Opening a small business is an exciting venture that many budding entrepreneurs undertake each year. Four million businesses get launched each year in the United States. It’s important to protect yourself and your assets when you start your small business.
Unfortunately, hiring a business attorney isn’t something most business owners consider until they encounter an unfortunate circumstance. You might think that you don’t need one while your business is forming or that your organization is too small to necessitate one. There are numerous reasons you might consider looking for “business attorneys near me.”
This guide will discuss the benefits of exploring legal protection for businesses. Save yourself money while achieving your long-term business goals with the help of Lake Mills lawyers.
Get Help Figuring Out Your Business Structure
Choosing the proper business structure when you’re starting a business is important. Your business structure affects how you file your taxes and if your assets are protected if someone sues your company.
There are five common types of businesses. They include:
- Sole proprietorship
- Limited liability company (LLC)
- C corporation
- S corporation
While you can change your business structure after you get started, it’s better to pick the right one from the beginning. It can be expensive and complicated to change down the road.
A business lawyer will evaluate your business. They’ll help you understand the following items so you can decide what type of business structure you should go with:
- Tax obligations
- Setups costs
- Employee inquiries
Assistance With Lawsuits
No business owner wants to think of a time when they might be facing business legal issues. Unfortunately, a disgruntled employee, an upset customer, or another person/entity can hit you with a lawsuit at any moment.
A “business attorney near me” can reduce the exposure your business might face during a lawsuit. They can also ensure that your business complies with federal and state employment laws. You can prevent lawsuits from happening by having the careful eye of your attorney on all aspects of your business.
Contract Creation and Enforcement
Contracts with your clients, employees, and vendors are essential to protecting your business. A business lawyer can write and evaluate legally binding contracts in all areas of your company.
For example, you might be launching your business with a friend or family member. Avoid headaches in the future by creating contracts that protect everyone’s interests.
If you do work for clients, you and the other party need to understand how you’ll be compensated and what service you’re providing. Your business attorney can create a contact you can use when working with a new client, making adjustments as necessary.
Other documents a lawyer can assist with include:
- State registrations
- Business forms
Staying in Compliance With Tax Laws
Your attorney can help you with paying business taxes each year. Some of the ways a lawyer can assist with your taxes include:
- Looking for deductions and credits to save you money
- Creating a record-keeping system to make filing your taxes easier
- Preparing you for an IRS audit
Your attorney will know what types of taxes your business needs to file and what documents to give your accountant.
Protect Your Business’s Intellectual Property
Intellectual property can include a wide range of things. Some common examples of intellectual property include:
- Business services
- Product designs
- Trade secrets
You must protect your intellectual property. Your lawyer can assist you with filing a trademark, copyright, or patent. Preserve the legal right to your intellectual property while keeping it safe from your competition.
Advice on Managing Your Finances
Your attorney can provide you with expert legal advice when it comes to managing your finances for your company. This can include:
- Applying for a loan
- How to raise capital
- Keeping records of expenses and income
They’ll have an understanding of the steps you need to take to be fiscally responsible as a business owner. Your lawyer will also advise you on what bank accounts you should open when starting your business. They’ll provide you with tips on how to keep your personal and business finances separate.
They’re an Expert on All Things Business Related
You should partner with an attorney that specializes in business manners. You don’t want to work with a criminal defense lawyer that doesn’t understand the ins and outs of running a business in Michigan.
Ask your attorney if they have specific experience working with businesses like yours. They should be able to provide you with as much help as possible, working from previous experience.
Save Your Company Money
A business attorney isn’t just around for helping you get out of legal trouble. They can work with you so you avoid it in the first place.
An experienced lawyer can anticipate and avoid potential legal issues you might not be aware of. Prevent potential lawsuits or tax issues by having an expert on your side from the beginning of your company.
While many small business owners might think they can’t afford a business attorney, consider how much money a potential lawsuit could cost you. A business lawyer will help your business grow and succeed.
Review of Real Estate Agreements and Leases
Real estate agreements and leases apply to businesses that aren’t run out of your home. Whether you’re purchasing or leasing a space, your attorney can review the details included in your agreements, terms, and contracts.
Hiring a Business Attorney
Hiring a business attorney is one of the best ways to ensure that you, your assets, your employees, and anyone else connected to your business are protected. Don’t wait for an unpleasant lawsuit to land on your doorstep before you contact a “business lawyer near me.” Partner with an experienced team of Lake Mills attorneys today.
The law offices of Neuberger, Griggers, Sweet & Froehle are here to provide you with expert legal counsel. Contact us today to schedule a consultation.