The average rate for a lawyer in the US was $300 per hour in 2021. However, fees can reach as high as $411 in some states. However, a good business lawyer is worth their weight in gold.
If you're a new business owner and have yet to consider hiring a company lawyer, you could open yourself up to unnecessary risks. However, if you're unfamiliar with the duties of a business attorney, you may not know why you need to have a company lawyer on hand.
If so, this article will help you understand. So keep reading to learn some great reasons to retain a company lawyer for your small business. Here are our top five.
Protecting your intellectual property is an essential step when opening a business. This is especially true if your company will be handling sensitive information. For example, if your company requires nondisclosure agreements, your company attorney can draft this up for you.
In addition, a company lawyer can help protect your company's assets should anyone be injured in the workplace. If you do not have a lawyer on hand, you could end up with an expensive lawsuit on your hands.
When your business startup grows, you will naturally hire more staff to cover the uptake in workload. But, again, a business lawyer can work with you to draft these contracts so the company and employees are protected.
If you're getting into business with family or a friend, a business lawyer can help you navigate a contract that protects all parties should a problem transpire. You want an iron-clad agreement to protect the business's assets, and a company lawyer can help with this before any business disputes.
Every company has to comply with its state's taxation laws, and a business attorney can help you achieve that. However, you want to ensure you're consulting an expert when dealing with your company's tax during tax season; otherwise, you risk getting the wrong information. This could result in future issues and penalties.
A qualified business lawyer will also be able to help you save money by reviewing your deductions and credits. If you're still building your company, your lawyer can offer legal help to structure your business to save money from the start
One of the best reasons to hire a business lawyer is when starting a new company. If you ensure you have a solid legal foundation, your business will be safe in the future.
You can form several businesses, and your business attorney can advise you on each. They can help guide you in knowing which is the best fit for your company. For example, you will need to select between being a:
A business attorney will be qualified to guide you in setting up the legalities of your new business.
Knowing how a business lawyer can help your company means you will want to retain one as soon as possible. A company lawyer is especially beneficial when you're starting a new business and want to do things right from the start. It's worthwhile paying the hourly rate, even if it may seem steep.
If you're looking for a great business attorney in Houston, TX, contact us today to see how we can help. We offer a free case review, and you can visit our site for more information.