Most entrepreneurs who start a small business are very good in their area of expertise. Because most entrepreneurs are starting on a shoestring budget they look at cutting cost anywhere they can. Many feel that having a business lawyer on retainer is an unneeded cost.
Because of this way of thinking most entrepreneurs will not hire an attorney until a matter arises that leaves them with no alternative. The fact is, however, most businesses can benefit from having an attorney because they very often can prevent issues from ever coming up and ultimately save the entrepreneur more money than the cost of retaining the business lawyer. Here are some ideas on when and why having an attorney that is available to help, is worth the cost.
Business And Domain Names
Very often an entrepreneur will do a quick search online to make sure their business name or domain name is available. The problem is that there are sometimes trademarks that may not be recognized by the entrepreneur as something that is protected and this can lead to problems down the road. An attorney can make sure that this doesn’t happen. If it were to happen, it could be very costly later on leading to fines and fees that have to be paid as well as having to redo logos, domain names, and even the business name.
Establishing An LLC
Very often today there are software programs and online services that allow for an entrepreneur to draw up their own LLC agreements. But again, because the entrepreneur is not an expert in this area of law there is always the possibility that something will be put into the agreement or left out of the agreement that could cause a great deal of problems down the road. It is so easy to go the cheaper route to save money in the beginning but this can mean spending much more later.
Be Prepared For Employee Lawsuits
There is a significant chance that at some point your business will experience a disgruntled employee who brings forth a suit claiming discrimination, sexual harassment, a hostile work environment, or improper firing. An attorney can help set up procedures that protect the business should something like this happen, putting the business owner in a much better position to protect themselves. And when it does happen, the attorney is already familiar with the procedures the company follows and this can help the attorney make these problems go away in the easiest and least costly way.