Whether you are just starting with an idea for a business or a seasoned business owner who has faced many challenges, keeping a business attorney in your employ can save you money and headaches. A business lawyer adds value to your company in these ways:
When you start a business, the foundational structure of your company is important. This structure affects your tax payouts, your day to day decisions, and the regulations and laws you must abide by. Whether you choose to be a non-profit, a sole proprietorship, or an LLC, there are standards and ways of handling legal issues unique to each structure.
If you form an LLC with a spouse, for example, the Federal government will let you file as an S-Corp or as a sole proprietor, but state tax laws vary. These types of decisions impact your bottom line and need the attention of a business attorney to stay abreast of.
If you wait to get a business attorney only when you need one, it may be too late to save the money you will have to pay out in damages, court fees, attorney fees, and time and energy wasted. Lawsuits come up for all kinds of reasons, but often they are based on broken contracts or agreements that are not written with a legal eye for what could go wrong. They happen because there are misunderstandings between employees and employers about their employment contract. They happen when the basis of a business is formed between partners who have no idea what their plan is or how they will divide up the profits.
Clearly written contracts and agreements can help you avoid desperate attempts to circumvent the intentions of your contract. Legal expertise is crucial at the beginning of employment or any other negotiations. Often, if there is litigation, a business attorney who has been with you since the inception of your business will know how to settle out of court, resulting in saving time and money. Without experienced help on your side, your company can quickly fail to hit the mark and lose time and money as you backtrack and try to fill in the legal holes.
Real Estate Negotiations
Businesses often need to lease a space for their operations. Real estate agents usually hand you a premade contract that they always use. However, an experienced business attorney understands that everything is negotiable and will work with the real estate agent to craft a more beneficial deal than just signing what is offered.
If you are buying or selling real estate, your business attorney can advise you on almost all aspects of the transaction and look out for your interests in ways that a real estate agent may not fully understand.
Because the state and federal governments are continually changing tax laws and regulations, you need a business attorney to structure your business in a way that keeps the most profit. Your attorney also files your tax returns each year, but their principal value is knowing how to advise you along the way concerning how to hold your funds or invest them to avoid extra taxes.
We all know how easy it is to accidentally incur taxes because you move money or give another entity money. Depending on the time of year, your business structure, and the newest laws, your business attorney can save you money throughout the year, not just at tax time.
Whether you’re writing an employment contract or signing a contract to provide services to a client, you need clear and concise language in every document you draw up or sign. These documents form the basis for how everything in your business operates and functions. They are the bedrock and letter of the law for the entire operation.
If your agreements fail, you fail to grow. With a business attorney writing your contracts, you don’t have to worry about lawsuits, lack of clarity in your relationships, or employees who slack and should be terminated. With well-written contracts, every possible situation is laid out and explained. Contracts are like the constitution of your business and without them, everything is in question. Make sure the bedrock of your business is steady and solid to build on.
How Can We Help?
At Hopler, Wilms, and Hanna, we specialize in all aspects of business formation and daily business life. Whether you are just starting up or are ready for mergers and acquisitions, we can walk you through the legal issues your business faces. Contact us online or call us today for a free consultation and let us know how we can help.