Why You Need a Small Business Lawyer? Is It Worth the Cost?
Is a small business lawyer a needed expense when starting your business … or even while running your existing small business? Your Business Mentor Ray has found that the correct answer is … it depends! Let me explain …
The first challenge is finding a small business attorney, with the experience and skill sets that are appropriate for your business situation. For example: if you are starting or own a restaurant it is best to find a lawyer who has many restaurant owner clients. This means he or she will be knowledgeable of the issues related to running a restaurant and will have the practical experience to apply to your situation.
You may have to interview a number of small business lawyers to find one suitable. The next issue to be concerned with is the personal interaction you have with the potential business lawyer. You need to know that you have the potential to trust the attorney and that they will speak to you in a way that will allow you to fully understand the legal issues you need to discuss. This is really about individual compatibility. We all hope that our time with lawyers will be limited … but if you have a crises or a significant legal issue the time spent together under stress will be trying.
Do I need more than one Small Business Lawyer?
Now consider whether you need more than one business lawyer. My opinion is to do your best to avoid legal fees and not run to your lawyer every time a question comes to mind. However, there are times when you will need help from a specialist business lawyer. Do some research on your own before calling so you can ask informed questions.
Lets say that you are planning to buy a franchise to start up or buy an existing franchise location. Your small business lawyer may be terrific … but have limited experience with franchise law and franchise agreements. In this case you need a franchise lawyer to help you through those issues related to franchise law. This lawyer will probably charge more per hour than your local small business lawyer. But in theory the franchise lawyer will do a better job for you and in a more efficient manner.
Th same concept holds true in a wide spectrum of legal issues like; employment law, tax law, immigration law, and etc. You see it is may be best to consider hiring the expertise to match any specialized needs you have. With lawyers one size does not fit all situations.
Things to consider small business legal advice on:
The list below is given to help you think about which topics you may need a business attorney for as you start up your business, or grow your existing business.
- Business Start Up Phase
- Should you Incorporate or LLC or new business
- Do you plan on hiring any employees or Independent Contractors – do you need non-compete agreements
- Does you business need help with Trademarks, Patents or other intellectual property rights
- What are your needs for Contracts between your business and customers or employees
- Local and State business regulation and laws – each location has unique requirements
- Will you be extending credit to customers? How do you collect the money owned to you
- Managing small business insurance costs and loss prevention
- Will your business need to hire employees who need H-1B visas or will you be required to check I-9 forms or other employment eligibility issues
- Will be entering into a commercial space lease or a business equipment lease.
Yes, you do need a small business lawyer!
As you can see from the above information, the answer is yes, but …. take your time consider all the issues that relate to your on individual business situation and your business experience level. Remember the lawyer’s job is to make you aware of the issues and to advise you. Your job is to understand the issues fully and do what you think is right for your business situation. The risks you take are your own and lawyers for business are generally much more risk adverse than the typical entrepreneur. At the end of the day you are in charge of the direction and risks your business takes on the road to success.
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