When it comes to running a business, you can’t do it alone. If you aren’t familiar with the different legalities involved with owning your own company, you may not know what steps to take or how to ensure that all of your contracts are legal and assets are protected as a lawyer, like a tax lawyer Columbia, MD from a firm like Crepeau Mourges, can explain. Here are five reasons to hire a business lawyer.
You May Not Understand Contract Drafting
Contracts are a regular part of running a business. You use contracts when dealing with suppliers, clients, employees and any other individual or entity that you do business with. Your lawyer should draft your contract because he or she can give you the protection your business needs. In addition, he or she will include what happens if there were to be a breach of contract. If another company negotiations with you or drafts a contract, the lawyer will ensure that it protects your rights and that the contract is fair.
You May Have to Protect Your Assets
When you incorporate a business, it protects you and your family’s assets. To ensure that you are not personally liable for your company’s actions, your company needs to be legally formed and comply with all statutes and regulations. A lawyer will guide you on how to ensure that your business is separate from your personal finances.
You May Need to Buy or Sell a Business
Buying or selling a business is complicated. You may not have the experience or legal knowledge necessary to write the purchasing agreement. After drafting the agreements, you have to transfer the licenses and permits. To avoid any liabilities and to save money, you should have a business lawyer on your side to do his or her due diligence.
You May Have Less Experience in Tax Liability
The legal structure you choose for your company will directly impact your tax liability. Taxes are complex, even when you’re only handling your personal liabilities. Discuss your taxes with a lawyer to ensure that you don’t make any mistakes. Your attorney can help answer your questions about payroll taxes, business taxes and more. He or she may even have connections with an accountant to help.
Managing your business takes a lot of work. It’s difficult enough to balance your personal life with your business, you shouldn’t have to deal with the legalities on top of it. Set up a consultation with a business tax lawyer today to find out how he or she can help with your business!