In the process of setting up your business, you may have consulted with an accountant, an insurance agent and possibly even a business consultant. The million-dollar question, however, is… have you consulted with a business lawyer? While you may not need legal advice on a daily basis, developing a relationship with a skilled business lawyer can be useful so you have that important resource when you need it. Waiting until the need arises can often lead to making snap decisions, when hiring a lawyer, just to have a “warm body” on the job.
Below you will find several tasks that a small business lawyer can help you with right away!
Deciding how to structure your business is a big decision that affects your exposure to personal liability, tax obligations, setup fees, ongoing expenses, as well as how you can legally acquire funding. An experienced business lawyer can help you make the right decision and create/file the correct documents.
Are the people who work for you regular employees or independent contractors? A good business lawyer is familiar with the laws surrounding this question and can help you stay out of trouble with the IRS. You also want to avoid any possible discrimination issues when designing your hiring practices. A good small business lawyer can advise you how to avoid and potential issues in this regard.
Contracts are unavoidable when starting a new business. A good business lawyer can draft and review contracts to ensure you are making wise and informed decisions that can keep your business out of jeopardy.
Negotiating the Sale of Your Existing Business or Purchasing a New One:
A good business lawyer understands how to value a business, write purchase agreements, complete due diligence, and apply for permits and licenses. Likewise, when you sell a business, an attorney can help you get the most value out of your business and negotiate the best possible deal.
A good business lawyer is your small business best friend. Let us know how we can help you today!
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.