There are inherent risks associated with running a business that cannot be ignored. When you embark upon a new business venture, it usually includes the development of a business plan. One of the key elements of that business plan should be the costs associated with having an attorney. While some might think it’s an optional expense, it only takes one problem to arise requiring an attorney to demonstrate the importance of seeking legal counsel in advance.
If you have a small business without any employees, there are still reasons to have an attorney. If your business has employees, you absolutely need an employment attorney cincinnati. It’s not just to address issues that arise with existing employees, it’s also to manage the process of establishing the employment relationship. Specifically, employment contracts are necessary to ensure everyone is on the same page regarding pay and other conditions of employment. An employment contract can also govern codes of conduct and the different reasons why the employment relationship can be terminated.
Another reason why an attorney is needed early on in the process of establishing a business is to determine and set up the business structure. This will dictate your liabilities and tax structure. It might also determine the way in which your profits are divided if there is more than one owner. Generally speaking, the options are Sole Proprietorship, Partnership, Corporation S-Corporation, and a Limited Liability Company. Depending on the type of business structure chosen, there will be documents that must be developed and forms that must be completed to ensure you’re in compliance with the law.
A contentious area of business that often requires the help of an attorney is dealing with trademarks and intellectual property. If you’re just getting started, you might not realize the importance of trademarks because your logo or brand image is not yet recognized. That will change as the years pass and your brand starts to build traction. Whether you offer products or services, there’s a good chance that you will need to trademark your logo. While it might be easy to fill out the necessary forms and provide the associated images, an attorney understands what’s involved in protecting a brand and whether there are any loopholes to consider.
Contract law is one of the most common types of legal support and assistance needed by employers. This is because there are many different types of contracts used in business. Some of the contracts that an attorney can develop include property leases, non-compete agreements and warranties, among others. The goal of a good attorney is to develop contracts in such a way that they mitigate potential legal issues down the road.
If you watch the news, then you’ve probably heard of executives leaving companies with a “golden parachute.” This is essentially a term for when a highly paid employee or partner leaves the business with a significant amount of money. This is a type of exit strategy agreement that’s developed by a lawyer to protect all parties involved. In addition to outlining the terms of the employment relationship, it can prevent lawsuits down the road.