Starting a small business can be overwhelming. Growing a small business can become even more demanding. Fortunately, small business owners can ease their workload by delegating the following four tasks to a business lawyer Toronto.
1. A lawyer can help you decide how to organize your business.
Whether starting from scratch or if you have been doing business on a small scale for quite some time, you eventually need to decide how you will organize and register your business. Going from a sole proprietorship to an LLC, corporation, partnership, or cooperative can benefit a business in different ways depending on the chosen structure. Business lawyers help entrepreneurs understand the pros and cons of each option. Once the business owner makes a decision, the lawyer can even file the necessary papers to register the business.
2. An attorney can negotiate contracts.
From leasing a physical space to entering agreements with suppliers, contractors, and employees, the life of a business owner is littered with paperwork at every turn. A business lawyer can read and interpret contracts and even negotiate in the interest of obtaining more favorable contract terms for the business owner.
3. A business attorney can protect your intellectual property.
Small businesses often underestimate the importance of protecting their ideas, proprietary formulas, and other confidential information. An attorney can help business owners obtain the necessary patents and trademarks that will allow them to freely discuss their business without fear of their ideas being wrongfully duplicated by others without the business owner’s permission. It is true that business owners can file applications for their own intellectual property protections. However, sometimes the business owner may forfeit the application fee if they make errors when filing the documents.
4. Business attorneys can help handle accounting and financial manners.
Entrepreneurs are often unaware of the overlap between business law and accounting. Hiring an accountant is important. However, an attorney can help the business owner thoroughly understand the legal implications of financial decisions and even act on the business owner’s behalf. While accountants have a thorough grasp on tax law, attorneys remain updated on all legal matters that may impact the business. Therefore, it is within every small business’ best interests to regularly consult with a tax professional and a lawyer who specializes in legal matters that directly affect small businesses.
Hiring a small business lawyer can save money and pave a smoother path to a successful future. For businesses that are concerned they may not be able to afford legal counsel, there are business lawyers available who work with a variety of budgets.