One of the common mistakes that small business owners often make is that of thinking that they are too small to need a business lawyer, and it is one of those mistakes which often costs them dearly by the time they find out how wrong they were in their assumptions. To understand the importance of having a small business lawyer catering to the legal needs of your business, let’s now go through a few valid and probable scenarios in which the services of the lawyer are indispensable.
Lawyers Make Contracts Work for You
One of the most common scenarios where you will need your attorney by your side is when contracts are being drafted and signed. Unless you really know what you are doing, never try to write a contract by yourself, as it will leave openings for the other party to exploit via legal loopholes. D. Hardison Wood is a North Carolina based law firm with experienced attorneys that specialize in business law and cater to any and all needs of a small business, which includes bulletproof contract drafting.
A few of the many reasons why having business law attorneys from D. Hardison Wood attend to your small business’s contract drafting, checking and negotiating needs can be immensely helpful are as follows:
- They know how to prepare a contract that’s legally sound without any gaps that can be exploited
- They can negotiate terms with the other party (employees, customers, businesses) until they are at least fair, or in your favor
- Business law attorneys will be able to detect tricky legal language in a contract that is often designed to go against you
- The attorneys will make sure that the stipulations leave you at minimal risk of lawsuits, effectively preventing litigation even before the situation arises
Lawyers Know the State and Federal Laws, Regulations and Requirements for Every Business
Even before you are able to launch a successful business of your own, the fine details in the laws and regulations will confuse you, and then there is the confusion of state laws and requirements being vastly or minutely different in every state. Not only can your small business lawyer help you decide on the licensing and registration needs necessary for conducting business in the state, as mandated by both the state of operation and federal regulations, they can even speed up the process of granting the necessary permissions and licenses significantly through administrative channels.
Business Lawyers Know How to Properly Deal with the IRS
The US income tax system is complicated, especially for businesses, and unless all the necessary forms are filled, filed and the associated proof of income is submitted in a legally abiding manner, it is possible that the IRS may decide to audit the business and its owner. Business lawyers not only make sure that all your tax forms are in order, they can even help you in an audit as your legal counsel if something does go wrong.
There are more SMEs in the US than there are large enterprises, and since a majority of them do not have business lawyers to assist them, they often run into trouble with the government or make poor legal decisions that lead to heavy losses, cutbacks and even shutdowns. Therefore, the importance of having legal counsel by your side as business owner cannot be stressed upon enough.