On behalf of Sayer Regan & Thayer of Sayer Regan & Thayer, LLP posted on Wednesday, July 27, 2022.
If you own a business, you know how demanding, stressful and, yes, rewarding it can be. Whether you’re just starting out or you’re a seasoned business owner, it’s always a good idea to call a lawyer before starting a new venture. From risk management to lawsuit protection, there are many reasons why business owners should get in touch with an attorney skilled in business law.
When launching a new business, you likely have high hopes that all will work out and you will enjoy smooth-sailing success. While we hope this happens for you, it’s a harsh reality that not every business flourishes. Mistakes will happen and complications will arise that will necessitate the need for a business lawyer here and there.
Having an experienced attorney on your side brings a lot of value to your business, especially when it comes to protection from legal implications. Here are six reasons why you should call a lawyer when forming a business.
1. To Protect Against Lawsuits
A lawyer can help prevent lawsuits from happening in the first place. But they can also help you navigate a lawsuit if someone does bring one against you. You never want to have to hire a lawyer after you’ve been sued. The most they could do at that point would be to reduce the charges. It’s better to be proactive before you’re hit with a lawsuit so you can get all your legal ducks in a row and make sure you’re covered.
2. To Mitigate Damages
Business attorneys can reduce the damages associated with a lawsuit. Let’s say a former employee or customer brings a personal injury case against you. Your lawyer can hop into action and help mitigate the damages so you are protected as much as possible from judgements, fines, etc.
3. To Draft and Review Documents
Whenever you need to draft, review or negotiate a contract with a client, employee, vendor or supplier, your lawyer can help with any legalities involved in those contracts. If you sign a contract that hasn’t been reviewed by a lawyer, you can be liable for any mistakes or misunderstandings that arise as a result. If you take the contract into your own hands and assume you can handle it, you will likely miss some important details that could put you in hot water later on.
4. To Incorporate Your Business
It takes a lot more than just writing a check or obtaining a certificate. Business lawyers are familiar with the process and can guide you through the process step by step with no legal complications. There are a lot of legalities to consider when incorporating a business. Don’t assume you can go it alone.
5. To Ensure State and Federal Compliance
All state and federal laws are different when it comes to business compliance. When incorporating a business, conducting business across state lines or overseas, building property, or paying your taxes, the rules and regulations you have to follow are diverse and complex. You don’t have the time as a small business owner to navigate through all those ever-changing laws. That’s what your lawyer is there for.
6. To File Patents
If you have created a new product or service under your business name, you have to file for a patent to protect that invention. But filing for such patents can be an arduous, stressful, time consuming and expensive process. If you want it approved in a relatively quick amount of time, it needs to be filed properly and completely. An experienced business lawyer with a specialty in patents can help you tackle the process seamlessly.
There are many more reasons than this, but these are the basics to get you started!
Contact Sayer Regan & Thayer
Creating a business? Not sure what to do? We can help. When you need an attorney experienced in all matters of business law, please don’t hesitate to contact us for your free, no-obligation consultation today.
These materials have been prepared by SRT for informational purposes only and are not intended and should not be construed as legal advice.