Small businesses put off hiring an attorney to tend to legal matters until they really need their services. Some business owners treat business matters like their health concerns. For severe pain, one will not hesitate to call a doctor, but for common colds, some would wait until it becomes worse before going for a doctor’s appointment.
For businesses, calling a lawyer is deemed necessary when there is a serious legal problem such as an investigation for securities fraud or when a customer is filing a complaint about a severe injury.
But, for situations such as new startups, business dissolution, buying or selling or hiring executive level employees, they aren’t sure if they need to have a lawyer involved.
When You Need a Lawyer
Most business owners make most of their business decisions with the assistance of a lawyer. This is done to ensure that all legalities are followed and there will be no repercussions on the business later on.
There are countless situations where you will need a lawyer for business advice. Here are some of them:
- Making “special allocations” with your business partners from your profits and losses in your partnership agreement or your Limited Liability Company (LLC) operating agreement. This can be tricky and confusing, so you will need the help of an experienced attorney.
- You and/or your business partners would like to contribute appreciated property into a partnership or LLC.
- When buying a business and some environmental concern comes up because environmental protection laws have very hefty penalties.
- The threat of a case or when an employee threatens to sue the business for discrimination or your managers for sexual harassment. If this is a case, you will need an experienced criminal lawyer in the Townsville area.
If not handled properly, these scenarios can cost you and your business serious amounts of money. Engaging the help of competent lawyers will offset the potential harm that may befall your business if these issues are not dealt with discreetly and expediently.
Remember that it is important to hire the right lawyers for the job. If you’re dealing with a class action suit, your law firm may send a different team of advisers.
Law firms have a range of attorneys who specialize in specific branches of the law. Criminal lawyers will be able to represent your company in police matters.
Working with Your Lawyer
Multinational companies and huge brands have the best lawyers on retainer to make sure that no legal issues mar their name and reputation. For small and medium businesses, though, they need to take the practical approach and seek legal advice only when necessary.
Legal papers and documents are prepared and filed by company representatives with proper advice as well as direction from a legal consultant. Companies just ask their lawyers to look the documents over and scan for any legal issues or loopholes. This is referred to as the “legal coaching” scheme and is considered as one of the most cost-effective means of acquiring legal services for business.