Key Things When Hiring a Business Lawyer
As a business owner, there are many reasons why you may need a business attorney. Laws and regulations surrounding operating a business can be challenging to navigate, with many potential pitfalls for those unfamiliar with how this works. Oftentimes, critical business matters such as purchasing a property, establishing a legal structure, tax preparation and labor and employment laws are beyond the scope of an average business owner to handle on their own.
With small businesses making up approximately 44% of the national GDP, many of these end up being corporate legal clients. There are several benefits of working with a business attorney, especially for first time business owners. Learn more about these benefits, as well as when someone should choose to hire a business attorney lawyer for their business.
Benefits of Hiring a Business Attorney
One of the primary reasons to hire a business attorney is to help owners understand their responsibilities. An attorney can guarantee that you have the information a business needs in order to take timely action. In addition to this, these attorneys can help businesses understand their reporting responsibilities when it comes to taxes or other issues that may arise.
One of the specific responsibilities of a business attorney is to help their clients understand how to handle their federal and state tax obligations for each year. In addition to the typical taxes a business may be forced to pay, there may be requirements to make advance payments for self-employment taxes. It is important to be aware of these obligations as a misunderstanding has the potential to cost a business a small fortune in penalties and fines.
In addition to helping with tax codes and regulations, a business attorney can assist businesses in determining which business forms are required for certain types of business activities. They can work with individuals to help them understand what counts as business income so it can be added to the correct form and reported properly. In addition to selecting the correct forms for reporting income, they also assist business owners in understanding what counts as a deduction in order to ensure businesses receive all appropriate deductions coming their 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?
While simple business legal matters can often be solved by business owners themselves, sometimes certain situations require the assistance of a business attorney to make sure things are properly handled. Certain things such as creating your own business plan, selecting a business name and completing partnership agreements can usually be taken care of by business owners themselves; however other things such as dealing with tax liabilities, employment law and the IRS are best left to be handled by a business attorney.