Importance of a Business Attorney for Your Small Business
A business attorney is one of the professionals that you’ll need for your business. For many business owners, there may not be an apparent cause for them to hire an attorney. However, if you hire an attorney, you have a safe assurance that your business will be taken care of. A business attorney can take care of every aspect of your business from copyright to company incorporation and dealing with lawsuits charges.
It’s Too Late If You Get Sued
Many businesses cut down expenses by not hiring a lawyer. This is no good for the long term because people are always looking for ways to sue your business if they can. Business attorneys in Fort Worth can advise on what to do to ensure that your company complies with the law and not commit any offence that leads to a lawsuit. If you don’t have an attorney, chances are you are less attentive to what is happening around and the changes in the law. You could easily make mistakes which lead to your company being sued. By that time, it will be too late and you will have to pay for the penalty.
Small or Big Law Firm
An attorney can help you in organizing your business. He can let you know what type of business is most suitable for you. Sole proprietorship business is the most basic form of business and it does not require registration with the state. Therefore, you don’t need a lawyer to start a sole proprietorship business. However, you may want to hire a business attorney if you want to start an LLC or corporation business. A business lawyer can assist in preparing the required documents for the type of business you are starting. He can also register your business with your state.
Using a Lawyer for Contracts
A business lawyer will come in handy when you need to prepare contracts. Having a lawyer preparing your contract can prevent unnecessary mistakes that can lead to expensive legal costs. You may have to face financial risks or pay more than you should when you did not hire a lawyer. In the contract, the lawyer can clearly explain the responsibilities of each party and what problems will follow if a party did not assume his responsibilities. The contract written by a lawyer is complete and easy to enforce in the court. He can write a contract that pushes the boundary to your favour so that you save money. The attorney will be able to identify all the necessary contracts that your business needs such as employment agreement, intellectual property, and non-disclosure agreement.
Preparation of Tax Returns
Business lawyers can assist in planning and filing taxes for your business. The lawyer knows when, how much and what types of taxes your business needs to pay. Tax obligations are sometimes difficult to understand. Paying the wrong amount could cause you to pay penalties from the IRS. The type of tax you get depends on your payroll, and business structure. He can help you to choose the appropriate tax years and make sure that your business complies with the government regulations.