There are more than 30 million small businesses in the United States, and that number keeps growing. As millions of Americans know, running a small business is both challenging and rewarding.
Managing your budget is one of the many challenges facing small business owners like you. You may be tempted to cut costs to make your operations more efficient and profitable.
One area business owners tend to pass over is small business legal services. Sometimes, though, you’d be better to splurge a little now. It could save you many headaches and quite a bit of cash later on down the line.
Our guide will help you decide which legal services for your small businesses are worth it. There are also some you may be able to leave for later.
Some small business legal fees you can save concern the legal structure of your business. Most small businesses will have a very simple structure to start.
Creating a legal partnership or a limited liability company might seem overwhelming. Chances are you can handle it on your own.
In most cases, business owners can also update partnership agreements and LLC agreements.
If you’re not sure, there are free legal resources available to you as well.
You’ll likely want to hire a business lawyer if you have the opportunity to buy another business. When you decide to sell your business, you should involve a lawyer as well.
The lawyer may help you rewrite the agreement to be more favorable to you as well. They can also help you assess legal risks.
Finally, they’ll assist you with the legal transfer of the business from one owner to another.
Suppose your small business is growing, and you need to hire some new employees. You’ll need to conduct interviews and even write contracts.
For the most part, you won’t need to use a lawyer for these tasks. Make sure you have a solid understanding of federal and state anti-discrimination law.
If an employee or job candidate sues you for discrimination, the legal expenses of retaining a lawyer are justified. When it comes to employment and business law, you must use your own discretion.
Most business owners have a good understanding of contracts. When you hire an independent contractor or sign an agreement with a vendor, the way forward is clear.
Nonetheless, you might want to bring a lawyer on board if you’re drawing up template contracts. A lawyer can also help you go over agreements or contracts before you sign or if you want to terminate them.
Filing your taxes is often straight-forward enough that you won’t need a lawyer. You may want the help of a professional bookkeeper or accountant. If the IRS decides to audit a business, a lawyer may not be necessary.
If a government entity investigates you for breaking the law, it’s in your best interests to hire a lawyer.
At some point in their lives, most owners will need small business legal services. As with most things in the legal field, it’s often better safe than sorry.
If you’re not sure the issues you’re facing need a lawyer, the best thing you can do is get in touch with one today. Getting the right advice and help can protect your business.