If you have a small business, you might not think that you need to hire a corporate lawyer to help you with your business. You may be worried that you can't afford to have a corporate attorney, but the fact is that you can't afford not to have one of these attorneys. You can handle some circumstances without an attorney, but there are many more where you need that attorney. So, when do you need to hire a corporate lawyer to help you out?
One of the times you should hire a corporate attorney to help you is when someone, including current or former employees, is looking at suing you. As soon as you find out someone is considering filing a lawsuit against you, you should contact an attorney. That's because they may be able to head the lawsuit off before it happens. The attorney may help you create new policies for your company that will fix the problem, or they may negotiate with the other party for a pre-court settlement. Even if you have to pay a settlement, your attorney is saving you money and helping to save your business because you don't have to pay for any possible court costs or the risk of paying a higher settlement ordered by the court.
Company Status Change
If the status of your small business changes from a sole proprietorship to an LLC or partnership, you will have to fill out a lot of paperwork, sign contracts, file other paperwork, and make sure that everything is set correctly. Your attorney will need to read over all the partnership agreements, the contracts, and any other paperwork involved in the change. They are going to make sure that your business and your interests are going to be protected in case something goes wrong. The lawyer will also be able to catch anything that is missed in the contracts. Ideally, you should have an attorney on your side, and any new partner should have their own attorney. You don't want to risk any conflict of interest by having one attorney represent everyone involved in the process.
If you have a small business, you might think you don't need an attorney to help you out. You can handle some things by yourself, but having an attorney to help with the more significant issues and details will protect your business and help you stay in business for longer.