Of all the dilemmas faced by a small start-up in their embryonic and primary stage, the most puzzling one is whether hiring a business lawyer will do them any good. The common ground of opposing to hiring a lawyer is it only adds to the overhead expenses and small firms don’t have much to afford that. Unfortunately, such a misconception prevents them from contacting a Clearwater business attorney until they found themselves in a troubled soup and floundering for a solution.
The fact is, recurring needs of legal help – it’s usual for business establishments – comes at a cost but save you from troubles and penalty in the long run. A smooth long run helps your business grow and prosper.
It’s obvious that you will not feel the need of involving a lawyer in every stage of the decision making process to run your business smoothly. But as it is often said that prevention is better than cure, an attorney’s guidelines and advice prevents your business from going along a sloppy road towards a shabby future.
In this write-up, we will explain in detail when you can deal with legal issues on your own or minimal assistance from a business lawyer and when you should leave everything up to the specialized skills of an experienced lawyer.
Issues You Can Manage on Your Own
Though managing business involves taking care of several matters, some are straightforward and can be handled without a lawyer’s intervention. Running a business, even a small one, requires a hefty amount of investment and by managing what you can manage on your own will save you some dollars.
Here is a list of some important tasks that business owners should consider doing themselves:
- Preparing a business plan
- Searching and selecting a name for your business (you will get names of trademarked businesses online)
- Choosing a suitable name for your business website
- Preparing a legal partnership agreement, shareholder’s agreement or limited liability company operating agreement
- Applying for EIN (Employee Identification Number) required for employee tax purposes
- Applying for permits and licenses required by businesses
- Documenting LIC meetings
- Submitting necessary IRS forms
- Interviewing job applicants and hiring suitable candidates
- Contacting and contracting vendors
- Hiring contractors who work independently
- Creating contracts with clients and customers for future use
- Entering into a buy-sale agreement with partners
- Handling IRS-initiated audits
- Updating any LLC, shareholder’s agreement and partnership that describe how your business is operated
Issues Only a Business Lawyer Can Handle Efficiently
There are times when your business faces some issues that can be sorted out only by an expert business lawyer. These issues are as follows:
- Current, former or potential employees suing you or your company on the ground of any type of discrimination in hiring and firing as well as filing a complaint against hostile work ambiance
- Federal, State or Local government establishments filing lawsuits or probing your business for violation of laws
- If your business is involved in any environment-related issue (even if it is not causing any harm to the environment, it will have to pay penalty)
- Negotiation for merging with or acquisition or another company or sale of your company