When Should you Hire a Small Business Lawyer?

A small business lawyer specializes in providing legal advice and services related to setting up a business, obtaining licenses, dealing with contracts and disputes and so on. 

For example, a lawyer can ensure that your business interests are protected when negotiating a contract or when navigating through a complex legal issue. This is one among the many ways a small business attorney can set your company up for success and help you avoid legal pitfalls.

If you’re on the lookout for a lawyer to help you with your business, here are situations when you will require them the most.

When to hire a small business lawyer?

As a business owner, here are instances when you will likely need a lawyer:

Choosing a Business Entity

A lawyer can help business owners identify the right business entity that suits their needs by providing legal advice and guidance.  LLCs are known for their simple management structure, minimal paperwork, and flexible ownership structure, while corporations offer a formal management structure, the ability to raise capital through stock issuance, tax deductible benefits, and ownership represented by stock. 

The lawyer can evaluate the business’s goals and circumstances to determine which structure provides the best liability protection, tax implications, and management structure, and can draft and review the necessary legal documents to ensure the business is set up correctly and in compliance with relevant laws.

Business Operations, Intellectual Property

A small business lawyer can help with the buying or selling of a business by reviewing and drafting contracts, ensuring that all legal requirements are met. 

Additionally, they advise on employer and employee relationships and why an employment agreement is necessary. Each lawyer may approach these agreements differently, but they all provide guidance on creating legally sound and effective agreements that protect the interests of both the employer and the employee.

They can also guide you on the legal requirements for obtaining licenses,  permits, or other regulatory approvals for your business operations. 

Additionally, attorneys can help a business to protect their intellectual property by registering it with the government and enforcing the ownership rights. The same applies to trademarks and copyrights.

Reviewing Contracts

A small business lawyer can help in understanding, reviewing, drafting, and negotiating commercial contracts, such as lease, purchase agreements, or vendor agreements, to protect the interest of their client.

They can also provide assistance in drafting & reviewing employee contracts.

Having a written and executed employment contract serves as a record of the agreement between the employer and the employee, ensuring that everyone is aware of their respective duties, responsibilities, and obligations. 

They can help ensure that the contract is legally sound and in compliance with relevant employment laws. They can also provide guidance on what should be included in the contract and what to avoid.  This can include topics such as working hours, compensation, benefits, termination procedures, and confidentiality agreements. The lawyer’s expertise in employment law can help ensure that the contract protects both the employer and the employee, and that it is fair and equitable for both parties.

Business Sale or Merger & Acquisitions

A business lawyer can also provide assistance to businesses in securing the right financing for mergers, acquisitions, and related transactions. They also play a big role in negotiating, drafting, and executing contracts for the sale of parts or the entire business.

Benefits of having a small business lawyer on your side

The two main benefits of having a business lawyer on your side are that they can help you avoid potential legal issues and that they greatly improve your business image.  It demonstrates to all stakeholders that you take your business seriously and are invested in the success long-term.

How much do small business lawyers cost?

The cost of a small business lawyer can vary depending on several factors, such as the type of services required, the experience and expertise of the lawyer, the location of the business, and the overall complexity of the matter. 

Some small business lawyers charge an hourly rate, while others offer flat fee packages for specific services. It is also common for small business lawyers to require a retainer fee, which is a deposit that is paid in advance to secure their services. To get a more accurate estimate, it’s recommended to schedule a consultation and discuss the specific needs of your business.

At Juriscorp Law, our business lawyers can provide a free initial consultation and help you understand the legal issues pertaining to your business. Fill out the form and we’ll get in touch with you shortly.