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Among everything you already have to worry about as a business owner, the thought of whether or not you need a business attorney is just another factor to add to your plate of responsibilities. Ultimately, this is something you don’t necessarily want to think about, but it’s very important to consider.
Business attorneys aren’t just who you hire in the event someone seeks litigation against your business… Business attorneys can help you throughout your entire entrepreneurial journey, every step of the way, even if it’s just for consultation purposes.
Whether you’ve been running your business for years or if you’re just starting your entrepreneurial career, here are some of the top reasons why you should hire a business attorney… Ideally, you’ll want to hire a business attorney in your local area, but if you’re in the Kansas City area, you will indeed want to get in touch with the best business attorneys in Kansas City.
Reasons Why Every Entrepreneur Will Need the Assistance of a Business Attorney
Consultation For Important Startup Business Decisions
Whether you own an online store or a brick-and-mortar store, there will be several important decisions to make that will impact the operations of your business, even before you officially open for business.
Questions of if your business name is available and the local business laws and regulations you would need to follow with a physical store are all things that you indeed could find out on your own, but one accidental mistake could result in fines or penalties against you and your business.
A simple consultation from an experienced business attorney could prevent all that from happening… It’s better to be safe than sorry.
Understanding Your Liability With Business Insurance
One of the biggest causes of concern in running your own business is the issue of liability. You are the business owner, which means that you are solely responsible for the products and services you’re providing. In that, it’s extremely important that you protect yourself from being liable for damages in the event that something goes wrong.
A business attorney will be able to properly assess your business and the risks that come with it and give you advice on the best type of insurance your business will need to give you the most coverage. You can also expect guidance from your attorney on how to reduce your risks for liability.
Making Sure You’re Following Business Tax Laws
If paying taxes is something that you can’t escape as a law-abiding citizen, it won’t be any different as a business owner. Whether you’re a seasoned business owner or a “newbie,” an experienced business attorney is going help ensure you’re in compliance with local, state, and federal tax codes.
Typically, your business attorney is who you’ll need to hire in the beginning stages of starting your business so that you have a clear understanding of what to expect and to avoid potentially paying double taxes. From there, you’re going to want to work with a tax accountant to check all your financials to make sure you’re in good standing with your taxes.
According to allbusiness.com, if the IRS finds that you’ve made accuracy errors on your tax returns due to negligence or an understating of the amount of taxes you owe, you will be charged a 20% penalty. Between services from a business attorney and a tax accountant, tax laws and penalties will be the least of your concern.
Assistance in Keeping Finances in Order
One of the biggest mistakes that business owners make is not keeping their personal and business accounts separate. In running your own business, regardless of the industry, it may require you to have multiple bank accounts or separate banking institutions to help you keep things separate. Keeping everything separate is especially going to play in your favor when tax time rolls around.
You may also need to obtain lines of credit for the operations of your business. A lot of times, this is something that new entrepreneurs don’t know and find out the hard way. A business attorney will be able to provide you the legal advice you need in choosing the right account and best financial institution for your business, preventing you from making those “rookie” mistakes.
Implementing and Maintaining Employee Policies
As a small business owner, part of the appeal is the freedom to run your business the way you want, within all legal regulations (of course). But when you add employees to your business, you’re dealing with an entirely new set of rules, regulations, and policies as a business owner.
One of the things that small business owners who’ve never hired employees tend to forget is professionalism. Learning how to engage and communicate with your employees may be something that’s very new to you because you’re not only wearing the hat of “business owner,” but you’re also transitioning to the title of “manager” as well.
What if in the process of learning your management style, you say something offensive that causes your employee to seek litigation from your business?
You will absolutely need the counsel of a business attorney… Prevention is key in this situation. Consult with a business attorney to learn the laws, regulations, and policies in regards to hiring employees. They may even recommend some helpful business management courses for you to take online to help you manage your employees in a professional manner.
All in All…
The life of an entrepreneur is indeed a busy one but there are ways to reduce your stress, and believe it or not, hiring a business attorney is one of them.
You’re not going to be able to completely avoid risk in running a business, but the legal backing from your attorney should bring you peace of mind in knowing that they’re there to help you every step of the way during your entrepreneurial journey, regardless of what situation you’re going through.