When it comes to hiring a lawyer, entrepreneurs and small business owners often get hung up on the costs. When the need arises, however, the right legal help can keep a business out of trouble and make sure it is ready for growth or whatever the market has in store. Here are 10 situations where a lawyer can be essential to your business.
1. Business registration
A lawyer can help you determine if a limited liability company (LLC) or corporation is the best structure for your company. Having someone guide you through the pros and cons for each, and which is best for you and your business, can make a big difference. From the legal implications to the tax consequences of each option, the Legal Pros at Rocket Lawyer can help you understand what is right for your business. With a Rocket Legal+ membership, your first business registration filing is free (excluding state fees).
2. Drafting and reviewing contracts
Contracts are the lifeblood of business. But a bad one? That's a time bomb waiting to go off. An experienced lawyer will know whether or not to include terms covering indemnification or add limitations on liability to protect you against potential scenarios you never would have thought of. Using Rocket Lawyer to build your contracts also gives you the option to work with an attorney to review your contracts to make sure they are legally sound, protect your interests, and minimize potential risks to you and your business.
3. Dispute resolution and litigation
Disagreements will unfortunately happen, especially in business. It’s always the goal to keep disagreements from escalating. But in the event they don’t, you want a lawyer in your corner. Litigation is not something to try to navigate on your own. From providing advice on potential resolutions to negotiating settlements, or representing your interests in court, if necessary, a lawyer’s experience makes a big difference in resolving disputes.
4. Taxes
With a lawyer, you can navigate the tax maze, ensuring you save where you can and comply where you must. A lawyer can help with tax planning, finding deductions and credits, as well as making sure you are in compliance with all the tax requirements for businesses. And if you get into tax trouble, they can help you there too.
But, if all you need is help with filing your annual tax return, hiring a Tax Pro can end up saving you time and money. Rocket Legal+ members can save half off tax prep services and get matched with a Tax Pro for affordable and convenient tax filing services.
5. Bankruptcy and debt management
If you're facing financial storms, a lawyer can guide you to calmer waters. Getting help from Legal Pros can help you make smart decisions about restructuring, bankruptcy, or negotiating with creditors. Tough times can hit even the most prepared or in-demand businesses. Getting you through bankruptcy or taking control of your debt requires knowing how the legal system works, and knowing how to make it work for you.
6. Intellectual property protection
From trademarks to copyrights to patents, a lawyer ensures your hard work doesn't get ripped off. For entrepreneurs and small businesses, your brand and ideas are your gold. A lawyer can help you protect your intellectual property from the outset by registering your trademarks, or securing a patent or copyright. A lawyer can also help you enforce and defend against infringement.
7. Employment law and HR issues
Matters related to hiring, firing, workplace policies, discrimination, harassment, wage and hour compliance, and other HR-related legal matters are not easy for small businesses and entrepreneurs to navigate. Having the right documents really helps. A lawyer, however, can be your GPS through this terrain, making sure those documents align with your business, while keeping you compliant and your team thriving.
8. Commercial Leases and real estate
The right space matters. But Commercial Leases are not always straightforward. Negotiating and understanding commercial rentals, purchasing or selling property, and handling zoning or land use issues require legal expertise. A lawyer can help you decode the fine print, and you can benefit from the experience they bring to the table.
9. Regulatory compliance
Every industry has its rules. And playing by the rules is non-negotiable. A lawyer ensures you're always on the right side of the line. From licensing and permits to compliance with local, state, and federal laws, you not only need to know the regulations already in place, but in many industries, these laws change often. A lawyer can help you stay on top of all these changes.
10. Exit strategies and succession planning
Whether you're passing the torch or selling your legacy, a lawyer can help you navigate the legal aspects of the transition. Every journey has an end, a lawyer can help you make sure you get the best deal.
When you need to talk to or hire a lawyer, Rocket Lawyer can help you keep your legal costs under control. From access to Legal Pros and the customizable legal document library to discounts on business and legal services, a Rocket Legal+ membership gets you access to everything legal, all in one place, on any device, anytime, anywhere.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
