Small businesses are the lifeblood of the economy. However, the statistics on the survival rates of small businesses is disturbing. More than one –third of businesses go under during the first two years of their existence. Over and above hiring, marketing, keeping clients happy, balancing the books and keeping the lights on, business owners have to contend with legal hurdles. You need a knowledgeable and experienced hand to guide you through the legal challenges you’re bound to encounter. Below are the 4 reasons why you need an attorney for your business.

  1. Formation of the Start-Up
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The processes of conducting a name search, filing a business name, and incorporating a business can all be done without the input of a lawyer. However, when it comes to configuring the corporate structure of your business, you do need a lawyer. The founders need to be identified, and the owners of equity have to be correctly documented to prevent any future misunderstanding. This is number one reason to talk to a lawyer.

  1. Contracts
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Signing up workers is a process that can proceed in the absence of a lawyer. You would do well to bring on board lawyers to help draft all your employment contracts with your employees. This is to secure your interests as a business because the reality is that once an agreement is signed, it is almost ironclad. This could work to the disadvantage of your business if you fall out with your employees. A lawyer, in this case, covers all the legal bases that might leave you exposed during a dispute with an employee. A lawyer will also help craft a contract that is fair and in line with labor laws in your location.

  1. Intellectual Property
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Intellectual property, defined as a creation of the mind, is the fuel of commerce. Intellectual property involves ownership of patents, trademarks, and copyright. If your business has an element of intellectual property, then it is vital that you engage the services of a lawyer. The reason being that your potential earnings may be eroded if a third party steals your ideas or creations.

Similarly, a lawyer will be best to do due diligence on the patent, trademark or copyright application. This is important because it saves your business the hassle of commercial litigation if you violated someone’s intellectual property.

  1. Funding
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Want to raise some money for your business? Raising funds is like walking in a mine filed. Not only could you lose money, you could also lose your business if not well executed. Cases abound of predator investors who’re only interested in taking over your business. For this reason, you need a seasoned lawyer to guide you through this process. The paperwork involved in such transactions often involves a lot of jargon, and you will require a lawyer to make sense of it all.

If you’re a business owner and need a lawyer for any of the above reasons, Google “small business attorney near me” or check your local telephone directory for the best commercial lawyers in your area.

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