5 Reasons Why Your Business Needs a Lawyer
A lawyer is a critical component of any business. However, some business people will only hire a lawyer when they have a court case. In this essay, you will learn why your business needs a lawyer.
1. Compliance.
When starting a business, you need a lawyer to evaluate the scope of your operations. A good business lawyer will ensure that you do not break any laws regarding zoning, licenses, product processing, storage and copyright. Suits involving poor quality products can be expensive. Besides, they negatively impact your brand image; hence you could lose a lot of customers. As your business grows, the lawyer will advise you regarding changing regulations and how you can restructure the company to ensure that you are fully compliant. He or she will also advise on how you can reduce liability by applying for various business insurance covers.
2. Employee management.
Employees are a vital part of every business. A good lawyer will help you come up with a workplace policy detailing the relationship between employees, management and the business. The company policy should explicitly state the expectations of the business from its employees. More so, it should explain how to handle disputes regarding compensation and workplace injuries. The company policy should not make your employees live in fear. It should make them work diligently knowing that they have a caring employer.
3. Expansion.
As your business grows, you may feel the need to expand your operations. This may involve setting up new production plants, opening new shops, or forming partnerships. A lawyer will help you secure property and financing required for such operations. More so, he or she will prepare the necessary documentation needed when forming a partnership. Besides, the lawyer can also conduct some due diligence on the conduct of your business partners. This is very important as people with a criminal past may cause future problems for your business.
4. Contracts.
If your business provides services such as transport and construction, you need a lawyer to prepare contracts between the business and its clients. Contracts address issues regarding payment, the scope of works and conditions under which the contract may expire. If a client defaults on payments, you can use the contract to demand payment from him or her.
5. Taxation.
Your lawyer will help you file taxes. More so, he or she will advise on how to make tax savings and tax claims. If you happen to have a case with the taxman, the lawyer will represent you and ensure a positive outcome.
The main reasons why business people require a lawyer are compliance, workplace policy, expansion, contracts and filing taxes.
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