If you are a small business owner, you should be prepared for any legal issues your startup might face. Having the contacts of a trusted business attorney on speed dial ensures you always get the assistance you need in record time.
As your business grows and you expand into new territories, you'll need to make some changes to maintain your brand's operation efficiency. Having someone to consult before you make these big decisions ensures you don't compromise the future success of your startup. This article will highlight three issues that require the intervention of a business attorney.
1. Tax Liability
Tax liability is the culprit for many small businesses' downfall. So, if you want your startup to survive infancy, ensure you are up to date with all tax payments. And since staying on the edge of tax regulations can be a struggle considering your responsibilities as a business owner, hire a business lawyer to help you maintain tax compliance.
Your attorney will begin by helping you choose a business entity that does not put a heavy tax burden on your startup. They'll also help you understand your tax responsibility as a business owner depending on the size of your business and how many employees you've hired. Having a business attorney on your team ensures you never have to worry about unconsciously committing tax fraud.
2. Internal Agreements
To facilitate business growth, you need to be open to welcoming investors, cofounders, and board members to your brand. And in doing so, ensure you formalize all internal agreements among key players to avoid any legal wrangles that might lead to your startup's downfall.
Every time you're adding a new key player to your brand, engage your business attorney, who will take care of contract documentation. Your attorney has memorized the necessary processes to be followed during the formalization of internal agreements, and they'll ensure everyone is on the same page.
Settling things on the home front gives you peace of mind knowing that your business will stay operational regardless of any eventualities.
3. Employee Issues
A business that's big enough to hire employees should have a business attorney who takes care of all employee issues. No matter how well you treat your staff, there will always arise legal issues that, if not taken seriously, can tarnish your brand's reputation.
A business attorney who is well conversant with labor laws will ensure your business is never found guilty of infringing employees' rights. Your attorney will ensure you honor the contribution your employees' labor makes to your business' growth by ensuring they're well cared for.
If you've been winging it without a business attorney, now you know that hiring a seasoned business lawyer is crucial for your business' success.