’ agreement
- Applying for an employer identification number
- Applying for any permits or licenses that your business might require
- Interviewing and hiring employees
- Submitting IRS forms
- Documenting LLC meetings
- Hiring independent contractors or vendors
- Creating contracts for clients or employees
- Creating buy-sell agreements with partners
- Handling audits initiated by the IRS
Issues That Will Require a Business Lawyer
As you can see, there are many different scenarios you will encounter as a business owner that will not require you to have a lawyer there to assist you. On the other hand, there are several scenarios during which you will absolutely need the help of a lawyer. A few of these include:
- In the case that a former, current, or prospective employee(s) is suing on the grounds of discrimination in hiring, firing, or hostile work environment
- An environmental issue arises and your business is involved (even if your business didn’t cause the problem, there is the chance you will be penalized)
- You want to make a “special allocation” of profits and losses, or you want to contribute appreciated property to your LLC agreement or partnership.
- In negotiating a sale of your company or for the acquisition of another company
- If a local, state, or federal government entity is filing complaints or launching an investigation of your business for violation of any laws.
Try to Focus on Prevention Before Everything Else
While we suggest that you get an attorney should any of the scenarios above play out, we want to make it clear that your emphasis should be on preventing occurrences like the aforementioned in the first place. Prevention does not mean that you will need to rely on the help of a professional, but consulting a lawyer certainly can never hurt. If you choose not to, you could find that your business is being sued before you have the first clue how to proceed. Before you know it, you could be paying court fees, attorney’s fees, and even damages possibly. Better to consult a lawyer from the get-go to find out how you can best protect yourself and your business.
Hire a Business Attorney Today
If you want to make sure you are prepared for anything and everything where your business is concerned and you think a business attorney could help you to achieve that, we suggest you call our NYC law office. Sutton Sachs Meyer, PLLC is prepared to make you feel more secure in your business dealings. Contact us today for more information!