If you want to avoid costly mistakes as a business owner, the sooner you retain the services of a business lawyer, the better. “Too many business owners fail to engage the services of a lawyer until it is too late and they find themselves in trouble with the law,” says attorney, Harry Levin. Anything from a tax lien to an irate customer can threaten the financial viability and survival of your business. If you don’t have a business lawyer on retainer for your company, the following are five reasons you might want to reconsider that decision.
1) A business lawyer can help you understand whether your on-demand workers are employees or contractors. With a growing number of individuals working from home or on an as-needed basis, it is crucial for business owners to establish whether these workers are to be classified as employees or contractors. Failure to classify your workers accurately can cause significant troubles for your business at tax time.
2) When you work with a business lawyer, they can help you understand whether you should incorporate your business, operate as a limited liability company, or as a sole proprietorship. How you set up your business with local and federal governments is critical for everything from tax write-offs to the types of business programs you are eligible for.
3) Hiring a business lawyer is critical if you need assistance understanding things like copyright law and intellectual property rights. Too many of today’s business owners think just because an image or graphic is found online, it is free to use (this includes social media sites). A qualified lawyer can help you understand everything from patent law to trademark infringement and help keep you and your business on the right side of the law.
4) Business lawyers can also help you understand your financial responsibilities as a business owner. They can teach you the importance of keeping your personal and business finances separate and inform you of business debt solutions. Wealth management and avoiding costly financial mistakes are made much easier when you have smart legal counsel on your side.
5) Business lawyers are also excellent at helping business owners understand contract law. Should you have a contract in place for each freelancer you work with? Are hand-drawn agreements legally binding if the needs of your business should change? When you work with a business lawyer, they can help you understand the multiple implications of working without contracts and can assist you in creating legal documents for your business.
These are just five of many ways a top-quality lawyer can help your business. “The more informed you are about the benefits of retaining legal counsel, the better your chances are of avoiding legal problems in the future,” says Harry Levin, Partner at Levin Cyphers.
If you’re interested in more legal advice, please visit Harry Levin and Levin Cyphers.