Most start-up founders and new entrepreneurs use their personal savings to fund their fledgling businesses, according to the Gallup Small Business Index. Are you doing the same for your new enterprise?
Well, if that’s the case, you might be trying to save on all the additional and unwanted expenses as much as possible. This way you can ensure your personal savings last until your business starts making money on its own.
But one expense you shouldn’t skimp on is hiring a business lawyer. Lawyers for business are specialized in helping you build your business faster and protecting the profits you make.
Keep reading to find out more about the benefits of hiring business attorneys.
Paperwork Necessary To Start a Business
Are you setting up your business as an incorporation so you can protect your personal assets in case of a legal battle? Or are you thinking about setting up workers’ compensation so your employees are compensated in case of injury?
Whatever it might be, there are inordinate amounts of paperwork involved in starting a new business. It isn’t as easy as it used to be when you just had to hang up a shingle on your home and declare yourself open for business.
Even if you are not opening up a retail store, and doing business out of your basement or home, you will still need to do some paperwork to set that up right. This way, you won’t have to worry about breaking some IRS or federal rule and being fined for your ignorance.
Business attorneys are in the know when it comes to setting up a new business. They do this daily for other small business owners like you.
They can help ensure you don’t miss any important paperwork. Also, they can give you tips on how to set up your business so you can maximize your profits.
Some particular paperwork for you to think about are:
- Employee contracts
- Workers’ compensation paperwork
- Business Insurance
- Paperwork related to incorporation or LLC (Limited Liability Corporation)
- Patents or trademarks
Protecting Your Business From Legal Invasions
You are well aware that America is becoming quite a litigious society. You don’t go a month without hearing about how some business owner went out of business because he was sued by his employees or some supplier, and was forced to declare bankruptcy due to that.
Don’t let this happen to you. It’s important to hire a lawyer that specializes in business law, so they can protect your business from such legal battles. There are many things you can do, both in the way you set up your business and the kinds of insurance you purchase for yourself.
Having these stop-gap measures in place will also allow you to sleep better at night because you won’t worry about losing your business due to some avoidable error or forgetfulness on your part.
Keeping Your Business Up-to-Date With Any New Regulations
You are a business owner, not a business attorney. There’s no way you can read up enough or educate yourself enough on the subject of business law to ensure you come out on top.
And why would you want to waste your time like that in any case? There are better things to spend your time on, like building your sales funnels or improving your content marketing strategy.
Hiring a business attorney can ensure that all those business regulations, laws, and rules can get taken care of by an expert. You should focus on your skillsets which are growing your business in various ways, and let the business lawyer focus on the legal aspects of things.
Also, the federal and/or state government are always coming up with new regulations and legal assertions, which you might miss if you didn’t have a knowledgeable business attorney by your side. They read the tomes of business law books, so you don’t have to.
Ensuring That Your Employees Can’t Steal Your Information
Are you working on a new product or patent that will revolutionize the industry your business is in? Are you worried that your employees could steal this valuable information and sell it to the highest bidder?
In general, all proprietary information in a business should be protected like it were more precious than diamonds.
Sometimes it isn’t enough to just get your employees to sign a confidentiality agreement. You might need better protection for your business, and that can only be set up by business attorneys who are used to drafting up these agreements or contracts.
If you could potentially lose your business and all your investment in it, if you lost your proprietary information, then it’s crucial to set it up so no one can steal this information from you without terrible consequences.
For example, some businesses set it up so any employee leaving the organization isn’t allowed to take any clients with them or isn’t allowed to work for another company in the same field for the next three years. Of course, you can set it up as you wish, but a business attorney can greatly assist you with this.
If you can’t find lawyers for small businesses on your own, consider contacting some legal recruiters who can help you find someone appropriate.
Lawyers for Business Are Valuable Assets
Don’t make the mistake of trying to do it all on your own as a new small business owner. You could end up making some irreparable mistake that could ruin everything.
Hiring lawyers for business is a good way to avert any disaster like that. With so many benefits to hiring a business lawyer, why would you go without one?
Keep reading through all the articles on our website to keep learning and growing as a small business owner.
