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What outside legal counsel can do for a small business

On Behalf of | Feb 16, 2022 | Business Law

As a small business owner, you need to save money wherever you can and avoid needless expenses. Hiring a business attorney as outside counsel might seem like a luxury.

That leads a lot of businesses to wait until they run into serious legal trouble before hiring a lawyer. But having an attorney to advise you before emergencies flare up can save your company considerable time and money in the long run. Taking steps to reduce your risk of litigation now is almost always less expensive than preparing for a lawsuit and going to court.

What a business attorney can do for you

Things that an attorney can work with you to put yourself in a safe legal position include:

  • Establishing anti-discrimination employment policies and training, or reviewing and updating existing policies
  • Negotiating and drafting vendor contracts, employment contracts, leases, etc.
  • Guiding you through business formation and preparing a business succession plan

What you can do on your own

Meanwhile, there are several things you and your partners can handle on your own if you feel comfortable, such as:

  • Writing a business plan
  • Applying for an employer identification number for tax purposes
  • Submitting income taxes and other necessary documents to the IRS
  • Hiring independent contractors

Choosing a business law firm that works with small businesses and thoroughly understands Colorado law can be a useful and reasonably priced tool. Larger companies have in-house counsel advising them and representing them in court. You, your partners and your employees deserve the same level of service and legal protection.