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Why Is it Important to Have a Business Lawyer?

by | Jul 14, 2022 | General Counsel

A business lawyer is a legal professional that can help your company or startup business avoid the many pitfalls of starting, operating and growing your business.

I’m Neil Fridman, a startup and corporate lawyer, and today, I’ll tell you why it’s important for you to have a business attorney at your side. A business lawyer can be invaluable to your business because they can protect your interests in a wide range of legal matters. I’m going to tell you five reasons why it’s important to have a business lawyer.

1) A lawyer can make sure your startup is on the right track

The first reason is that when you’re starting a new business, it’s crucial to have a lawyer on your team. That’s because the legal issues that arise with starting a new business are often different from those for an established company. A lawyer can make sure your startup is on the right track for success from day one and help you avoid costly mistakes.

An experienced attorney will also know which regulations apply to your industry, how best to raise capital in compliance with securities laws, and what intellectual property strategy makes sense for your product or service offerings. They can also help with other issues like hiring and firing decisions and much more.

2) Make sure your company is set up properly and legally

Here’s reason number two: A business lawyer can help you make sure that your company is set up properly and legally. They can also help you create a sound company structure and be in compliance with relevant laws. This will set your company up for success from day one.

A strong understanding of tax law

A strong understanding of tax law is essential in any new venture as it impacts everything from what type of entity you should form, such as a limited liability company or an LLC, a partnership, or a corporation. You also need to know what deductions your company is eligible for, how much of your income will be taxed, and if any additional taxes like sales taxes or withholding taxes should apply.

3) Protect your company from lawsuits

Reason number three is that a good lawyer can protect your company from potential lawsuits by assessing the risks facing your business and helping you avoid them. Professional legal advice can help your company mitigate risks when dealing with your clients, employees, partners, suppliers, and investors.

4) Expertise in dealing with contracts and more

Reason number four is that business lawyers know the ins and outs of dealing with contracts, tax law, intellectual property law and labour law. A good attorney can help you navigate complex legal issues and advise you on the best way to proceed.

They’ll be able to assist with contracts, intellectual property and labour law areas that are often outside of the CEO’s expertise. Having an attorney on staff is a valuable investment for any company that wants to ensure its success in today’s competitive market.

5) Save lots of time

Reason number five is that a business lawyer will save you lots of time that would be wasted trying to figure out legal issues on your own. If you own a business, it’s very likely that any time spent dealing with legal issues is less time spent working on your products or services, which can result in lost opportunities and revenues.

The bottom line is that a good attorney will not only help your company be compliant with the law but also offer important services such as reviewing contracts before signing them, helping you develop intellectual property strategies, and advising you on labor laws such as payroll taxes.