A business, regardless of the size, need two professionals: a lawyer and an accountant. The reason for hiring an accountant is a no-brainer, but the reason for having a lawyer might not be apparent at all. Business formation lawyers assist in all business aspects, from the basic to complex business matters such as zoning compliance, trademark and copyright advance, business incorporation, liability, and lawsuits, to name a few.
However, many businesses, especially small businesses, don’t realize the importance of having a lawyer until problems or issues arise. It is easy to maintain business integrity in all cases than to repair a broken image, especially when your business starts to encounter legal problems that would require attorney’s fees, settlement, and other related expenses.
Some of the tasks that a business lawyer can help you with include the following:
Contracts –
A legal document is irreversible. Whatever is written there takes effect the moment you sign it. Hence, you will need a lawyer who can help understand business contracts. More so, a lawyer can prepare a contract for you, especially contracts you need for clients, suppliers, and customers.
Business organizations –
Business organization is essential, and a lawyer will help you decide. The best organization for your business. Will it be a limited liability company (LLC) or corporation.
Tax and licenses –
A lawyer know the ins and outs of registering your business for both federal and state tax ID numbers. An accountant can help you prepare the paperwork, but a business lawyer can help you understand the tax consequences of business transactions.
Intellectual property –
If you are in a creative business, such as designs, advertisement, media, and design, you will need a lawyer to register your products and services for trademark and copyright protection.
