by Lina Martinez
When you start a small business, you have to understand all of your decisions from a legal perspective. Most companies make the mistake of thinking that they only need help if they have a lawsuit against them, or against someone else. The thing is, a legal team can give you all kinds of support.
There are so many reasons that you should be investing in professional legal services in your business. From needing the help of HR lawyers to a consumer fraud lawyer, you need to know where you stand when you need the help. Advice is only a phone call away, but until you pick up the phone, here are five great reasons you should seek legal advice for your business.
Business Structure. One of the seemingly easiest decisions that you make about your business is in its structure, right? Well, no, not entirely. It’s better to allow a legal team to work with you through the details of each option in front of you. There are some common business structures that entrepreneurs use each day, and they all have their own pros and cons. Most of these pros and cons you can work out for yourself, but did you know that those under sole proprietorship will have fewer resources when it comes to financing? This can put their personal assets at risk, and they may not even be aware of it! Sure, it grants you the control of all business decisions, but is it worth it?
When you choose a general partnership, you share the ownership responsibilities in the same way that a limited partnership does, but a limited partnership has silent investors. Corporations out there will pay far more taxes on their earnings, and a legal team will explain this to you. The point is that you may not have a clue what a legal team could do for you in terms of your business structure, but unless you ask for help, you never will.
Business Contracts. You will deal with many employees and vendors over your time as a business leader. It’s up to you to ensure that you hire the right kind of legal help that will guide you through the correct technical jargon, both to administer the right jargon in contracts and for the arrangements that you yourself must sign. You can also communicate any changes that you want to be made, and a legal team will be able to advise you on any consent issues before you make business deals, too. It would help if you had the advice of a legal team who understand these contracts in a way that you don’t. You can bet that your vendors will have their own legal team on hand who are writing contracts to you - make sure that you’re doing the same with your own team.
Your Intellectual Property. It would be best if you worked on your brand identity, and that means making a space for yourself in the market. It’s not easy to do this in the markets of today, but that is the whole idea of having your intellectual property rights preserved. You want to protect the reputation of your business, and a legal team can help you to do this! You don't want anybody to use your brand image to earn money, and with the right team by your side, you can prevent this from happening and crack down hard on those who try!
Your Staff. As a business, you’re going to have a lot of obligations to other people. This includes your staff who will be working closely with you to keep your business moving and growing. A big part of your obligations to them is going to be from the start of the recruitment process throughout their time with your business. It doesn't matter whether you have one person working for you or several. At all times, you have to be prepared to follow the correct policies and procedures that pertain to the rights of your staff. This includes things like expenses and reimbursement, termination, retirement, accidents and injuries and even sick leave.
Debt Collection. No one likes to owe money or be owed. However, there is a need to collect debts on occasion and depending on the type of business that you own; you may have to do the same. Sometimes, your legal team will need to step in and advise you of what to do while guiding you through a court case, too.
A legal team will be able to give you the correct advice in your business - don't hesitate to ensure you have the right one by your side.