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Why Every Business Should Hire an Attorney Now

On Behalf of | Mar 1, 2023 | Business Law

Whether you’re years into running your business or just getting started, hiring a business attorney can benefit you significantly. An experienced and knowledgeable lawyer can help you during every stage of your business’s life, from establishing your entity and drafting contracts to protecting your assets and representing you in lawsuits.

Below are the reasons you, as a business owner, should hire an attorney now.

Set Up Your Business Structure Correctly

Your future plans might involve growing and expanding your business. Even if you’re only a one or two-person operation now, receiving guidance on restructuring your business is essential. You can prevent unnecessary delays and save money by hiring a business lawyer to advise you on:

  • Business formation – Each business structure differs in tax liabilities and requirements. Your attorney can help you select the most suitable structure for your purposes and ensure a seamless transition. If your business is already up and running, they can assist you with restructuring to a limited liability company (LLC), corporation, or another entity.
  • Operating and shareholder agreements – Operating and shareholder agreements can create an action plan for unexpected events, outline the terms for transferring company shares, and determine how to handle a deceased shareholder’s shares. A skilled business attorney can advise you and draft the documents that will protect your company under various circumstances.

Draft and Revise Contracts

Contracts define a business’s relationships with clients, employees, vendors, and other parties. A skillful business lawyer can determine the types of contracts you need to cover different aspects of your operations. Common contracts include:

  • Nondisclosure agreements – A nondisclosure agreement prohibits someone from leaking sensitive or confidential information outside of the company.
  • Client contracts – A client contract ensures that your clients pay you on time and protects your business from liability.
  • Employee contracts – An employee contract defines the terms of employment to ensure employees fulfill their required duties, know what their compensation package will be, and understand the terms under which they can be released.

Provide Guidance During Mergers and Acquisitions

Mergers and acquisitions are valuable events for any company. These transactions have long-term effects that can affect a business’s daily operations and future. An experienced business lawyer can assist you with multiple aspects of the process, including:

  • Complete a merger or acquisition timeline identifying expected events, deadlines, and milestones
  • Assess regulatory requirements and get the necessary approvals
  • Negotiate the terms of the transaction with the other party
  • Draft a contract that outlines the obligations of each party
  • Revise your tax structure if necessary

Navigate Complicated Employee Issues

A business lawyer knows how to prepare for and resolve problems business owners have with their employees. When you hire a lawyer, they will advise you on the precautions you can take to protect your company, such as:

  • Classifying employees and non-employees correctly
  • Providing training materials that reflect company policies and procedures
  • Creating a non-compete agreement
  • Clearly defining wages, benefits, and other employee compensation

Represent You During Litigation

Someone might file a lawsuit against your company despite what you do to avoid litigation. When that happens, you need an experienced litigator to handle every stage of the lawsuit, including:

  • Identify the strengths and weaknesses of your case to determine a legal strategy
  • Advise you on the potential consequences of losing at trial
  • Gather evidence to disprove the opposing party’s claims
  • Negotiate a settlement to resolve the matter outside of court, if possible

Contact a Trusted Council Bluffs Business Attorney Today

Telpner Peterson Law Firm, LLP, has protected our client’s interests since 1952. We know how to navigate the complexities business owners face and resolve problems before they lead to severe consequences.

Call us at 712-309-3738 for a confidential consultation if you are a business owner and want to learn more about what we can do for you.