Running a small business is no piece of cake. If you own and operate yours, you likely already know that the task comes with its share of challenges. You are equipped to handle many of them, but some of them require outside assistance. If your store requires plumbing, you would naturally call a plumber. Similarly, there are times when your business will need legal advice, and you should not trust anybody less than a professional in such cases. Many business owners do not think they need a lawyer, but there are several situations that certainly necessitate consulting with an attorney.
Don’t make the mistake of attempting to handle legal issues on your own. Despite the wealth of advice you can find online and from friends, each business is unique and legal issues are never one-size-fits-all. Consider the following scenarios in which you should invest in guidance from a legal representative.
Resolve Employment Disputes
According to the Insurance Journal, the likelihood of facing an employment-related lawsuit is as high as 12 percent for small businesses. Even if you have a small staff and do not do much hiring, you are always vulnerable to litigation. It only takes one disgruntled employee to wreak havoc on your business, and a lawsuit can certainly destroy your business financially. Hiring a savvy lawyer to handle such a dispute can help you manage it effectively and avoid major consequences. Attempting to mediate or settle without an attorney may seem like a good idea, but it will likely cost you.
Taxes and Bankruptcy
As a small business, you have to stay on top of the taxes you owe lest you invoke the wrath of the IRS. Of course, taxes are a complex subject, and even when you dot your I’s and cross your T’s, you might find yourself being audited. There are many attorneys who specialize in tax law and specifically cater to small businesses, too. In addition to taxes, if you are considering bankruptcy for your business, you should seek out legal advice. Lawyers such as Suzanne Uhland specialize in aiding small businesses going through the bankruptcy process.
Ensure Compliance With Regulations
As a business owner, there are many times when you might wonder about the laws and regulations governing your business. You must be familiar with federal and state business laws as well as whatever local mandates might apply. Though you are likely aware of how these requirements affect your business, you might struggle to ensure you are entirely compliant. This is yet another instance in which an attorney can provide valuable guidance. Consulting with a lawyer such as Suzanne Uhland can provide the answers you need when you are navigating the complexities of business laws.
Manage Sales and Acquisitions
Most owners of small businesses greatly enjoy operating and managing their business in a hands-on fashion. Eventually, however, you may look to sell it and retire or simply move on to other pursuits. On the other hand, you might want to expand your business and start pursuing acquisitions. Both of these are complex processes that require considerable planning. You can move things along smoothly, though, by enlisting help from a lawyer who specializes in such transactions. Many small business attorneys have experience facilitating both sales and acquisitions of businesses, and they can help you complete yours successfully.
Hiring a business lawyer is a wise move in a number of scenarios. It is always best to be proactive and watch out for your business’ liabilities rather than attempt to handle legal issues on your own. With an attorney on your side, you can avoid the distraction of legal problems to focus on running your business and serving your customers.