There are a lot of differences between operating a large business and a small one, but having legal representation available when needed shouldn’t be one of them. It’s common to hear about a team of in-house lawyers within big businesses, as there’s a good chance that they are kept busy regularly. It’s a cost that many small businesses may want to avoid, but this could prove to be a huge mistake.
Here are some of the reasons why having legal representation for a small business is so important and why it’s crucial for success.
If You Are Just Starting Out, Legal Representation is Imperative
If you are an entrepreneur just starting your business, this is perhaps the most important time to hire a lawyer. They can help you work through the paperwork and legalities of owning a business and ensure everything is done correctly. This can save the business from huge headaches later on.
Draw Up Contractor Agreements
Chances are your business is involved in at least some contracts, whether you have entered into a contract with another entity, vendor or manufacturer. If you’ve signed the contract, it is a legally binding document and any false moves could open the company up to a breach of contract and potentially a lawsuit. Examples can include terminating the contract improperly, withholding payments and not abiding by terms.
A lawyer will be able to look over the contract and then advise you on what the business can and can’t do, how to go about it, and when.
Consultation Can Act Like Prevention – Saving Money and Headaches
You don’t necessarily need a current legal issue to justify speaking to a lawyer. Having a consultation regarding a potential issue can act as prevention. You’ll be given strong and sound legal advice on how to approach a particular situation to ensure it doesn’t become a large, and potentially expensive legal problem.
If it’s a consultation that you’re seeking, don’t wait too long. You want to schedule an appointment as soon as the first concerns and questions arise. It’s worth noting that legal consultation will cost the business much less than a lawsuit.
Deal with Complaints from the Government
While it’s never something you want to think about happening, the local, state or federal government could spark an investigation and file a complaint if they believe your company violates any applicable laws. This isn’t an issue you want to tackle on your own, as the consequences can be serious, especially if the company is found guilty.
The moment you are notified of any such investigation or filing, you’ll want to contact a lawyer immediately – before responding.
Don’t Pick Just Any Legal Representation
Once you’re convinced your small business can indeed benefit from legal representation, it’s time to find a lawyer. Be wary, however, as you want to pick one that brings something to the table and will be right for your business.
A boutique business law firm that combines knowledge of the law, as well as your business operations, can help the company to succeed now and in the long term. It provides added value to the company, which is incredibly important for small businesses that operate on a tight budget. Some of the practice areas you may need specifically include commercial litigation and corporate law and transactions.
Small Businesses Can’t Afford Not to Hire Legal Representation
As you look at these reasons why legal representation is crucial to small businesses, it becomes clear that you simply can’t afford not to hire a lawyer. Having legal representation gives you access to legal consultations and advice and a knowledgeable person that can help you navigate what can be tricky waters in the business world.
