Everyone knows that most big businesses have an attorney on retainer to help them navigate the ins and outs of a complex legal system. However, smaller businesses can also benefit from having a business attorney, including startups. Let’s take a look at a few reasons why.

 

Benefits of Having a Business Attorney

 

A business attorney with an excellent knowledge of corporate law is an invaluable asset, especially where contracts are concerned. The centerpiece of every business arrangement is the contract and the most important aspect of them is the exact wording, which can make or break a deal. Having a business attorney will strengthen these operations and add efficiency to whatever individual or business needs it. 

 

Some contracts may have illegal or unenforceable wording, while others may create loopholes the other party can exploit. A proper lawyer can prevent things like this from harming your business. Although it may seem easy to simply run a Google search for contract wording, the best and proper phrasing will depend greatly on the exact situation at hand, which generally can’t be found through a search engine.

 

A business attorney will also be able to help you make sure that all paperwork, especially compliance-related, is filled out correctly and on time. This can protect the business from expensive fines, government scrutiny, and other potentially disastrous consequences.

 

In this way, having a good business attorney on retainer can eventually pay for itself or even be profitable, if the amount of money they save you ends up being greater than the amount they receive for their services. This is especially the case as the business grows and generates more revenue.

 

When to Hire a Business Attorney

 

Many companies wait until they’re established to contact a business lawyer. Some people may believe that because of their business school degree or expertise in their chosen field, they can easily set up and run a professional business without seeking outside legal advice.

 

However, this isn’t always the case. For example, a common mistake made by startup entrepreneurs or other new business owners is choosing the wrong type of incorporation, like a sole proprietorship instead of an LLC or vice versa. As these decisions can have a major impact on a business during its formative years, it is highly recommended that prospective business owners contact an attorney before the company is officially formed.

 

It may seem like an expensive proposition for a smaller company to undertake but taking into account the opportunity cost, it is clearly the superior option over going it alone, using Google, Wikipedia, and other online research options, or anything else. Should a dispute arise, you can be sure that the other party will have a good lawyer, too.

 

Final Thoughts

 

These are just a few of the many ways that having a qualified business attorney, even before incorporation, can be a massive benefit to your company. In addition to saving a lot of money and making sure your operations are successful, starting early with a business attorney can make sure you start out on the path to success.