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Hiring a Business Lawyer

Several binders stacked on top of each other, all full of paper

As a business owner, there are many reasons why you may need a business attorney. These reasons could include purchasing or leasing property, establishing a legal structure, labor and employment laws, tax preparation, and other matters critical to a business. According to a USSBA report, small businesses share a national GDP of 44%. This means that small businesses account for a majority of corporate legal clients but are also significant to the U.S. economy. Consider these reasons why you may need a business attorney.

Time Sensitivity

A business attorney can help business owners understand their responsibilities. They guarantee that you have the information you need to take timely action. In addition, they help you understand your reporting responsibilities when it comes to taxes or other issues that may arise.

Taxes

A business attorney helps you understand the proper tax year to ensure that you meet your tax obligations in each business year. They also ensure that you understand your state tax obligation as well as your federal one. For example, if you have employees or not, you may need to make an advanced payment for self-employment taxes. If you do not meet these obligations, you may face overpayments.

Business Forms and Contracts

You may need to fill out forms related to your business, and a business attorney can help you determine which ones you need. They can help you understand what counts as business income to be able to report the income properly. In addition to understanding income, you should also know what counts as a deduction so you can receive all the appropriate deductions coming your way. On top of business forms, business attorneys will also help formulate contracts for employees, business partnerships, etc. 

When Should I Select a Business Attorney?

A business attorney can be expensive because they charge by the hour. It helps to have an understanding of when you need a business attorney. Some issues you may be able to resolve on your own, but others require the assistance of a lawyer. If you can determine which ones you can realistically handle on your own, you may be able to save yourself money.

While you may be able to create your own business plan, decide on a business name, and fill out partnership agreements on your own, you want to ensure you have assistance with dealing with tax liability and the IRS. Always consult with an attorney.