Monday, September 14, 2015

Here's Why Your Business Needs A Lawyer

Need business lawyer
Even the smallest businesses need the sound advice of a good lawyer. It’s the type of administrative task that entrepreneurs often forget about at their peril. It almost seems pointless in the early days. But, before you know it, you’re company grows large, and the lawsuits come in thick and fast. It pays to protect your business finances from day one. Even if you’re a humble entrepreneur working from your bedroom, it’s worth consulting a professional. Here are just some of the reasons why your business needs a lawyer.

To set up a business structure

Starting a company means registering with the tax man. If you’re pulling in earnings from the business, they need to be handled appropriately. Now, there are a few different ways of setting up a business. The first is a sole-trader. This is typically how a freelancer would structure his accounts. Secondly, there is the ‘partnership’ option if there are multiple founders. Finally, there is the ‘limited company’ option. Each have their own legal requirements and obligations. That’s why you need a lawyer to help choose the correct method.

To protect your intellectual property

As a small business, you may not think that patents, trademarks, and copyrights are important yet. But, trust us, they are! A lot of bigger companies are starting to use their patents and copyrights to shut down smaller startups. This sort of action could break your business for good. Not only that, but your ideas are the most important thing you have as a young company. Make sure they are fiercely protected!

Employee law

As a small business, there are number of responsibilities that you must comply with. That means responsibility for every employee on your payroll. Small business employment law is a vital consideration when you’re setting up your company. You’ll need to draw up contracts, non-disclosure agreements, and terms and conditions. This paperwork must be watertight, and only a lawyer can ensure their quality.

Liability and health and safety

Business owners have a duty of care towards their staff. If any injuries or health conditions arise from working, you are liable for damages. It can result in costly lawsuits and extensive trials or settlements. The same goes for any customers or clients on your premises. Their health and safety is your concern. Any lawsuits here could cost your company thousands, and remove your focus from the job at hand. A good lawyer will introduce you to health and safety law, and make sure you comply at every level.


A good business insurance package should come complete with indemnity cover. However, always check that it is included. If you’ve never heard of indemnity before, here are the simple facts. A lot of businesses provide advice and products that can be damaging to their clients and customers. Let’s say you’re a financial advisor. If you advise your client to invest in a stock that ultimately plummets, they could lose a small fortune. They could come after you for damages, as a result of your poor advice. If you’ve got indemnity, you’re protected against this claim. As you can imagine, it’s very complicated, and requires the input of a good lawyer!

No matter what level your business is at, start to think about the legal consequences.

No comments: