Jan 25, 2016

3 Good Reasons to Hire a Lawyer

There are many resources to aid in various business issues.  But there are good reasons not to skimp on expertise.

Owner and Shareholder Agreements

LegalZoom estimates that a business is started every three minutes using resources like its incorporation documents. Once the business is started each partner has different expectations and issues need to be laid out up front. Properly outlining the future of the business and clearly defining what each partner is entitled to when they walk away or sell are key points to help the business grow.

Labor

The rise of our new economy tests the boundary between who is an employee and who is an independent contractor resulting in a fast-growing area of litigation. Misclassifying a worker as an independent contractor can be one of the most expensive mistakes you can make, resulting in back taxes, interest, and other penalties.

While the IRS has a 20-point test to determine who qualifies as one or the other, and the Labor Department has issued new guidelines, having someone to take a close look is always helpful.

Contracts

To contain legal costs, businesses sometimes copy language from various website. This often times results in language that is difficult to enforce, irrelevant or too ambiguous. A lawyer can prompt you to think of all contingencies when drafting your contract. Poorly written contracts can be a huge time and energy waster.