Three Ways To Stay On Top Of Your Company's Legal Issues
Handling your legal matters properly can be the difference between your business thriving and hitting costly snags. The points below will assist you in figuring out things you can do regularly to protect your company's legal interests, in addition to steps for working with a corporate lawyer who can help.
Keep Thorough And Well Organized Files
Since so many legal matters revolve around proof and documentation, you need to continuously organize your company's most important information. To do this, you need to take a multi-pronged approach toward storing physical and digital files and developing a system for organizing them. For instance, if you own a business that specializes in re-selling, you will need to retain copies of things like receipts, re-sellers licenses in various states, tax exempt certificates and wholesaler's information. This way, should there be any discrepancies, you'll have your files stored to quickly resolve these issues. As a word of advice, develop a physical file system where you retain physical copies, scan or otherwise digitize copies and store those files on your hard drive and in the cloud and also send copies to your lawyer for their records. Going this route covers your bases and ensures you and your lawyer are on the same page.
Decide The Capacity By Which You Are Hiring An Attorney
There is no one right or wrong business attorney-client arrangement, so assess the scope of your business and decide on what works best. One business might only need a lawyer's time and resources for contract signings and negotiations, while another business might want an attorney on retainer and in the loop on a day-to-day basis. Because these relationships potentially change as your business changes, you need a corporate lawyer that you have a quality rapport with. Regardless of what agreement you come to, definitely set aside a budget for lawyer fees, which can vary tremendously. For instance, one lawyer might charge by the hour, while another might take a 33 to 40% contingency fee.
Hire A Lawyer To Help Decide On Proper Business Filings
Perhaps the most important thing a corporate lawyer can do for you is help you navigate the potentially confusing process of designating your business type as your company evolves. For instance, if you are looking to incorporate, each state has different laws, requirements and filing fees, so a corporate lawyer would be able to assist you in this regard. Your attorney can also help you decide on various business classifications to establish, whether you would like to go from a sole proprietorship or partnership to a Limited Liability Company, or if you would like to re-structure as a corporation or S-Corporation. A knowledgable attorney will let you know the tax implications and new obligations that come with each decision.
Consider these points of information so that your company is always in good hands from a legal perspective. For more information, contact a firm such as George M Cappello, Lawyer.