If you are a small-business owner, contacting a lawyer is often a scary proposition. It appears to be costly and only a little bit comes back in return. Legal advice and guidance in varied forms is vital to any small business. It is true that you will get a bill. However, hiring an attorney doesn’t have to break the bank.
Here are six business reasons why your company may benefit from the involvement of an attorney:
1. You’re starting a business.
Most businesses decide to start running their business before ever calling a lawyer for legal advice. Don’ make the same mistake. Before you receive a penny, contact a lawyer to review your business structure, legal ramifications and other elements designed to protect your business and help it flourish. Remember than a lawyer isn’t someone you go to just when you have a trouble.
2. Check your contracts.
Make sure that any contracts that you have are in writing. Oral contracts often mean an unpleasant lawsuit later. It is important for an attorney to review every contract you use in your business, both with customers as well as suppliers – or draw up suitable contracts if none are in place.
3. Check if any money is owed.
With the economy in poor shape, it has been more difficult to collect money owed to you. An attorney can help by devising a course of action to collect any funds. In the alternative, if you any money a lawyer can often provide defenses and negotiate on your behalf.
4. Begin to draw on your wealth.
An experienced estate attorney also is essential in setting programs to fund retirement from the proceeds that come from the business. In my experience, many entrepreneurs start late and wait till their 50’s to start an estate plan. An attorney can help you start taking the wealth out of the business now to fund your retirement.
5. Plan for your retirement.
You probably want your business to continue when your retire. A business attorney can address succession.
6. Resolve a business dispute.
Just hiring an attorney will signal that you mean business. Hiring a lawyer early may help you avoid lengthy and costly court action.
Don’t fear the cost.
Legal advice costs money. But it doesn’t need to be as prohibitively expensive as you might fear. Some matters can be handled on as-needed basis and you may not need to a large retainer.