Running a business inherently implicates certain laws and regulations. Even if you operate as a sole proprietor and work in a relatively low-risk industry, simply conducting business exposes you to legal liability. Many people who are self-employed or own a small business are hesitant to consult with a business law attorney because they assume that it will be expensive and believe that they can handle their legal needs themselves. The fact of the matter is that consulting with a small business attorney is an investment that can help a business operate more efficiently and in a way that may save you thousands of dollars in the future. As a result, anyone who is currently operating a small business or considering starting one should discuss their options with an experienced lawyer as soon as possible.
Below is some information about some of the specific ways an attorney can help small business owners limit their legal liability and ensure that they are in compliance with the relevant state and federal laws and regulations.
- Help choose the appropriate business entity – The choice of a business entity is among the most important decisions a small business owner can make. It can have a significant impact on the way a company is taxed and whether the person or people who own the business are personally exposed to legal liability for business debts. An experienced attorney will conduct a thorough analysis of your business and determine whether a partnership, LLC, corporation1, or other business entity best suits your needs.
- Review business contracts – Business contracts that accurately reflect the intention of the parties to the contract and are enforceable are essential to successfully operating a business. An attorney who practices in business law will help draft or review any contracts that you enter on behalf of your business.
- Advise you as to relevant laws and regulations – Depending on your industry, there may be a plethora of laws and regulations2 that are applicable to your operation. Failure to conduct your business in compliance with these rules can result in significant fines and other legal penalties. An attorney who is familiar with the laws in your area will be able to make sure that your business is operating legally and without running afoul of the relevant rules.
Contact a Seattle and Tacoma business law firm today to schedule a consultation
Anyone who is considering starting a small business or is currently operating without legal counsel should discuss their situation with an experienced business attorney as soon as possible. The attorneys of Dickson Frohlich are dedicated to helping small businesses succeed and minimize their legal liability. FOR A FREE 15-MINUTE CONSULTATION WITH ONE OF OUR ATTORNEYS CALL OUR TACOMA OFFICE AT (253) 572-1000 OR OUR SEATTLE OFFICE AT (206) 261-1110.