Did you know that an average of four million businesses are started each year? Since the pandemic, there has been a surge in new business creation, but also a surge in business failures.

If you want to avoid failing, you have to start strong from the beginning. This could mean hiring a business lawyer.

Keep reading to learn five common reasons to hire an attorney for business.

1. Opening a Business

If you are launching a new business, it’s best to hire an attorney that can guide you while you are getting your company off the ground. Creating a business with a strong legal foundation will protect you in the future.

The best attorney will help you decide what type of business you should form. The business entity you choose will affect how you pay taxes and what your liability is.

A business lawyer is well aware of the pros and cons of each business formation.

2. Creating Contracts

A business contract lawyer will help you create and enforce contracts for a new or old business entity.

Legally binding documents are necessary for multiple areas of running a company. Business lawyers have the expertise necessary to write and review documents.

3. Navigating Taxes

Hiring legal help can aid you during tax season. Lawyers are also equipped to handle legal negotiations with the IRS on your behalf.

Businesses have to comply with tax law and lawyers can provide advice that prevents future taxation issues. They will also tell you what credits and deductions your business is qualified to receive.

A business attorney will aid you in creating a proactive record-keeping system that makes handling business taxes simple. They are aware of due dates and filing deadlines and can remind you when those days show up.

4. Protecting Your Property

Your intellectual property and physical business assets need protection. A business lawyer will make sure that you take the necessary steps to protect both.

Tools like nondisclosure agreements can help businesses protect important information from a breach. A lawyer will create this document and tell you when you need to apply it.

5. Bankruptcy Guidance

If you face sharp turns down the line, you’ll be grateful that you have a trusted company attorney by your side. Although no one wants to think about bankruptcy, it can happen.

To avoid putting your business in a situation that it can’t recover from, hire an attorney that knows the bankruptcy process.

Hard times like his are overwhelming but a business lawyer takes some of the stress off your shoulders because they know how to navigate the waters.

Bankruptcy has a negative attribute behind it, but it might be what you need to save your company.

Should You Hire an Attorney for Business?

There are a lot of situations that a business lawyer can help with. If you are starting a new company, need help writing contacts, or want to better navigate your taxes, hire an attorney.

These professionals know the ins and outs of business processes and can help you make decisions that improve your future.

For more articles on business, check out the other posts on our blog.