There are two people that every business needs; one is an accountant, and the other is a lawyer. The reasons to hire an accountant are pretty obvious, but not everyone understands the important of hiring a qualified lawyer. Businesses save their money on hiring a lawyer, for which they have to face great consequences. Legal Ally small business lawyers are good at their work. They have long lists of satisfied customers who are quite satisfied with their performance and attention they give to their work.
Managing a small business may not seem to be a hectic job, but every business has some legal issues. There are a lot of things that you can manage on your own; such as:
- Writing a business plan
- Picking a business name (avoid the ones with trademark)
- Reserving domain name
- Creating a partnership deed
- Designing shareholder’s agreement
- Applying for an identification number
- Applying for permits
- Interviewing and hiring employees
- Documenting meetings
- Creating contracts
- Creating buy and sell agreements
But, there are a lot of things for which you will need a lawyer’s assistance. There are times where the issues get complex, and you need expert advice to handle them wisely. Some of the issues that you cannot deal with on your own and would need a lawyer’s perspective are:
- A special allocation of profits or losses among all the partners of the business.
- Negotiating the sale of your company or the brand name.
- Employees are suing you on the grounds of discrimination in firing, promotions or bonuses.
- Violation of environmental laws.
- Acquisition of some other company.
No matter what is the size of your business, there are strict rules about confidentiality. However, you need to trust your lawyer and let him do his job. Make sure he is aware of all the aspects of your business, so while he designs a document or formulates a contract for you; he is aware of everything. You will not need a permanent lawyer for a small business, but try to approach the same lawyer every time you feel the need of an attorney. The reason behind this is that the lawyer who has been with you in the past is aware of your company’s details and understands the exposure.
Although, it is better not to need an attorney or get involved in anything that can lead to face the legal consequences.