Every business – regardless whether it’s big or small needs two professionals – namely an accountant and a lawyer. The reasons why you need an accountant are quite self-explanatory. Nevertheless, it appears that many people aren’t aware of the importance of hiring a potent, experienced lawyer.
In many instances, entrepreneurs put off the necessity of hiring a lawyer until their firms are sued, and it might be too late. This is a huge mistake; if your business gets sued and you don’t have a lawyer to guide you, the problem is already there, and this will cost your business a lot of money – not to mention your reputation.
Therefore, how can a lawyer help your business?
- Establish A Legal Business Entity
It’s definitely true that online DIY incorporation tools can help you save a lot of money. Nevertheless, the process is far more complicated than it appears at first glance. Plus, there are unanticipated scenarios that might arrive. On that note, a proficient lawyer can assist you with filing the documents. Concurrently, he/she can also aid you to pinpoint which corporate structure is best suited for your type of firm.
- Corporate Governance
Most businesses use a lawyer during the process of business incorporation. Nevertheless, the on-going legal requirements that are necessary for maintaining their corporate status are often overlooked. Failing to conform to the state requirements might eventually lead to legal problems, over the course of time.
- Providing Assistance with Exit Strategies
Most entrepreneurs concentrate on the steps they ought to follow for establishing a business; hence ignoring what they would do in the case in which one of the principals decides to leave the business. It goes without saying that, if a significant shareholder decides to exit the firm, this might impair the company’s capability of functioning accordingly. A brief yet fruitful consultation with your firm’s lawyer can inform you concerning your right and guide you in the right direction.
- Resolving Disputes
It is implied that the main reason why you should hire a professional lawyer is for potential disputes. Unfortunately, these can never be anticipated, and, as much as you’d like them not to take place, this isn’t in your power. Accidents happen every day, whether you like it or not. In situations like those, accident injury attorneys serving Alpharetta can seriously make the world of a difference for your business.
- Purchasing other Companies
Considering that you want to expand your business, it goes without saying that this cannot be accomplished without the assistance of a trusty lawyer. Buying another business implies a lot of legal and tax considerations. That is to say, an attorney’s role is to negotiate terms, structure the agreement properly, assess potential risks and liabilities, so on and so forth.
- Creating and Signing Contracts
Essentially, leases, agreements and other contracts are binding the minute after they are signed. So, ideally, the contracts you sign shouldn’t pose noteworthy disadvantages to your business’ wellbeing and functioning. Unfortunately though, many a time, these some clauses are perfectly concealed – something that only a lawyer can assess.
- Bring other Partners or Shareholders
If your company issues stock, or other similar corporate securities, the process is rather time consuming and complicated. At the same time, there are specific laws that must be respected; otherwise, you might violate those laws and face legal charges. By setting up partnership agreements both parts are aware of both their rights and responsibilities.
As you can see, hiring a lawyer is a necessity – irrespective of the domain in which your business operates. Make sure you find a professional that understands your business’ needs and you’ll be on the right path!