As a business owner, we tend to do everything ourselves to save budget. It is easy to understand, especially for small business, since they don’t have big budgets to spend.
One thing that is being questioned is the need to hire a business lawyer. Of course, the needs for legal documents when starting up a business is a must.
When we talk about attorney, our first perception is always related to their rates which is high. That’s why, most business owner only hire an attorney when being confronted with highly serious legal matter. There’s no chance you can avoid this since you need to have solutions to the problem and to help your business on the run.
This article is about when you need an attorney or a lawyer for your business. There are certain cases that you can handle on your own to save cash and there are some matters you need a business lawyer.
Here are some of them.
Cases to handle by yourself:
- Writing a business plan
- Registering a domain name
- Creating partnership, operational and internal agreement
- Applying and registering any business licenses and permits
- Applying and registering Employer Identification Number (EIN)
- Submitting necessary IRS documents and forms
- Creating agreement between your company with third party vendors, suppliers or contractors
- Creating agreement between your company with clients and customers
Cases when you need a lawyer or attorney:
- Issues between your company and other party including business partners, vendors, customers or clients, or even your employees, which result in whether your company is being sued or your company is suing the other party
- Issues between your company and local, state or federal government entity.
- Acquisition of another company and its assets
- Legal documentation when filing for IPO
So, if you look at the list above, the time you need a business attorney or lawyer is when you have serious matters related to lawsuit or when you need legal documents for big business decisions.
You certainly need a lawyer when you are being sued by let’s say, your customers. Some problems can be solved internally between both parties by involving a business lawyer. But some problems can rise to bigger issues that needs to be solved in court. The first solution is recommended though.
When you acquire another company, you need business attorney to check and complete necessary tasks on anything related tangible and intangible, including company legals, trademark, royalty if available, any legal documents and its assets.
Finding the right attorney or lawyer for your business
Hiring and working with an attorney is crucial for your business. Since working on serious legal matter is not your expertise, you will need help from business lawyer.
These are what you need to consider when choosing an attorney for your business.
- Able to communicate well, easy to get along with and someone you can trust
- Intelligent, competent, has good experience and has broad knowledge in anything related to law and legal
- Has big responsibility on any cases, big or small
- Charge reasonable rate.
You don’t need a lawyer for any issues that might occur when running business, but it is suggested to always be prepared. You might want to talk to one or two lawyers beforehand. Get to know them and network with them.
Networking with anybody is the nature of a good entrepreneur anyway.
Do you have additional thoughts and suggestions regarding lawyer and attorney for business? Share them in the comment box below.
Wahidin Wong is a digital marketer at Adkomu.com and an editor at Tobeeko.com. He is also a jazz and bossa lover.