Starting a business, for most of us, means getting to exercise our freedom and independence, but often times we forget about all the formalities and legalities that are linked to the responsibility of starting up our own business. We tend to take ‘being independent’ a little too seriously and make the mistake of becoming our own lawyers. Yet this simple mistake more often than not leads to severe consequences you could have avoided had you just hired one. If you’re still skeptical about this matter, here are a few reasons to get you going.
1. Black suits, Blue suits and Lawsuits
If you think you’re safe from any lawsuits, trust me, they happen to the best of us. Lawsuits are a tricky knot to untangle yourself from, so if you’re already facing a lawsuit, chances are you’re a bit too late to hire a lawyer, which is exactly why you need a lawyer by your side even before anything can happen. You might start questioning whether hiring a lawyer while nothing is happening is cost-effective or not, but you shouldn’t risk paying a few hundred each month rather than drowning in thousands of dollars’ worth of lawsuits. After all, prevention is better than cure.
2. Employee-related Issues
The last thing you need on your plate, while trying to get your business to grow, is having your own against you. Having a strong and satisfied employer base is very important, but usually, the numerous liabilities that may come along with each person is endless. That’s why an attorney could assist you with the whole hiring process, direct employee compensation and, if the need arises, help you fire any employee safely without risking the chance of a lawsuit.
Going into a business usually means dealing with various contracts, which may affect the longevity of your business one way or another. Contracts with employees, prospective partners, independent dealers or even your customers are often fundamental needs of a prosperous business because often times issues arise which can be solved by written and signed contracts. But getting down to the nitty gritty of a contract is a problem for most, and the only way to get through it all is hiring an attorney who knows every loophole of a contract before you can sign one, or issue one yourself.
4. Federal Government Lawsuits
If you’re a private business owner, chances are the local, state or federal government have their stern eyes on you. Otherwise, a private business owner would get away with crimes under the nose of the government, since most of their dealings are private. But even if your hands are clean, there’s a chance a third party could file a complaint or suspicion against you or your business, which may put your entire business at stake. Having to deal with the fed’s is not at all an easy job, especially if you don’t know the nitty gritty of it. An attorney by your side means you are prepared for the worst case scenario, so if this does happen, you could know how to make sure your rights are not violated by third parties.
If your business consists of original ideas, like newly developed products or services, you may want to so that no one can steal your ideas. Nevertheless, Patents are admittedly lengthy and costly as well, which makes the job of filing for it a hassle. Filing for a patent without an attorney is almost a suicide mission you wouldn’t want to put yourself through. A well experienced patent attorney could make sure the whole process of receiving the patent is shortened at a slightly more cost-effective price due to the fact that they would know all the ins and outs of what you are dealing with.
These are but a few of the reasons why a business owner would want an attorney. However, If I had to really list every single pro surrounding this matter, you’d be reading a book, but let’s leave that for later. As a small business, you can find many that are affordable and can help you with various legal issues.