Part of owning a business is taking care of all the details to keep your business running smoothly. One major area you need to address is ensuring you are operating your business on solid legal ground. You want to make sure you don’t run into legal trouble that could lead to a business dispute or a lawsuit that would hurt your business’ bottom line.
Many owners of small- and medium-sized businesses decide to hire outside general counsel to handle their legal matters. That’s because hiring outside general counsel to deal with business law issues comes with a lot of benefits. Some of those include the following:
- Hiring an outside business law attorney is less expensive than having an in-house one.
- Outside general counsel can advise you on how to set up your business to best minimize your personal risks and tax burdens.
- Outside general counsel help you ensure you’ve addressed any regulatory compliance issues.
- Outside general counsel can create and review business contracts for you, to help avoid business disputes.
- Outside general counsel can help ensure you are following fair hiring practices, have solid employment contracts and deal with employee terminations correctly.
- Having outside general counsel will give you a better perspective on how others view your company and its operations.
When you hire an outside general counsel before you have any legal issues, you will be able to avoid them and minimize business litigation problems in the future. Your business law attorney also will understand your business better when the time comes that he or she needs to handle a problem for you.