What Is A Business Lawyer And Why You Need To Hire One
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A business lawyer is your legal representative who can handle all your business needs, including employment contracts, mergers, partnership discussions, lawsuits, disputes with others, and even commercial lawsuits against other companies. He is the person you need to trust with your life and livelihood. If you own a start-up, you might think that you don’t need a business lawyer yet; however, that is not true. Here are 5 reasons why all businesses need a lawyer.
Reasons To Hire A Business Lawyer
1. To Handle Contracts
If you own a start-up, chances are you started the business as one of the founders, so you have partners, or you borrowed money from a family member or an entity to fund your idea; therefore, you have a debt to pay.
Legal feuds can ensue if your partnership or loan terms are not written in an agreement signed by all parties. The one who can draft that agreement professionally is, of course, your business lawyer. Lawyers can draft a contract where the roles of both parties are evident and clear to avoid future issues.
2. To Manage Tax Disputes
You have to pay your taxes to ensure your business is operating within the law and to avoid issues with the government. However, that doesn’t mean all taxes applicable to your business. If you own an NGO, your business is exempt from many taxes in most states. Companies with a cause also enjoy tax breaks and discounts! To manage your taxes, you need your law firm’s advice and tactics since navigating it on your own may be tricky. Terms like employee taxes, real estate taxes, business taxes, and tax breaks can become quite overwhelming if you don’t have a professional helping you out. A knowledgeable business formation lawyer can not only assist with tax planning and compliance but also provide comprehensive legal counsel on various aspects of business formation and operation, such as entity selection, shareholder agreements, intellectual property protection, and regulatory compliance.
3. To Handle Mergers And Partnerships
Business lawyers can help you negotiate the best price if your company is merging with another. They also help you find legal representatives elsewhere if you intend to merge with a company in a different state. Suppose your company is in San Francisco and is merging with a company in Utah. In that case, your company’s San Francisco lawyer can introduce you to a representative familiar with the other state’s terms, taxes, and laws. Sometimes, the same office could have lawyers who have experience in law across multiple states and are certified to work in many states simultaneously.
4. Manage Employment Contracts
There are laws that protect the rights of your employees, and as such you have to be familiar with them to avoid legal issues and disputes. Your business lawyer knows employment laws and policies, and so he can write the best employment contracts for you. Furthermore, your lawyer can help you handle other tasks related to employment like tax payment and social and medical insurance contracts for your company.
Now, are you convinced you need a business lawyer? We are sure you are! It is exciting to have a new business, however, ignoring the legal part of a business can kill that excitement in a second. A business with many disputes and legal issues can only become a source of stress for its owner. So, always hire a good lawyer for your company.