There’s one question that lingers among most people who want to start or are already managing a business—when do I need a business lawyer? These people have a common perception of business attorneys charging high rates, and thus, their business cannot afford them.
Because of this, most business owners tend to hire attorneys when they land in serious legal problems. However, it’s important to understand that legal assistance is among the costs of running a business—and it can protect your business in the future.
Yes, you might not need a business attorney for the daily operations of your business. However, there are certain times when you will need to engage a business lawyer.
When should you hire a business lawyer?
At times, your business will face some complex issues that you can’t solve if you don’t have legal knowledge. This is the time when you’ll need a business lawyer. Some of these issues include:
- Selecting a business entity – you will need a business attorney to assist you in deciding whether you need to create a sole proprietorship, limited liability company, partnership, or corporation. This will depend on the size and nature of your business, as well as the legal and tax requirements of each option.
- Choosing a business name – a qualified business lawyer can research to make sure that the name that you select for your business isn’t trademarked or used by another business. Some businesses have accidentally used trademarked names, and this has caused them serious legal and final woes.
- Creating a business entity – as a business owner, you will need an attorney when creating partnership agreements or filing certificates of incorporation. You should note that these are important documents that you need to legally operate your business.
- Licenses and permits – it’s important for business owners to consult business attorneys about the permits and licenses that they need to have before setting up their business. Some of the relevant documents that your attorney can assist you in acquiring include trade-specific license, general business license, as well as zoning permits among others.
- Drafting contracts – every business needs contracts to run successfully. From employee contracts to terms of service and vendor contracts, a business attorney can assist you in creating well-structured and clear contracts. These contracts can be essential when you want to enter into an agreement with other parties.
- Registering intellectual property – a business attorney can give you in registering your intellectual property. Moreover, they can also assist you in keeping your patent confidential, and also researching whether there are other patents similar to yours.
How much does a business lawyer cost?
Typically, a business attorney will charge you on an hourly basis. However, your attorney can give you a flat rate depending on the issue at hand—this assists in keeping the rate predictable and transparent. The rates, however, do vary depending on your location. Therefore, you should make sure that you agree with your attorney about their rates before hiring them.
What to expect when you hire a business attorney
When you hire a business lawyer, the first thing they will need to know if the history of your business and the goals you’ve set. Moreover, the lawyer will also ask you a few questions for them to know you better. As a business owner, you need to understand that your lawyer should know what your business means to you.
Now, when the attorney is acquainted with your business setting, they will go ahead to advise you on your legal responsibilities as a business owner, as well as the potential risks. By this time, you should have signed an agreement with the lawyer.
This agreement should outline the attorney’s rates and the responsibilities you expect them to execute. After that, the attorney will be responsible for your legal matters, and will also regularly update you on their progress.
Bottom line
Yes, at times you might not need a business attorney to assist you in the legal aspects concerning your business. However, you should note that having one is an essential step towards securing the future of your business. At times, you’ll be able to personally handle some of the legal matters. However, certain issues will require professional assistance from Orlando business lawyer.
As a business owner, you have the option of your business lawyer for them to assist you with different legal matters. This is advisable if your business has time-consuming and complex legal issues that you can’t handle alone.