Five Benefits of Hiring an Attorney to Review Your Business Transactions

Five Benefits of Hiring an Attorney to Review Your Business Transactions

Whether you own a small business or a large corporation, you will need a Lynchburg business lawyer at some point. Business lawyers can provide legal advice to help you with your business contracts, the selling or buying of a business, or lease agreement. All of these business transactions require review, negotiation, and preparation. 

In many cases, business owners and managers do not have the time or experience to thoroughly review business transactions. Hiring an experienced business lawyer can help you protect your business, your legal rights, and your business interests. 

An Experienced Lawyer Can Help with Business Transactions

If you have already formed your business, you may benefit from hiring an attorney to help you draft and review business contracts. Forming contracts with your distributors and suppliers is significant. Should your contract not adequately protect you and your business, the results could be devastating for your business. When contract disputes arise, judges look to the terms of the contract as well as contract law to determine the matter. 

Every day, business owners enter into business relationships with customers, employees, distributors, and suppliers. Today, many businesses need to expand to meet the demands of a global network. For those businesses that work with customers and other companies in different countries, hiring a lawyer is essential. An outside lawyer can help you anticipate and resolve the day-to-day legal realities of today’s business client. Specifically, business lawyers can help your business with the following issues:

  • Project finance
  • Contract negotiations
  • Advice on Free-Trade Agreements
  • Customs and issues related to the Foreign Corrupt Practices Act (FCPA)
  • International intellectual property issues
  • Overseeing and managing litigation as well as due diligence issues 

A Lawyer Can Help You With Your Business Taxes

Dealing with tax issues can be one of the most frustrating and challenging matters for business owners. Many business owners spend hours trying to file their taxes properly, hours that they could spend working on other pressing issues, such as their product and profit. By hiring an outside attorney to work on your business taxes, you can save yourselves from many stressful weeks and expensive errors. 

An experienced tax lawyer can help you plan and pay your taxes. Should the IRS audit you, an experienced tax lawyer can help you defend your business. It only takes one innocent mistake on your business tax returns to create an expensive and lengthy tax issue. 

The IRS often does not resolve matters quickly, and any problem can take significant time and resources to resolve. In some cases, there is no way to predict whether your business would be audited. Do not give the IRS any reason to flag your business for an audit. By hiring a tax lawyer, you will protect yourself from unnecessary audits. 

Attorneys Can Help You with Setting Up an Online Business

As the coronavirus pandemic continues, many brick-and-mortar retail locations are not able to remain open. If they can stay open, many stores have seen a significant drop in sales as customers stay home or attempt to social distance. Many small to medium-size businesses are starting online e-commerce businesses, or they are expanding their current online businesses. 

Keep in mind that if you operate an online business, or you are thinking about starting an online business, unique legal issues can arise. Starting an ecommerce business can help your business increase your profits. When you begin selling online across state lines and country lines, you will need to follow Federal Trade Commission regulations. Selling products across state lines will also change the way that you need to pay sales taxes

Each state regulates taxes on interstate sales differently. An experienced lawyer can review your business model and help you anticipate any legal challenges that can arise. They can also help you make sure you are paying taxes correctly. When possible, they can help you avoid higher taxes. 

Lawyers Can Help You With Human Resource Issues

You have started your company, and it has grown. You are working around the clock. The time has come to hire your first employee. The excitement of receiving much-needed help can be quickly overtaken by the challenge of complying with all of the federal, state, and local requirements for hiring an employee. 

For example, many business owners do not understand all of the requirements for hiring a new employee. Federal and local laws even apply to the interview process. Well-meaning employers can unknowingly violate employment laws on an every-day basis. Employment laws regulate everything from hiring employees to paying employees, to providing break rooms and medical leave. 

An experienced lawyer can help you establish an employee handbook as well as a procedure for hiring and terminating employees. If you have a contentious situation with an employee, it is wise to speak with an employment attorney who can guide you as to the best options to take to protect your business from liability. 

Lawyers Can Help Protect You From Litigation

Anytime a person opens a business, the business is exposed to liability. A single lawsuit can wipe out a business. Business owners should not live in fear, however. Instead, with the help of an outside lawyer, you can protect your business from litigation. A skilled lawyer can review your business contracts, human resource documents, and your company policies and identify any potential red flags for litigation.

Unfortunately, litigation is sometimes unavoidable. While ensuring that your business is protected from litigation, it is also important to understand how you will handle a lawsuit should it happen. Litigation attorneys can assist you in all different types of lawsuits, including class action lawsuits, disputes, and contract cases. 

Contact Our Experienced Lawyers Today

Whether you are a new business owner, or you have been in business for a while, consultation with an experienced Lynchburg business lawyer can help you tremendously. Contact Straw Law Firm today to schedule your initial consultation.

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