Essay Example on Reasons why you need a business lawyer for your start up









Reasons why you need a business lawyer for your start up When you decide to start your own business venture you plan to handle most of the daily tasks on your own It is solely your decision to grow your business manage the cash flow manage customer requests and complaints or plan a specific marketing strategy Once your business starts growing you may add other people to your staff to help you Still you will be occupied as you will need to manage staff and resolving things It may be a difficult situation when some legal issues come up In such cases you need a business lawyer to resolve the legal problems The article will help you understand the reason why you need a business lawyer for your start up Many people seek help from online channels to do the job but that won t help them deal with legal issues for their business as only an experienced business lawyer can help you fight legal issues Manage lawsuits At some point or the other you may need to file a lawsuit or defend yourself against the one filed by others Visiting the court can be an expensive affair It is not worth spending money going to the court to settle the dispute A professional business lawyer can manage the lawsuits on your behalf while you save time and money visiting the court In many cases the lawyer also prevents legal issues from turning into lawsuits Corporate structure Your business lawyer will evaluate your firm and help you choose the right corporate structure for your start up 

Each corporate structure comes with its own set of personal liability If you plan to choose the corporate structure without the assistance of a business lawyer you may end up into personal risk than required Labor Laws With the growth in business you may increase staff members too There are certain labor laws that safeguard the employees rights As you will be constantly occupied handling your business you may not be able to keep yourself updates with the latest changes made to labor laws This may result in violating the rights of your employees by mistake which in turn may land you to face a lawsuit Your business lawyer will be quite helpful in such cases as he will be able to prevent unwanted legal issues The professional business lawyer can help educate your staff with different illegalities and legalities that is important in day to day business transactions The entire business operation will run smoothly if the legal aspects are followed Review Contracts Every business operation is carried out through contracts The contracts are the professional agreements that you have with your partners investors employees and vendors These contracts are necessary to protect the identity and rights of everyone who is associated with you Many starts up owners commit these huge mistakes of creating the business contracts without the help of a lawyer Later they are shocked to see that those contracts aren t valid enough to provide necessary legal protection when presented in the court You can hire a business lawyer who can draft the contracts to prevent legal problems Your lawyer can help you develop better relationships and faith with your investors

Many people ask why a business lawyer is necessary Of course it is as you may carry out all the without the help of a lawyer but it may result in a lawsuit and then you end up losing your business revenue Many business owners risk their business by not hiring a lawyer to save money The legal norms are changing constantly and to keep yourself updated about them is not an easy task but your lawyer can help you know about how the new taxes etc are going to benefit you as a small business owner The year 2018 has some new amendments in tax law wherein there is a win win situation for small business owners with almost 20 off deal 2018 will bring in some tax relief of about 20 of taxable income generated through business The main objective behind this new tax rule is to provide some room for the small business to grow in comparison to large corporate businesses as they get higher tax benefits Small businesses owners can utilize their tax savings in various other business related activities like purchase inventory recruit new employees increase the wages of their employees pay off their debts expand the workspace etc Apart from the benefit of tax reduction in your business income many business owners can now benefit through reduction in personal tax rates as well Similarly other new laws can help you avail the benefit for your start up and in order to know which rules are applicable to your business and which ones aren t is better described by your lawyer who is updated with changed and latest laws

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