Making smart decisions is key to business success in any industry, particularly given the potential for significant legal ramifications. However, that doesn’t mean you need to become an expert on all of the legal requirements that apply to you and your business; in fact, there are many business situations that all but require professional legal support. Whether you’re considering starting a business or have been operational for many years, there are plenty of reasons why you may need to hire a lawyer.
Handling partnership disputes
Entering into a business partnership is a big decision that can have a significant impact not only on your finances but also on your overall happiness and well-being. If and when a business partnership breaks down, having the right legal support on your side will help to soften this impact – and the right lawyer will be able to suggest solutions that benefit both parties. A business lawyer can help you understand your rights and obligations as a partner, evaluate the situation objectively, and provide advice on how to resolve a dispute in the most favourable and legally sound manner.
Potential lawsuits against your business
It’s a common misconception that lawyers are only necessary once a lawsuit exists, but in reality, you’re much better off having a lawyer on hand before your business lands in any trouble. This way, you’ll have someone qualified and prepared to provide preemptive legal advice and assist at the first sign of a potential issue. This is particularly important if you have employees on your payroll, as any misguided action could leave your business open to claims of discrimination and misclassification, amongst other suits.
Tax compliance
Tax law is full of potential pitfalls, many of which the average business owner may not be aware of. A good tax lawyer can not only ensure that you’re protected from the legal ramifications of a non-compliant return, but also make sure your business claims everything it is legally entitled to, maximising your savings. All you have to do is make sure you keep detailed expense records for everything business-related, including items purchased, travel costs and relevant self-education. The process may be time-consuming, but it could save you many thousands of dollars come tax time.
Staying up-to-date with legal changes
If you’re like most business owners, you probably made sure you were across the law before starting a new venture, but the knowledge that protected your interests in those early days may well be outdated.
Because laws and regulations change all the time, you could be in violation of the law without realising it. Having a good lawyer on your side will help you avoid any nasty legal surprises without investing more of your precious time into learning about and implementing the best business law practices.
Drafting and reviewing contracts
Watertight contracts are a central piece in the puzzle that is good business, requiring a high degree of care and consideration. A business lawyer can not only help you understand agreements before entering into binding contracts, but can also assist with drawing up your own contracts for purchases, staffing and any number of other purposes. Given the heavy implications of signing a contract, having a business lawyer on hand to review key clauses of legal protection and indemnification clauses is invaluable for the long term.
Buying or selling a business
Buying or selling a business always represents a major decision and such decisions generally have better outcomes when made with professional legal support. A lawyer specialising in business can provide the advice you need to maximise the value of your asset(s) pre-sale or make sure all the right boxes are checked prior to purchase.
No matter what stage your business is at, hiring a specialist business lawyer should be considered an investment in your future – particularly if you find yourself in any of the situations mentioned above. In any case, remember to treat all legal matters with care, and seek advice if you’re ever unsure of your next move. Remember, when it comes to major business moves, hiring a great lawyer may be costly, but risk mitigation is priceless.
