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5 reasons small businesses benefit from an attorney relationship

Even though there are many DIY options available for small businesses regarding the startup process or getting answers to critical questions, this research often isn't enough. What do you do when facing a tough legal battle with a relentless competitor? Do you know where to turn when investor relationship topics come up?

While some small businesses like to go it alone, forging a strong relationship with an attorney is beneficial for many reasons.

Here are just five of the many reasons that you should take into consideration for your small business:

  1. Forming the business or corporation: Again, you could use online services to perform these tasks on a do-it-yourself basis. What if you have an interest in the creation of multiple classes of stock? Should choose an LLC or a partnership, and what are the risks with either? In this instance, you must use an attorney with small business experience.
  2. The creation of agreements: Agreements involving partnership, shareholders or employees are something you will refer to often, so they must include every detail and be drafted carefully before they ever exchange hands.
  3. Investor relationships: Because this is an area full of complications for small business owners, seeking investor relationships is a service your attorney can be very helpful with. Even though legislation, like the JOBS Act that was signed by Barack Obama on April 5, 2012, is specifically in place to encourage startups to seek funding and investing, that doesn't mean issues won't crop up. An attorney who handles details for many businesses often has a network you can benefit from as well. When your attorney helps or works on your behalf to find investor relationships and draft contracts, you can eliminate and protect against many financial risks.
  4. Advisory team: No matter if you're a team of two consisting of you and your attorney, or an entire board of directors, you can count on your attorney to consistently provide valuable advice tailored to your company. The ability to turn to your lawyer and keep this connection is significant because, when you turn to online resources, more often than not the words on the screen are far less powerful than face-to-face dialogue. No standard document or adviser on the other side of the chat window can ever know your business as well as an attorney who has been with you for years, there for you as you built your company from the ground up.
  5. Company sales and transactions:There are many in's and out's to contractual obligations many small business owners don't have an understanding of, and you may not be an exception. Because things can go wrong and, during the initial meeting, itemizations and business terms become part of the agreement, it's critical for your attorney to organize this information into a clear contract to finalize the transaction. This contract serves as an insurance policy that each of the terms has coverage in the document, and all parties are in agreement.

Final thoughts about attorney-business relationships

In the ever changing world of small businesses, new laws and compliance regulations are also consistently challenging owners. It's for that reason that the Donnelly Ritigstein Law Offices forges long-term relationships with small business owners.

Not only do our attorneys understand the importance of compliance and why small businesses need legal advice regularly, but they get to know their individual clients. They become invested not just in drafting a contract or resolving a dispute but in the success of the business itself.

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