Why should my company keep a business attorney on retainer?

Starting up your own business can be an incredibly busy, all-consuming process. With so many moving parts to keep track of, it can be easy for less obvious – but equally critical – priorities to slip through the cracks.

Without legal counsel, you may be inadvertently opening your business up to liability or exploitation. In today’s post, we describe three key ways in which a business attorney can help set your company up for success.

Business formation

When incorporating your business, should you choose to become an LLC, an S-Corp or a C-Corp? Each structure has unique tax implications – which may be more or less suitable for you, depending on your company’s long- and short-term goals. Discussing these factors with a business attorney can help you make the most beneficial choice for your company.

In addition, a business attorney can play a critical role in ensuring that all of your assets – including your company’s intellectual property – are protected from the start. Failing to copyright or trademark unique company property is a common oversight, which can prove costly.

Contracts

Your business attorney can also use their understanding of your company’s specific interests to draft strong business contracts for your company’s partners, vendors and employees. If such a contract is breached, your lawyer will be able to firmly advocate on your company’s behalf and pursue justice.

Litigation

Even if you run your company transparently and with the best of intentions, legal issues can still arise at any time. One of your vendors may falsely advertise their services using your name, or a former employee may defame your company. For unforeseen circumstances such as these, having an attorney on retainer – who already has an in-depth understanding of your company’s practices – can greatly expedite the resolution of any lawsuit.

You may operate your business honestly, but you can’t control the legal infractions of others. Having an experienced business attorney in your court can provide your company with robust protection – and you with peace of mind.