Being a small business owner is one of the most fulfilling journeys in many people’s lives. But as any small business owner can attest, it is also a stressful and difficult journey at times, and one that can also be fraught with legal perils.
One of the main legal perils that impacts small business is through contracts and other legal agreements. Having an experienced business attorney to review your contracts prior to signing can be extremely beneficial, and here are five reasons why you should always do so:
You Aren’t a Legal Expert
If the sink springs a leak, we call a plumber. If you want a house built, you hire a contractor. Most small business owners are not well-versed in contracts, leases, or employment issues, which is why it helps to consult with a legal expert to review and draft the legal documents that affect the very core of your business.
Prevention
It’s far better to be proactive about potential legal matters and ensure that everything seems to be above board, rather than signing contracts not fully understanding their legal ramifications and then having to deal with the fallout. A lawyer will be able to identify potential trouble and can negotiate the terms or at least fully advise you prior to signing.
Legal Perspective
Business owners tend to look at documents through the lens of profit & loss or how it will impact the bottom line and their return, but a lawyer must review documents from a wide range of clients in many different situations which gives them a greater insight into how things can play out in best or worst-case scenarios. This allows them to have a bigger picture look beyond the bottom line.
Level the Playing Field
Oftentimes, we see larger businesses try to take advantage of small businesses with unfavorable terms that were drafted by their attorneys with their own best interests in mind. That approach is understandable but having an attorney on your side will help ensure that both parties are protected equally, and you can avoid terms which can cause unexpected long-term legal consequences or other serious complications.
Risk Mitigation
If you sign and review all of the contracts and legal agreements that come across your desk and make a mistake in the process, then you have no legal recourse. A competent contract law and business attorney will be your best ally in terms of reducing your risk to legal complications and can help ensure that your business continues to run smoothly.
Contact a Business Lawyer
Small business owners always have to wear many different hats as they launch and maintain a successful and profitable endeavor, but one of the costliest mistakes that many small business owners make is a failure to retain legal counsel or advice at crucial junctures. Nothing can derail an entrepreneur or small business faster than an unexpected legal complication or challenge. It will drain the capital needed to make the business grow and will serve as a distraction from the needs of the business, ultimately affecting the bottom line even more.
Having the insight and perspective of a business attorney with years of experience across a wide range of industries can be a tremendous asset to any business. Anyone who is considering starting a business or currently operating their business without legal counsel should discuss their situation and business plans with an experienced attorney as soon as possible.
The team at Fears Nachawati has helped small businesses and Fortune 500 companies on a wide-range of legal matters within the state of Texas and beyond. Our dedicated team is standing by and ready to help you get your business off the ground or take it to the next level. Don’t wait until you’re facing legal troubles, contact our team today for a free, no-obligation legal consultation to discuss what we can do for you and your business.
Schedule a case evaluation with a member of our team by calling us at (866) 705-7584, or by visiting the offices of Fears Nachawati located throughout the great state of Texas, including in Houston, Dallas, Austin, Fort Worth, and San Antonio.