Finding an attorney who understands your industry can make all the difference in how well your business is protected. Look for an attorney with experience working with companies like yours and ask for referrals from other business owners. A good business lawyer can help you decide which kind of entity is best for your business and prepare the necessary paperwork. A good lawyer can also prevent lawsuits by helping you comply with the laws.
Legal Fees
While companies need to keep legal fees in mind, they shouldn’t make price the only determining factor. Companies should find attorneys who are a good fit for their legal needs and budget and can provide the best possible service. Business lawyers can help with various business concerns, including choosing the right legal structure (proprietorship, partnership, LLC, or corporation) and establishing it properly. Getting this step wrong can have major consequences for your business. An Underhill Law Denver business attorney can help with tax issues. It can include preparing payroll and sales taxes, filing business-related reports, and dealing with audits. Without legal advice, violating the law and facing costly consequences is easy. Working with a business attorney is a long-term investment shielding your firm from risk.
Legal Advice
In many areas of a startup business, it may be tempting to skimp on costs and cut corners. However, hiring a business lawyer early on is one area where it is vital to have sound professional advice. Failing to do so could lead to costly legal ramifications down the road. Choosing the right legal structure for your business is an important long-term decision. Making an educated choice that will safeguard your interests in the future requires understanding the benefits and drawbacks of various legal structures. A business attorney may help you with this.
In addition, a business attorney can ensure you comply with all tax laws. It includes establishing the correct entity, filing necessary tax documents, and properly withholding taxes from employees’ paychecks. They can also help you prepare for and file annual tax returns and handle any audits or other legal issues that may arise.
Documentation
One of the key aspects of running a business involves keeping all financial records separate from your accounts. Hiring a lawyer early in the game can ensure that you have the proper paperwork in place to do so and that all legal requirements are met, including keeping your personal and business bank accounts completely separate. Employment laws are another area that business lawyers can help you with. There are many rules regarding overtime pay, family leave, and worker’s compensation that must be followed, as well as policies and procedures for your employees. An experienced business attorney can draft employee manuals outlining different expectations and guidelines. If your business plans include buying or selling stock or assets, you may need a business attorney to conduct due diligence and draft the required documentation. They ensure that all legal obligations are followed, such as providing the appropriate notice and avoiding liabilities.
Reduced Risk
Business lawyers often help reduce legal risk for companies by ensuring that company paperwork is complete and accurate. Ensuring that employment laws are followed and that all documents associated with the business are filed correctly can help prevent many types of lawsuits that might be brought against companies by employees. Ensuring all the necessary paperwork is in place to obtain the correct licenses and permits can help avoid potential liability issues with local, state, and federal agencies. It is not uncommon for businesses to get into trouble with the government because they did not file their documents correctly or did not obtain the required licenses and permits. While some small business owners may look at attorneys skeptically, especially those burned by expensive hourly rates, it is important to consider the value a lawyer can provide to your company.
