When Do I Need a Business Lawyer for My Small Business?

OlufisayoJuly 18, 20180769 views

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A business lawyer is a good guide for your business functions. You don’t have to involve the lawyer in all the business processes, but ensure that you get the necessary guidance in legal situations. Some of those situations are listed below.

Preparing Binding Contracts

It is best to have the legal coach kind of arrangement when it comes to contracts. You can make the contracts, and your lawyer looks them over. A single error or gap in a contract can cost the company a fortune especially if the legal liability falls on your small business.

Some people trust their guts when it comes to these things. However, if you are unsure, just have someone help you out.

When Handling A Potentially Legal Issue Relating To A Contract, Product, or Employee

Assume that you need to terminate a contract; a lawyer can tell you the best way to do that before you expose yourself and the business to liability. Treat business contracts the same way you treat employee contracts. If a customer claims injury, address that through a lawyer. Corporate shakedowns are also frequent in competitive businesses. If you smell one, it will be wise to lawyer up.

When Making an M&A Decision

Mergers and acquisitions require extensive legal experience to structure them in a way that is best for your business. If you have such a decision, don’t trust yourself to do that. Experience is key when it comes to professional buyouts, too. You need someone who is adept at negotiating through the intricacies of the process. Not every business is sold with good intentions; some are hidden in a pile of crap wrapped well in a gift box.

When Writing Down Operational Business Agreements

It is a standard procedure to involve a lawyer in this exercise, especially if you are making special considerations for profits or liabilities. Resist the temptation of doing it yourself or doing it over a handshake deal, and hire a business lawyer. Firms such as Prime Lawyers provide extensive business agreements consultations and other services. You cannot go wrong when you have a competent legal representative.

If You Are Being Investigated or Any of Your Employees

Being safe is always advisable when it comes to business liability. If the SEC or IRS is on your neck, you need to get a competent corporate lawyer to guide you. If a federal institution is pursuing possible wrongdoing in dealings related to your business, you are safer with a business lawyer than without one.

The decision is always yours. Be warned that one wrong foot can expose you and your business to possible liability.

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