There are two professional services that virtually every business owner will need the help of: an accountant and a lawyer. An accountant is an obvious choice because they can help you keep your books straight and keep things in order for tax time. But a business lawyer is something that may not be as apparent for many small business owners. So, how exactly can a business lawyer help you in terms of your business?
Corporate Structure and Governance
One of the first and most important decisions a business owner will face is how to structure their business entity. This decision can have significant implications for the way the business will be taxed and ultimately, determine the legal liability for the business owner or business partners. An experienced attorney can analyze the business and determine the ideal structure, whether it is a partnership, LLC, S-Corp, or C-Corp, and help you understand the ramifications of these decisions.
Intellectual Property
Many businesses fail to protect the very intellectual property that their business is built on, whether it is the name of the business or products, trade secrets, or other elements which are ripe for potential theft or copycat efforts. A business lawyer can help identify the areas of your business that are most in need of protection and how to go about doing so, whether by patent, copyright, trademark, or establishing a non-disclosure agreement (NDA).
Contracts
Having written contracts in place, rather than oral agreements, is a way to protect both parties in a business relationship, whether that is with investors, suppliers, employers, or contractors. A lawyer can help make sure that the terms of the agreement are in your favor, ensure that the contract is enforceable, and help you avoid costly legal disputes down the road.
Prevention
Many small business owners are afraid to hire a lawyer because they want to save their capital for other business expenses. Too often, business owners will only turn to a lawyer once they are already in a crisis situation, such as when they are facing a lawsuit and being sued. In many cases, these types of situations could have been avoided with an ounce of prevention by hiring a legal adviser to guide you about potential pitfalls, legal liabilities, or other problems on the horizon.
Advise on Laws and Regulations
Depending on the nature of your business, there may be a wide range of local, state, or federal laws which are applicable to your operation. Failing to observe these laws or regulations, whether they relate to zoning issues, health codes, employment laws, discrimination laws, or so forth can result in fines, penalties, or worse. Nothing can kill the momentum of a business faster than running afoul of one these often-overlooked rules. Unfortunately, you can’t just plead ignorance and say you didn’t know.
Hire a Business Attorney
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 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.