How can a lawyer potentially make your business more profitable over the long haul? | Ryan C. Young | Richmond Business Attorney

Small Business | Attorney | Richmond

When initially starting a business you have to consult area building codes and get permits for everything. Therefore, you are already consulting the law on how to proceed. For certain, it is a priceless commodity to develop a relationship with a lawyer who knows the mechanics of your specific business. You should keep a continuous dialogue with an attorney and consider them a part of your team.

Why should I add the expense of an attorney now if everything is going so smoothly already?  There are a lot of reasons why and they all benefit your pocketbook in the long run. Sure, you say, I’ve heard that before, but it’s true.  Upon closer look, a lawyer can look into all the legalities that would run your business anyway, saving you time, money adn energy doing it yourself.  An attorney can keep you informed of the next steps in opening and operating your business and keeping that business profitable.  They can review all of your contracts and ensure that you are in an excellent position to come out ahead if a dispute arises.

Let’s not forget tax season either.  Your lawyer, working with your accountant, can tell you what you can legally claim and file for in regards to your investments and losses or gains and how to report them effectively.  In addition, an attorney can review your corporate filing status to ensure you tax savings in the future.  A good business attorney will be cognizant of how to potentially save you money in the future.  Further, clients can typically deduct the expense of hiring an attorney on their annual taxes.

Even if you choose not to have an attorney on your company’s regular payroll, you should at least keep one on retainer. This is often the best choice for small to medium sized businesses.  Obviously, there are a lot of potential business mishaps out there, some not your fault, and having an attorney you can contact is worth it.  Now is the time to consider creating a close, comfortable and professional relationship with one with whom you can always get legal information and advice, and pay for any court or legal services as needed.  For example, with my longer term business clients, I provide work as needed and simply send an invoice at the end of each month.

Every case presents unique facts and no outcome can be guaranteed by an attorney. Give my office a call to discuss your particular needs or concerns.

Small Business | Attorney | Richmond

Written by 

Related posts