If you are one of the many people that has turned to start your own business for money, then you will want to make sure your business stays secure. This is where a business transaction lawyer is useful. The first question that likely has come to mind is, "what is a business transaction lawyer?" The answer is simple, they handle the legal side of transactions that occur. They are experienced with financial obligations, investors, expanding your company, and all other aspects of financial liabilities.
Once you know what they do, it is good to understand exactly where they can help you. There are a few areas that all start-ups should consult with a lawyer when setting up the business.
1. Initial Business Formation
When you are forming your business, you will need to decide if you are a sole proprietorship or if you are taking on partners. Each business type has a different legal structure that needs to be adhered to. Business lawyers will guide you through the steps to make sure you know how to keep records, cover all liabilities, and tax things correctly.
2. Document Preparation
If your business is being run from your home, you will have fewer documents needed for assets. However, if you are considering leasing space for inventory or your office, you will have documentation that should be completed correctly. Lawyers will also help you know what paperwork you need to keep your business running smoothly and what can wait until a future date.
3. Adding Employees
Business owners that have employees will face a multitude of strict laws to protect your employees. Business lawyers know the legal aspects of hiring and firing people, including the prevention of discrimination lawsuits. They can also help you create employment contracts that let your employees know what is expected of them and what your policies are.
4. Money Collection
Business attorneys know the best methods of collection and can handle civil suits if necessary. When you have an attorney from the beginning, they can quickly jump in with letters demanding payment or starting court paperwork, as needed, while you continue to run your business. In many cases, they can resolve financial disputes without going to court, so they work to save you money.
As a business owner, it is always wise to have someone in the legal field to help you along the way. When they are there from the start, you can rest easy knowing you are adhering to all of the local, state, and federal regulations. Also, they can make sure you are protected from possible future lawsuits. With one less stress to worry about, you can take your newfound free time and turn it into a profitable business. Reach out to a lawyer to learn more about business transaction law services.