Benefits of Hiring an Attorney to Help with Your Small Business
Starting a small business is a complicated task. In addition to worrying about your business, its sales, revenue, and expenses, as well as finding and keeping good employees, you have to worry about compliance with local, state, and federal laws, and regulations. The sad truth is we also live in a litigation-happy world, in which one misstep can lead to a costly court case. Hiring an attorney can help you take advantage of benefits for your Utah small business and help it stay on the right side of the law, as well as help fend off any trouble that arises.
Benefits of Hiring an Attorney for Your Small Business
There are various reasons why hiring a business attorney is important. Their role isn’t only during the creation of your small business but also during the operation of your business. Here are the reasons why you need an attorney and how it benefits you.
Defense and Protection from Lawsuits
A good lawyer can help defend you from lawsuits as they arise. A great lawyer will proactively advise you of potential problems in advance before they turn into a full-blown crisis.
Reduction of Damages
A skilled lawyer can work to reduce the damage if you do face a lawsuit. In working with your attorney, it’s vital to be perfectly honest and transparent, however. If you have made a mistake, and are genuinely at fault, your lawyer can work together with you to mitigate the consequences. It’s much more difficult for your attorney to recover from the surprise of opposing counsel, during negotiations or at trial.
Business Documents and Contract Drafting
Business organization and incorporation require a lot of documents, all of which a counsel carefully prepares. Once the business is organized, the business attorney’s work is not yet done.
You must carefully prepare your contracts with vendors, suppliers, distributors, employees, and customers. One bad deal can destroy a business, and every deal must be vetted carefully, not only by the business owner and the team of managers but by corporate counsel.
Regulatory Compliance
Federal, state, and local regulation of business grows ever more complex. You must conform to employment regulations, environmental regulations, and a host of other obligations unique to your business. A good lawyer can help advise you of the regulations relevant to your field of commerce.
Environmental regulation is a specialized field of law that requires constant attention, not only from a small business owner but from a skilled attorney well versed in the subject. An environmental complaint can destroy a small business through fines, or litigation costs
Tax Compliance
Business tax filing and payment requirements are complex. You must file your income tax, keep tabs on your business income tax obligations, deal with your employee withholding issues, make reports on payments to your contractors, vendors, and suppliers, and pay sales and excise taxes, which also require a specific license and payment arrangements. Your bookkeepers and accountants can handle much of the routine work.
Your business lawyer in Utah can advise you of any detailed tax regulations or laws of which you should be aware, and help you deal with any complaints or audits. They can also keep you appraised of any changes as they occur so that you can be ready for them.
Employee Matters
Employment law is a complex and specialized field. Human Resource managers can easily land a company in trouble through ill-judged, disciplinary, or hiring mistakes. Additionally, workers’ compensation claims can easily consume valuable time and money if not handled skillfully if an employee is injured on the job. A business lawyer can advise you on any pitfalls regarding your employees.
Intellectual Property Issues
If you have any patents, trademarks, copyrights, or trade secrets to protect, your business lawyer can assist you with the necessary document drafting and filing.
Business Transfer Issues
If you decide to sell your business, buy out a partner or investor, or purchase another business, there are many issues of tax and organization to consider. A good business lawyer can help you place an accurate value on the business, and can help draft all the necessary documents. Often, a business transfer occurs in the context of a divorce or a death, and a good business lawyer can also work with family law or estate law specialists to close any sale or purchase quickly and efficiently.
For many years the Weber Law Group has served the needs of the business community in Utah. We can meet all of your corporate legal needs efficiently and diligently. Call us today for a consultation to see how we can advise you, and how you can take advantage of the benefits of having us in your corner.