When you are a sole proprietor or you own a smaller business, you don't always think of the legalities behind your career. After all, you operate on a daily basis without a lot of employees and your customer base appears to be solid. You see no real need to hire a small business lawyer, but the expense can be worth it. Even simply retaining a lawyer with a minimal deposit can make a huge difference in the quality of your business and can really assist you should a major legal issue come your way.
Here are some reasons a small business lawyer can really help you out. When you retain this lawyer, they will work for you in confidence as you need them as long as you continue to pay your dues to them regularly.
They help you file a business entity
Do you want to set up your business as an LLC? Your small business lawyer will help you do this. When you set up your company as an LLC, you protect your assets. This means you cannot have your personal belongings, like your home, finances, and vehicles, put in potential danger should your business go under or you get sued or held liable for some tax information. If you are currently a sole proprietor, there is no difference between your personal assets and your business ones, so you will want to discuss making changes with your lawyer.
They help you manage your insurance
You still need business insurance, or some kind of umbrella clause or liability insurance, if you own a small business. Even if you operate from your home or don't have any direct face-to-face clients, you want to have the legal protection you need by getting insurance to protect you. This way, should any type of issue arise — such as defamation, slander, fraud accusations, or other serious complaints — you have insurance for both physical injury and other things.
They help you come tax season
Paying taxes as a small business owner can be hectic and confusing. Do your part to make your taxes much easier by having a small business attorney go over your assets and financial documents with your accountant. This way, when you do file your taxes, any potential red flags are caught beforehand and you can worry less about the IRS and focus more on your business. Bring your company's portfolio with you when you first meet with a business attorney so they can get familiar with what you do.
For more information about small business law, contact a local small business lawyer.
Share22 August 2019
Too many single people assume they don't need to plan their estate. My brother fell into this category, and his unexpected passing left our entire family struggling to deal with his home, belongings, and financial accounts. It took nearly three years for the courts to set up a deal because he left no paperwork detailing how he wanted his estate divided. The situation immediately convinced me to work on my own estate, even though I'm still in my early 30's and don't have children or a spouse to worry about. Since it's a little harder to pick beneficiaries and estate managers when you're single, I collected the resources I used for making my own decisions and decided to publish them here on my blog. Use these resources before talking to an estate planning attorney so you're prepared for making hard decisions.