What kind of lawyer do I need for my small business?
The Significance of Lawyers for Small Business Owners
Employing an attorney can also help ensure that your business operates within legal boundaries. They can review contracts and documents that you might otherwise assume are legitimate.
6 Types of Lawyers for Businesses
1. General Business Lawyer
As the name suggests, a general business lawyer provides legal advice across a broad spectrum of matters. This type of lawyer is knowledgeable in various legal disciplines. If your business does not encounter unique circumstances, a general business lawyer may be an excellent fit.
When considering this type of lawyer, ask about different scenarios that could impact your business. If you're uncertain whether your business would be adequately covered, you might want to consider a more specialized lawyer.
2. Employment and Labor Lawyer
Engaging an employment and labor lawyer is essential when your business has employees. In this case, your business must comply with state and federal regulations. An attorney specializing in this area can help draft employee manuals and ensure safety standards are met.
Some employment issues that could affect your business include wrongful termination, workplace discrimination, and sexual harassment. This list is not exhaustive, which is why this type of lawyer is crucial for protecting your business.
If you need to terminate an employee, you can consult with your lawyer, who can guide you on the best approach. Should any legal issues arise, the lawyer can represent your company. Employment law frequently changes, but it's your law firm's responsibility to stay updated so that you don’t have to.
3. M&A (Mergers and Acquisitions) Lawyer
When buying and selling businesses, negotiating property and asset terms can be complex. It’s beneficial to have a mergers and acquisitions (M&A) lawyer advocating for your interests during these transactions.
M&A lawyers understand the intricacies involved in mergers and acquisitions, as the opposing party will seek to negotiate the best possible deal for themselves. The M&A process can be intricate, and attempting to navigate it without legal assistance is unwise.
The documentation involved in M&A deals is another complicated aspect that small business owners might overlook. M&A lawyers are familiar with the necessary documents and filings, as well as laws related to pensions and employee rights associated with these transactions. If your deal involves intellectual property, you may need the expertise of an IP lawyer. Not all M&A lawyers have this specialization, so don’t assume they do.
4. Tax Lawyer
Business taxes can become convoluted, making it worthwhile to employ a qualified tax professional, such as a Certified Public Accountant (CPA).
While a CPA is invaluable in the event of an audit, there may be circumstances where the tax authority takes legal action against your business. In such cases, hiring an experienced tax lawyer is essential.
Another reason to consider a tax attorney is if you opted not to use a CPA's services or discovered that your chosen CPA was unqualified or dishonest. Both scenarios could lead to legal action from the IRS.
5. Intellectual Property Lawyer
If your company has trademarks and patents, you will likely need an intellectual property (IP) lawyer. These attorneys are equipped to handle matters related to copyrights, trademarks, patents, and brand recognition.
An IP lawyer can also ensure that your business does not infringe on the intellectual property rights of others. Most business owners are not equipped to recognize violations, making the IP attorney an invaluable asset, as IP violations often result in significant lawsuit payouts.
Information itself is considered intellectual property. Many people mistakenly believe they can share data freely on the internet, only to encounter legal challenges for sharing the wrong information. For instance, using phrases like "Just Do It" or "Taco Tuesday" could lead to legal action, as both are trademarked and protected by Nike and Taco John’s, respectively.
6. Contract Lawyer
Many business owners rely on online templates for their contracts. While these may suffice, they can also lead to legal complications since templates often lack the specifics needed for your business.
A qualified contract attorney can create tailored contracts for your business. Most agreements require provisions that templates do not cover.
Using templates may inadvertently bind your business to unwanted obligations. The legal terminology in any contract, including templates, can be complex for the average person. You would be responsible for fulfilling these obligations, which could cost your business more than anticipated.
Remember, hiring small business lawyers is far less expensive than dealing with the repercussions of unwanted provisions. Our office can effectively address any legal questions you may have. If you have any questions, please fill out the following form below and a Business Lawyer from our office will get back to you.
