Hiring a business attorney ensures that a small business operates within the law while focusing on growth and success. As a small business owner, partnering with a qualified business attorney can save time, money, and potential headaches. Here are six ways a business attorney can help your small business!
Provides Startup Advice
A qualified business attorney can help you overcome the business’s challenges. Their guidance and expertise are especially valuable before your company gets off the ground, helping you create a strong legal foundation that can protect your interests in the long run. A business attorney can advise you on the most suitable legal structure for your business, such as an LLC, partnership, or sole proprietorship, and help you draft and file necessary documents and obtain required licenses and permits, depending on your business type.
Create & Enforce Contracts
A business attorney can help draft, review, and negotiate contracts for various business relationships, such as employment contracts, customer agreements, supplier contracts, and more. Your attorney can ensure that all agreements provide your company with the highest level of protection to ensure contracts are legally binding and protect the business’s interests. For example, consultant and contractor agreements will specify the details of the work these professionals will perform for you and when they receive payment.
Ensures Legal & Tax Compliance
Complying with tax law is one of the most complicated business aspects. Fortunately, business attorneys can help prevent future taxation issues and identify credits and deductions to save you money during tax season. They can advise you on local, state, and federal laws relevant to your business, ensure the company complies with industry-specific regulations, and assist with tax compliance and employee-related legal requirements.
Asset Protection
Your business attorney can ensure your business assets and cash, including intellectual property, are protected:
- Cash Protection: Safeguard your finances by drafting contracts that protect your revenue streams and minimize risks. They can also advise you on structuring your business accounts to prevent unauthorized access or mismanagement, ensuring your funds are secure.
- Asset Protection: Your attorney can help with trademark registrations and copyright applications. They can also add an NDA to an outside consultant’s or contractor’s agreement if they handle sensitive information.
- Property Protection: Draft a liability waiver to shield you from prosecution if a customer gets injured on your premises. This is particularly important for bars, restaurants, and other businesses that welcome the public.
Employment & Labor Laws
Employment, anti-discrimination, and labor laws are complex. Business owners must consider numerous factors, including federal and state legislation, when hiring, managing, and firing staff members. Clear employment contracts are particularly crucial, and your attorney will ensure these agreements cover factors such as:
- The responsibilities of both parties in the employer-employee relationship
- How the employee’s work will be compensated and what benefits they’ll receive
- Stipulations that prevent former employees from taking business data
Your business attorney can also help you create an employee manual that covers standard employee concerns such as company dress codes and paid time off policies.
Exit Strategy & Succession Planning
Your attorney can aid in exit strategy and succession planning by smoothly handling legal and financial aspects. They draft and review buy-sell agreements, succession plans, and ownership transfer agreements. They assist with business valuation, negotiate sales terms, and help minimize tax liabilities. Attorneys can also advise on successor selection and create necessary legal agreements to ensure compliance with laws, mitigate risks, and address potential disputes. Your business attorney can also help you create an employee manual that covers standard employee concerns such as company dress codes and paid time off policies.
Qualified Business Attorneys in Las Vegas
This short list is only a fraction of what our qualified business attorneys at Michaelson Law can do for your small business. Our firm can help guide you through the complexities of owning and running your business, and we’re just a phone call away to schedule a consultation!