When starting a business there are two important professionals that you cannot do without, one obviously is an accountant as you will need to keep you books in order and pay taxes on time. The other person, though might not be apparent early on is a business lawyer. Though many small business owners may wait till issues start to hire such a person, it is a good thing to have a good experienced lawyer on board especially to look in to matters of business incorporation, copyrights and other legal issues that might crop up.
Most small businesses leave it too late and they don’t realize the need for a lawyer till they are being sued or they are faced with some criminal charge. Once you have been held on suspicion or being sued it is too late to hire a lawyer as the problems have already begun. Once this occurs, it is usually a case of finding the cash for fighting the case, court fees and paying for a lawyer to solve the problem. All these things can cost a great deal when an issue has already begun, which is why it is a good idea to have a business lawyer hired from the inception, as they can advice you on how to stay clear of these issues. Another important thing to remember is that lawyer’s fees would be considerably less in keeping you out of trouble than getting you out of them once they have already occurred.
Factors for hiring
In hiring a lawyer, you must also consider the size of the operation. For an example a larger law firm will have more resources, skilled practitioners and the general standing in the public domain to serve your business better while a smaller firm or a private practitioner might not have the necessary recourses to cover all your legal requirements. Therefore your business dealings and nature of operation will also need to be considered when hiring a lawyer or law firm for your business.
There are many types of lawyers as well. Some more specialised in certain areas than others. So depending on your business needs you might need the services of one or several. However if you can get one person that can cover most of the requirements it would be beneficial. Some of the common areas of expertise to look out for are:
- Expertise in drawing up contracts for clients and other requirements
- Knowledge on business incorporation
- Lease and rental of property
- Taxes and other registration requirements depending on the business
- Copyright issues and other trademarks
Looking at the above, it is easy to understand why you need to have one on board before commencing your business operations.