With the mass volume of active small business owners in the marketplace, one of the conversations that perhaps isn’t talked about enough are the reasons a small business needs a small business lawyer.
Some businesses may have a CPA, but that probably isn’t the case when it comes to a business lawyer. Most business owners, particularly those operating less than five years, may not think about legal matters until an unwelcome situation arises.
Darnell Self is the executive vice president of Network & Business Development for LegalShield. His advice for small businesses regarding lawyers: “One of the greatest threats to a small business is facing legal issues—an alarming number of owners face these problems without the benefit of legal advice or counsel. Most think of lawyers when they are in trouble; however, small business owners should think more proactively and seek legal counsel before they make critical decisions to aid, protect, and grow their business.”
Self recalls a story that would have been devastating if the entrepreneur did not consult with an attorney. In this case, it was a large company threatening and demanding a small business owner to pay them a substantial sum of money which the small business owner didn’t feel they owed.
The small business owner consulted with a lawyer who wrote a letter to the larger company, requesting a review of an initial contract. Subsequently, the small business owner no longer owed the large sum of money, once the lawyer got involved. Because of the professional advice and swift action from the lawyer, this small business was well-positioned and avoided a potentially devastating situation.
9 Reasons a Small Business Needs a Small Business Lawyer
1.Debt Collection: Many small businesses have trouble collecting money owed to them and can’t afford to give up a percentage of the debt to a collection agency.
2.Contract and Document Review: This is critical because of the need to be professionally advised and gain a thorough understanding before important papers or documents are signed.
3.Contractor or Supplier Disputes: It’s good when relationships are working well and functional, but when things go awry, it’s better to have the right representation if or when your company has contractor, vendor, or supplier conflicts that surface.
4. Internet Security Breaches: With the rising increase of sophisticated system hacking and data compromising, your company needs to be protected against internet predators and hijackers.
5.Product Liability Issues: The marketplace is no stranger to rapid product recalls and other issues that affect the functionality and operation of products. Having skilled attorneys could prevent unnecessary hassles and headaches as well as protect your brand.
6. Insurance Disputes: This is to safeguard your business against those insurance companies who deny or dispute claims of businesses or their properties.
7.Employee Theft: Unfortunately, no business owner wants to ever deal with major internal thievery whether intellectual property, monetary, or proprietary assets. But the reality is, employee theft happens even when the best processes are enforced.
8. Tax Audits: Although you may have a CPA, sometimes things still fall through the cracks, which may require an audit. You need to know that you have access to the right legal representation to help you navigate these potential pitfalls.
9. Threats of Customer Lawsuits: With the proliferation of lawsuits that continue to mount in this country alone, it’s assuring to have peace of mind of knowing you can defer to a legal professional who is actually on your team.
Black Enterprise Contributors Network