How Can a Business Lawyer Save You Money?

• Legal structure for your business . Selecting the legal entity for your business is one of the most crucial decisions you will make. There are numerous options available, each with its own pros and cons. They type of legal structure you choose can affect your exposure to personal liability, how you pay taxes and how much tax you or your entity will pay. A business attorney can help ensure that you select the most beneficial legal entity to accomplish your goals
• Business transactions . Understanding all of the terms in a contract can be difficult, especially if the other party is using their own lawyer. Legal jargon often makes understanding what is being agreed to nearly impossible. Having a lawyer on your side ensures that negotiations are handled properly and the contract is drafted in a manner that clearly reflects what was agreed to between the parties. Your attorney can also help anticipate any obstacles or potential pitfalls, as well as take measures to reduce your liability and the chance of a dispute going to trial, which can be expensive and time-consuming.
• Employment practices . All businesses should seek the advice of an employment lawyer when hiring or firing employees and/or independent contractors. Employers must ensure that their employment practices comply with both federal and state laws. Classifying an employee or independent contractor incorrectly could result in your business paying government penalties in addition to lawsuits.
• Lease agreements . If your business is going to lease its commercial space, you should understand that this type of lease agreement covers a wide variety of complex matters and can be very complicated. Additionally, a commercial lease is typically for a lengthy period of time, so you want to make sure you understand what your entity is agreeing to before signing the contract. Your business attorney can help ensure your business does not agree to any over-reaching terms that could negatively impact its chance of success.