If you are a business owner, you are probably always looking for ways you can cut costs and save money. Don’t make the mistake of thinking that handling your own legal matters is a safe way to save you money. The small amount of money you spend working with a business attorney now will protect your company’s best interests and will save you money in the future. Consider the following:
Selecting the Proper Legal Structure
One of the most important decisions you will make for your company is what type of legal structure it will operate under. Each type of entity has its owns advantages and disadvantages, so a business attorney can help you understand which one will benefit you the most by reducing your personal exposure to liability and minimize taxes.
Your business operations will be governed by your written agreements. Many contracts are lengthy and confusing, so it can feel overwhelming to take the time to read and understand them. Your business attorney will ensure that your written agreements are drafted to protect your best interests. A seasoned transactional lawyer will help anticipate problems that may arise and assist you with taking preventative measures, which will reduce the likelihood of expensive and time-consuming litigation in the future.
The employee-employer relationship is governed by a wide variety of laws and regulations. Before hiring your first employee, your attorney can help you establish policies and procedures that will keep your company out of trouble. This includes establishing employment practices for hiring, firing, providing benefits, vacation time, and numerous other matters that are governed by federal and state laws. Failing to follow certain employment laws can result in your company being sued or being assessed penalties by government agencies.
The above are just a few examples of the areas where a business attorney can help you avoid costly litigation. Obtaining the right advice from the start can significantly increase the likelihood of your business being a success. Contact The Swenson Law Firm for help.