When you’re running a business, the last thing you want to do is deal with legal issues. Unfortunately, legal complications are bound to happen with any business, so it is worthwhile to know when you should seek out the help of a lawyer.
When You’re Starting Out
Because starting a business can have a variety of legal ramifications, it is a good idea to have legal counsel help you when you’re starting. A lawyer will be able to help you to ensure that your business is secure and help you to set yourself up for fewer legal issues in the future. With a good lawyer, you can prepare yourself for the future of your company and prevent many of the legal issues that many small businesses face.
If you are looking at selling your business, it is a good idea to bring in legal counsel. Turning your business into a sellable asset gives you more flexibility to make decisions. When selling, your lawyer will be able to help you to set up the terms of the sale and protect you from issues that way. There is a lot of documentation involved in the sale of a business, and it can be difficult for a layperson to ensure everything is taken care of. Your lawyer will know to make sure everything is documented correctly so that the sale can go through without a hitch.
When Facing Litigation
This may seem obvious, but if you are facing litigation, it is time to get help from a lawyer. A lawyer will be able to help you figure out how best to address the situation and the kind of case there is against your company. Call your lawyer as soon as you find out about a suit and do your research, so you know what is going on. It is also a good idea to contact your insurance in this situation as they may pay for at least some of your legal costs. Having a lawyer to help you through a suit will surely save you time, stress, and money.
Knowing when to seek out the help of a lawyer is an important part of running a business. There are many aspects of the law that coincide with running a small business, so the more you know, the more able you’ll be to call in a lawyer when you need one.
Read this next: What to Look for When Hiring a Lawyer
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