Does my small business need a lawyer?

By on 2-15-2017 in Business Law

Small businesses continue to be the lifeblood of the American economy as we recover from the 2008 recession. The importance of small businesses cannot be understated. In the first three fiscal quarters of 2014, reports the Small Business Association, small businesses added 1.4 million new jobs, 39% of which were from very small businesses (with fewer than 50 people).

In the early stages of entrepreneurship, the chaos of managing your business can be overwhelming. Hiring, paying bills, and building a customer base take time and energy, and can often leave no time for complicated legal procedure. According to Austin business lawyers at Slater Pugh, Ltd. LLP, for medium and large sized businesses there are a range of legal issues which must occasionally be dealt with to ensure the ongoing success of the company. While you cannot avoid seeking legal advice forever, there are several tasks you can complete yourself to get your business on its feet. For example, creating a legal partnership agreement or limited liability corporation agreement can be done with the assistance of online legal resources and is essential to a successful business.

In addition, finances frequently seem too tight to afford a business lawyer. Investopedia outlines several generic costs that small business owners face. These include research expenses, borrowing costs, advertising and promotion, employee expenses, and technological expenses. With all these expenses, legal bills can become an afterthought.

Getting a lawyer for your small business is ultimately a preventative measure. You may not need them immediately, but they can help prepare you for the moment when you are dealing with a breach of contract or customer lawsuit. Do not be caught off guard; utilize legal services before it is too late for your business.