If you own a small business, you may think you never need to contact an attorney unless you’re in legal trouble. This is especially true if you’re trying to expand your business and save money. However, an experienced business lawyer can help you do just that while assisting and advising you on the many legal issues you’re likely to encounter in the course of ordinary—and extraordinary—operations.
What a Business Attorney Can Do For You
You already know that a lawyer can help you fight off frivolous lawsuits and bad-faith claims from dishonest employees. However, a business lawyer can do a lot beyond defending you in court. They can, in fact, help you save a lot of money by:
Structuring your business appropriately.
Your lawyer will advise you on the best way to structure, re-organize, or re-incorporate your business. Many small business owners could drastically reduce their tax burden—and potential liability—by exploring different forms of business formation and incorporation.
Reducing your personal liability.
If you have a sole proprietorship or partnership-type business, you may be leaving your personal assets—including your car and home—exposed to litigation. In other words, one faulty piece of equipment could cost you your personal assets. A business attorney will help you protect what you have at work and at home.
Keeping your corporation legal.
Unfortunately, many Arkansans who have incorporated their businesses fail to maintain their corporate status. A business attorney will tell you what you need to do to ensure your corporation stays on the right side of the law. After all, if your corporation doesn’t act like a corporation, a lawsuit could dismantle your organization and leave your personal assets vulnerable.
Retaining good employees.
If you’re using boiler-plate employment contracts, you’re probably better off with a custom-made agreement. This could include a non-compete clause and provisions to make both you and your employees feel better about your rights.
Getting rid of bad employees.
Having an attorney handle or advise you on terminations not only saves you stress but protects you from bad faith and discrimination claims.
It is important that you maintain good relationships in a family-owned business or a business shared by friends. Even the closest partners have disputes and disagreements. A business attorney can act as an impartial mediator, resolving disagreements before they get messy and threaten the relationships you have outside of work.
How Business Lawyers Help You
A business attorney can help you whether you are forming your first enterprise or trying to re-structure an existing organization. We do this by getting to know you and your company: your operations, finances, and aspirations. After our initial consultation, we will begin designing a custom-made plan to reduce your liability and start saving you money. Ideally, your relationship with your attorney will be a long-term one. This lets us not only implement a plan but redesign it as your circumstances change and your operation becomes more profitable.
Contact Us Today
If you own a business but don’t have an attorney, you could be missing a lot of opportunities to make yourself more money while eliminating catastrophic legal losses. Send Quraishi Law & Wealth a message today, and find out what our team of highly experienced business lawyers can do for you.