when is the best time for a small business to get a lawyer

Full Answer

Should I hire a small business lawyer?

The perception is that attorneys charge high rates and many small businesses don't have much, if any, extra capital with which to pay lawyers. As a result, most small business owners only hire an attorney experienced with business matters when confronted with a serious legal problem (e.g., you're sued by a customer).

How can a lawyer help my business?

Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help. Contact a qualified business attorney to help you address potential challenges a business can face.

Do I need an attorney for pre-prevention?

Prevention does not necessarily involve hiring an attorney, though consulting with one wouldn't hurt. By the time you or your business is sued, the preventable damage has been done and the only question that remains is how much you'll be paying in attorney's fees, court fees, and damages.

How do I start my own business?

Researching and picking a name for your business (previously trademarked business names can be researched online) Creating a legal partnership agreement, limited liability company (LLC) operating agreement, or shareholder's agreement (see Choosing a Legal Structure)

Why do I need a small business lawyer?

One of the main reasons you might need a small business lawyer is to protect your intellectual property, such as your company name. But if your company has a generic name, like "Joe's Electronics," there isn't any intellectual property to protect.

What to do if your business doesn't have a generic name?

If your business doesn't have a generic name like those discussed above, you'll need to protect it. Your brand is innovative or unique - make sure other people can't steal from you.

Can I get by without a lawyer?

Finally, you might be among the minority of business owners who feels capable of handling your own legal tasks. Most of the time, this isn't the best idea. But if you have a legal background, you might feel that you can get by without a lawyer.

Is it realistic to hire a lawyer if your business is not making money?

You might even be losing money as you pursue your business. If your company isn' t making money, it's not realistic to hire a lawyer, and you probably don't need one anyway.

Is it too late to hire a lawyer?

If you wait to hire a lawyer until you've run into legal trouble, it's too late. As long as you can afford a small business attorney, the sooner you hire one the better.

Do you really even need a small business lawyer for your online business?

So many online entrepreneurs think that they don't need a lawyer to help them with their online business. And you know what?

When to Hire a Lawyer for Your Online Business?

Here is a shortlist of people that would be well-advised to hire a lawyer to handle the legal needs of their online business.

Things to consider when hiring a small business lawyer

If you have decided that it is probably worth your while to talk to a lawyer, then here are three considerations you need to think about before you write that big check:

Questions you should ask yourself and the lawyer

So as you venture forth into the project of selecting a lawyer for your online business venture, here are a couple of questions you should consider.

What about questions to ask the lawyer?

Here is a quick list of questions you should ask any small business lawyer you are considering hiring:

Other Online Resources

When to Hire a Lawyer for Business Matters (and when to Do it Yourself)! (SBA)

Why is it important to invest in a small business attorney?

Because of that, many small business owners scramble to find the right business attorney only when faced with a grave legal problem (for example, getting sued by an employee or a customer.) That’s why it’s essential to know that investing in a small business attorney early on will often save you a bundle and help your business thrive in ...

What can an attorney do for a business?

An attorney can assist you with partnership agreements and corporate bylaws. Contract review: A lawyer can help you in drafting and negotiating contracts. Handling employment issues: As a business increases its workforce, a business attorney can help keep up with labor laws and lawsuits.

What is flat fee for business?

Good Business lawyers charge flat fees for simpler projects like setting up your entity and drafting short contracts. Flat fees are usually less expensive than an hourly rate for the same project and help you save money. Monthly retainer fee.

When does a startup need a lawyer?

Business structure: Plenty of legal self-help resources can be found online that can help you form a corporation, partnership or LLC on your own. ( Rocket Lawyer, LegalZoom and Nolo are three of the most popular legal self-help websites.) In general, most startups can handle their business formation this way.

When does an existing business need a lawyer?

Debt collection: Unfortunately, at some point or another every small business owner has a client or customer who doesn’t pay their bill. Debt collection may not work, so if you need to take the client to court, you may want an attorney to offer advice or represent you (if it’s a larger claim).

Knowledge is power

Legal issues can be intimidating for small business owners. Knowledge is power, so educate yourself as much as possible. Legal self-help sites such as the ones I mentioned above will give you an overview of legal issues that affect small businesses, as well as forms, templates and other tools you can use to handle simple legal matters yourself.

Why do I need a lawyer for my business?

An attorney will protect your interests when it comes to trademarks, copyright, and anything else that needs protection. A small business lawyer will benefit your business in more ways than you may think, especially when it comes to the success of your ventures.

What is the best thing about an attorney?

When it comes to legal matters being investigated, a professional attorney can help you reduce any potential losses but the best thing about an attorney in this situation is that they can actually help you avoid them in the first place. When You Are Dealing With Properties.

What should an attorney do for a business owner?

As a business owner, you have more important things to do, so your attorney should handle worker’s compensation issues, draft the necessary agreements for independent contractors, deal with hiring new employees and even fire them safely without legal repercussions. When Filing a Patent.

What does it pay to have a professional?

It pays to have a professional going through the legalities and handling things according to the law. There are so many implications that come with the selling or buying of a company. You need someone to help you value it, write the purchasing and acquisition agreements, and transfer any licenses or permits necessary.

What to do if you don't have your tax?

Taxes are the bane of small businesses, and if you don’t have yours in order, things can get out of hand quite quickly. Beyond that, your employees, if you have any, may accuse you of something, and a small business lawyer will help you navigate the situation. When it comes to legal matters being investigated, a professional attorney can help you ...

What can a lawyer do to help you?

A professional attorney will help you out of many sticky situations, and even though they can’t protect you from every lawsuit, they can help reduce your exposure or get out of it without losing your business. When You’re Being Investigated.

Do I need a lawyer to incorporate my business?

When Incorporating Your Business. If you need to incorporate your business, it’ll take more than just signing a check and filing a certificate.

When do you want to hire an attorney?

Some common situations when you may want to hire an attorney include: In general, you'll want to hire an attorney when you have a lot to lose if things don't turn out as you hope. "I knew it was time to hire a lawyer when we started doing contracts with larger businesses, and the language of the contracts went way over my head," says Jeff McLean, ...

What can an employment attorney do?

An employment attorney can help employers and employees work together to reach a resolution in the event of a problem, from wages and workplace safety to discrimination and wrongful termination. But when is it appropriate to reach out?

Is Your Small Business Need A Business Lawyer?

As an entrepreneur, you probably have battled in a commercial or business lawsuit, or seeking help on a legal concern with several questions in mind to associate with a business lawyer.

Issues That Encourage Small Businesses To Hire A Business Law Firm –

As said earlier, there are so many tasks and issues in a company that one can handle on his/her own; but, some complex tasks require expertise for which you must hire a professional. The services provided by a business law firm involve complex to simple business concerns and help businesses to work effortlessly in their field.

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How to Hire a Qualified Small Business Attorney

Educate yourself about legal issues: Small business owners spend most of their time on the day-to-day work of running a company, but they still need to have a general understanding of the legal issues that can crop up. Before you hire an attorney, familiarize yourself with the basics on contracts, business structure, and human resource law.

For More Information

To learn more about hiring a small business attorney, see these resources from the Federal Trade Commission (FTC) and National Federation of Independent Business (NFIB). The American Bar Association has helpful tips on finding an attorney.