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 LEGAL GUIDELINES AND RESOURCES

Home > When Does Your Business Need A Lawyer?

Whether you are just starting a business or your enterprise is already up and running, seeking the advice of a trusted attorney is an important step toward protecting your business and securing your financial future. Here are several key areas where expert legal advice and guidance will benefit your business.

Getting Started. Too often, business owners get their operations up and running before contacting an attorney for legal guidance. But an attorney isn't someone you go to just when there's a problem. Before launching a business, for example, an attorney can help you decide whether to set up shop as a sole proprietorship, corporation, partnership or limited liability company.

Checking contracts. Closing a deal with smile and a handshake may be a nice way to do business, but it won't hold up in court. Have a lawyer review every contract you sign with customers and suppliers, or have him or her draw up suitable contracts to protect your interests.

Keep the back door open. Despite even the best efforts and thorough planning, many entrepreneurs are faced with the prospect of closing down their business. Should the worst happen, a good attorney will help you develop an "exit strategy" that will protect assets and soften the blow of failure.

Settling disputes. Hiring an attorney to help you settle a business dispute can help prevent a bad situation from turning into something worse. More importantly, sound legal advice can help you avoid lengthy and costly court actions.

Look to the future. Many entrepreneurs get so caught up in the day-to-day of running a business that they fail to plan for the future. A good estate attorney can help a business set up programs to fund retirement from proceeds. Furthermore, an attorney can develop a succession plan that will keep a business alive and flourishing after retirement, so it serves as an additional source of income.

Consulting an attorney may in the best interests of your business, but where do you start? Because each state has its own licensing and practice requirements, you will want contact a lawyer within your own state. The state bar association is a good place to start.

In addition, get recommendations from friends, relatives and business associates. Names and phone numbers will help, but question your contacts about the following:

• What kinds of legal problem did they have? (You don't want to consult a lawyer who specializes in divorce for a business issue.)
• Was your contact satisfied with the outcome?
• Did the lawyer do what he or she promised?
• Was the lawyer easily accessible?
• Was the fee reasonable?

This information is compiled and provided by George S. May International Company.
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