For many business people, deciding whether to hire a lawyer is as crucial as going to see a healthcare provider. If you have acute chest pain, the chances are that you will call emergency responders immediately. But if you have a mild fever, you might opt to wait for a few days to see if it turns into a serious illness before you drag yourself to the doctor’s office.
Similarly, you should contact a business attorney whenever you have a legal issue. For example, your business might be under investigation for securities fraud, or one of your clients was severely injured by your products.
In other instances, it might not be clear whether or not you need a lawyer. For example, do you need an attorney when starting your business, dissolving a company, or hiring a high-level employee? If you are not sure you can handle the legal aspects of your business, according to Barnes Law Firm, it’s best to consult with a lawyer.
When you need a lawyer
There are different situations when your company will need the services of an experienced business lawyer. Here are a few examples of legal issues that need the help of a knowledgeable lawyer.
You and other business stakeholders (partners) want to make special allocations of business profits and losses in your LLC operating agreement or partnership agreement. Note that this is a complex issue, and if not done right, it could have unclear consequences. Therefore, it’s best to consult with an attorney to get everything done right.
If you and your business partners plan to contribute appreciated assets to an LLC or partnership, these business processes are challenging. Consult with a finance expert and a lawyer to help you understand this matter effectively.
In the event that your company is merging with another enterprise and an environmental issue comes up, you need legal help. Remember, there are specific environmental protection laws that carry heavy penalties for property owners, even for individuals who didn’t cause any form of contamination.
A simple mistake in these areas and other aspects of your business might cost you a lot of money. In such situations, it’s best to pay an experienced lawyer to offset the potential harm to your business if you don’t handle the situation appropriately.
You and your attorney can work as a team
One of the top benefits of taking learning a thing or two about handling your own business legal matters is that you can collaborate with your lawyer in various situations. That means you can handle minor legal issues such as leasing a commercial space without involving your attorney. You only involve a business attorney when you have a critical business question.
Regardless of when you decide to hire a business lawyer, make sure you find an experienced individual who can handle your business legal matters successfully. He or she should offer reliable support, responsive, and ready to let you learn and handle some of the minor legal issues.