The two most important people when you are starting your business is an accountant and a lawyer. Hiring an accountant is for obvious reasons but hiring a lawyer has a lot of benefits too. A reasonable attorney will help you protect your business from legal complications as well as assist you in dealing with copyright, compliance, incorporation, and lawsuits. Check this post for more info www.business-standard.com/article/pf/be-cautious-when-handing-over-power-of-attorney-117112500819_1.html. As a business owner you might think that you will not need an attorney, but you will need a lawyer now and then as issues crop up in business and an attorney can help resolve them. There are various other reasons why you should hire a business lawyer when you start your business.
Prevention: Many business owners start a business, sign contracts and employ people too without consulting a business lawyer. That can turn out to be risky while trying to save money without hiring an attorney; you would spend a lot more if caught in a legal issue. If you compare the cost of hiring an attorney to the expense of fighting legal battles, the later turns out cheaper. A single lawsuit against your business can destroy it. By having an experienced attorney guide you through the legalities is a lot less risky than you fighting it all alone. Though hiring a lawyer does not mean you will not be sued if you start working with a lawyer from the start of your business, there is less likelihood of your business getting into legal issues as the lawyer is by your side guiding you through the whole process. By hiring a lawyer, you are preventing any potential lawsuits that might arise due to your lack of knowledge of laws and regulations.
Compliance: There are various laws that a business has to follow and the procedures are also different. When you are incorporating a company, when you are expanding business out of your country, have multistate dealings, etc. there are different rules that need to be followed. As a business owner, you may not have the time to look at all those laws and regulations and comply with each of them. So, having a lawyer do all the legal work will not only save you time but also from the headache of getting caught into complicated legal issues due to lack of compliance due to misunderstanding the laws.
Dealing with employee issues: In any workplace issues with employees are every day, and as a business owner, you should be ready to handle them efficiently. When you have a lawyer handling those problems they can be quickly resolved as well as help you incorporate the worker’s compensation, come up with agreements for contracts and other legal documentation.
Buying or selling a business: Purchasing or selling a business involves a lot of legalities. It is much more complicated than buying a car or a home. If you hire an attorney, they can help you evaluate the business proposition, write up the contracts and other required agreements as well as help you apply for transfers, permits and any additional licenses needed for your buying or selling the business.