Should Your Business Have a Regular Lawyer?

Many new business owners and entrepreneurs start thinking about the legal intricacies when they’re quite short on time. It’s not that surprising, any new business will be laser-focused on maximizing revenue and establishing a brand; legal matters rarely take that much space in the minds of new business owners. What many don’t know is that a business lawyer has more value than you can attribute to them at first glance, especially when you’re in a predicament. 

A lot of entrepreneurs are reluctant when it comes to hiring business lawyers because they are usually expensive, so keeping them on the payroll can sometimes divert funds from another business budget. This is why it’s not uncommon for many small businesses to resort to the services of a business lawyer when only faced with a serious legal predicament. As a new business, you may not need a legal lawyer every step of the way unless it’s already legally complicated, but there are some cases and businesses that would do better if they have their regular specialized attorney. To help you identify the right conditions, we’ve created a brief guide that should highlight them.

Identifying Business Needs

A business doesn’t randomly decide that they need a business attorney, taking important business factors and needs into consideration is essential in making such a decision. A rule of thumb that many entrepreneurs use is determining how simple the business operations are. If your business doesn’t involve complexities like shareholders and legal registrations, you need a regular business attorney isn’t pressing. This is why many new business owners choose sole proprietorships over other types of business corporations, as it’s the simplest form. You don’t have to register your business with the state, and you probably won’t need an attorney to be able to establish an operational sole proprietorship. Most sole proprietorships only need the required licenses unless certain unique conditions are met or if your local area has other requirements.

Businesses need to understand that in addition to legal processes like contracts and partnership agreements, employees are also a major part of the organization. Governments necessitate the following of certain employment laws that work to ensure protection and guard against exploitation. If you think that your regular business lawyer will be able to handle all your employment laws needs, then you can go ahead with them, or you need to hire an employment lawyer that specializes in this field.

Partnerships and limited liability companies are two major types of businesses that need a regular business attorney more often than not. Those two types of businesses have to register with the state since it’s legally mandated. The preparation of the documents can be either done by a regular in-house business attorney or as a one-time job assigned to a sourced attorney. Even though it’s still possible to prepare the documents and proceed with the registration process, it’s not recommended to do so without a business attorney at your side.

Having a regular attorney for S corporations or regular corporations is considered a must. These businesses have to prepare a lot of bylaws and other documents to be able to operate efficiently and legally. The ownership structure isn’t as clear as an LLC or sole proprietorships, making them much harder to structure on paper. To be able to properly start a corporation, you’ll want to use a business attorney to guide you through the steps, and they should preferably be an in-house attorney to deal with other complicated matters along the way.

Legal and Business Consultations

Business lawyers aren’t exclusively tied to legal matters in a company; they can also provide sound advice and consultations to business owners on other matters. Aside from handling any legal matters at hand, they can help you formulate a business plan in light of their experience in the business. This is why regular business attorneys are quite beneficial for certain types of startups that may need some guidance frequently in important and interconnected matters in both the legal and business worlds. As mentioned on https://www.fighterlaw.com/, when you have a regular business attorney you can trust, you’ll be able to head to them whenever you need advice on anything related to your business or personal life, whether it’s about a lawsuit or an internal dispute between partners. There are also some governmental restrictions that you may overlook if you don’t have a regular business attorney at your back to point them out.

Benefits of Having a Regular Business Lawyer

The costs and fees of hiring an attorney on a per-hour basis are simply too high to be used frequently. While this may be cost-effective if your business is simple enough that it barely needs any legal help, it’s not the optimum solution for complicated and large businesses. Most employed business attorneys aren’t paid per hour, making them a logical option when you take into consideration the frequency of the business to undertake legal matters. This is also very beneficial for business owners who lack the legal knowledge that can ensure that they’re going in the right direction; knowing enough about business doesn’t make you an expert on the legal side as well.

Business Contracts

Business lawyers know their way around contracts more than the majority of business owners, making them the safest choice for a business that hinges on legally sound contracts. The majority of in-house or regular business attorneys are hired to ensure the proper drafting of business contracts in a way that secures the business on more than one front. Business contracts can vary from leasing to partnership agreements, in addition to non-disclosure and employment contracts. These are all very complicated to draft while taking into consideration all the different points that you need to ensure are covered.

A business contract can involve the handling of negotiations and exchange of information with other business or legal entities. Before an agreement is signed, business lawyers may spend weeks settling on the best contract that can mutually benefit all parties involved. Even though it’s still possible to consult with a business lawyer whenever you need to draft a contract, this process isn’t practical when you’re in a sort of business that relies on drafting contracts frequently and punctually.

Having a regular lawyer is a pretty smart move for any entrepreneur or a business owner. Even individuals who don’t own a business can take advantage of the many sound advice and consultations that they can use in their daily life. It’s preferable to invest the time to find the right lawyer that you can trust in presenting you both in court and the business.