There are a lot of situations that may require the services of a business lawyer. It’s always best to be prepared for what might happen rather than plead ignorance and find yourself in a worse position because you took no precautions.
1. You’re Presenting a Partnership Proposal or Starting a Business
If you’re proposing a partnership, it’s a good idea to consult with an attorney beforehand, especially if one of your partners is connected to you in another way. If the partner with whom you want to partner has any personal connections, it can lead to problems if you don’t have an ally in your corner.
Starting your own company can be an exciting experience, but the financial legalities involved need to be taken care of by consulting a business lawyer. This is because most people tend to overlook or forget that they will require legal representation at the initial stages of their endeavor. A business lawyer has many other duties like preparing articles of association, drafting a constitution, drawing up contracts between partners and shareholders, etc.
2. You’re Buying or Selling Your Business
This goes for anything you want to buy. If you’re going out and buying a building, a piece of equipment, or even a vehicle, you should consult with an attorney first to fully understand what the document is saying. It’s important that the contract fully protect your interest and provides everything you need it to.
If you’re selling your business, this is the time when consultation with a business lawyer is exceptionally important. You must ensure that all your assets are carefully accounted for and protected under the contract.
3. Company Tax Returns
Every year the business returns need to be filed by the company. This is where a business lawyer can be immensely helpful as he has all the knowledge about the various sections and rules governing tax returns. The fundamental differences between individual and company tax returns can drive anyone crazy sometimes.
4. You’re Being Sued
If something goes wrong in your business, it is crucial to have an attorney on your side. You need someone who can explain the entire situation to you to understand what they are saying and how they practice law. If you don’t, chances are that you won’t have a clue as to what is going on and will wind up spending a lot of money on a lawyer that doesn’t know what they are talking about.
5. You Want to Work Outside of Your Business
Many people think consulting an attorney about working outside their business is unnecessary or foolish. After all, if they are not working in their business, what is the difference? But that’s not true. The law controls many things, and the consequences of not consulting with an attorney can be severe.
You must know how to work within the law to ensure everything operates. You don’t want to find yourself in a situation where you overstep your bounds and wind up needing legal representation against your will. With so many situations where you have a lot at stake, you must speak with an attorney before anything happens. This information should be enough to give you the confidence you need to get yourself legal advice.