Hiring a business lawyer is not something that is absolutely necessary if you're a small business owner; however, there are plenty of cases where it would definitely benefit you. Throughout the course of this brief guide, you will learn of a few cases where you should hire the services of a business attorney.
Sexual Harassment and Discrimination Charges
Sexual harassment and discrimination charges are serious claims that can be levied against your business, especially if they come from a former or current employee, or they are claims that are widespread. A business lawyer can help you out in this situation in a number of ways. First and foremost, as a skilled negotiator, they will know how to discuss the matter with either the person levying these claims, or lawyers representing them. They can supply you with advice about potentially settling out of court, and whether you have a sufficient defense if the case does involve litigation.
Special allocations merely refers to divvying up the profits between you and your co-owners or fellow investors in a way that does not directly correspond to a traditional percentage interest. The reason why you want to have a business lawyer involved in this process is due to the fact that the IRS pays a very particular and specific interest in any business owners who wind up utilizing special allocations. This is due to the fact that many unscrupulous, or sometimes just plain naive, business owners wind up hiding a substantial amount of the profit from their business by taking advantage of special allocations.
If your business is involved with any sort of environmental issue, it could be the case that the EPA could become involved. The reason that you should invest in the services of a business lawyer if this is the case is due to the fact that a business attorney's knowledge of law can inform you in such a way that you avoid violating major EPA regulations. Many violations of laws that are dictated by the EPA carry heavy fines attached.
Updating and Confirming Partnerships
A business lawyer can help ensure that you are receiving a respectable deal when confirming or updating a partnership, as well as making sure that the profit sharing is equitable.
Hopefully, this brief guide has given you some idea of a few cases where you will want to hire a business lawyer. A business attorney can help your small business avoid legal entanglement, and also serve to help you properly manage your profits.
For more information, contact Strauss Troy or a similar firm.Share