Every business needs two professionals early on—an accountant and a lawyer. The accountant is very obvious; you need someone who is good at record keeping to track your numbers, review your chart of accounts and prepare your federal, state and local tax returns. But you may be wondering why we’re suggesting a lawyer.
Carpenter & Lewis PLLC suggests hiring a small business lawyer in Knoxville, TN early in your business, because your lawyer will provide assistance in almost every aspect of your business. From the zoning compliance and laws, to copyright and trademark advice, to more formal business matters such as incorporation and liability.
You want to hire a lawyer to help with your business before you are being sued; if you’re being sued, it is absolutely too late to do so. This is because you’ve been served a summons and a complaint, and the problem has happened. You’ll have to go through with court, pay in court costs, fees, settlements and more expenses because you did not hire a lawyer who had an extensive knowledge of business law and business practices to help prevent these issues from happening in the first place.
You want a lawyer that has extensive experience, and a focus on business law, such as the ones available at Carpenter & Lewis PLLC. There are a few different types of lawyer that you may encounter when hiring for your business; and sometimes lawyers do everything we’re about to tell you, so never think you need multiple lawyers if you don’t want multiple lawyers.
Some lawyers deal in contracts, which is important because you are going to have a lot of them. From dealing with customers, vendors and clients, you’ll need to present legally flawless contracts that these people can sign when working with you, and they’ll be doing the same to you. It’s a great idea to have a lawyer who understands contracts help you walk through any contract you are considering signing.
Business organizations such as corporations and limited liability companies are different ways to identify your business on a federal level and this can affect how you’re taxed, so you want a lawyer that can help you choose the best choice for what you’re aiming to do.
Furthermore, a good small business lawyer in Knoxville, TN can help you with real estate. From leasing commercial space, like office space and retail stores, to apartments and other such leasable properties. Your lawyer would be able to draft a tenant’s addendum that could be your set standard for taking in tenants, so that you have a similar process for everyone you deal with. This can save you a hassle.
A good lawyer is also going to be aware of taxes and licenses though this does not mean a lawyer should file your taxes. It does mean they can help register your business for federal taxes and state tax identification numbers, though, and they’ll know the consequences of doing that wrong.,