Millions of Americans dream of starting their own business; a prospect as exciting as it is frightening. Failure rates among small businesses are extremely high, though the thrill of big rewards versus big risks continues to attract an increasing number of entrepreneurs.

Of the many pitfalls facing small business owners, a lack of knowledge regarding basic business practices ranks atop the list. Entrepreneurs often fail to appreciate the value in retaining a business law attorney, something many consider an absurd and lavish expense. Granted, as a small business owner, it is unlikely you will require daily legal counsel, but there are scenarios where retaining the services of a business law attorney will prove beneficial.

Why Retain a Lawyer?

Most people only seek the aid of a lawyer when facing a lawsuit, criminal prosecution, or another personal legal matter. Business law is quite different. As an entrepreneur, you’ll need to make certain that your business is legally protected as well as compliant with federal and local legislation. This requires legal expertise, which will undoubtedly increase your monthly spending. However, it is important to note the many benefits of hiring a business law attorney. The legal fees you pay now could easily save your business thousands of dollars down the road.

When Should You Hire a Small Business Attorney?

There are a handful of scenarios in which you should seek out a qualified business lawyer:

• Planning Stages: Should you require assistance determining a proper legal structure for your business, a business lawyer would be able to advise you on the pros and cons of registering as an LLC, corporation, or business partnership.
• Buying or Selling: An attorney can provide valuable assistance when drafting contracts and negotiating lease and large sales agreements.
• Litigation: If your business is faced with a lawsuit, an attorney will provide guidance and representation both in and outside of the courtroom.
• Patents: If your company creates new and innovative products, you may want to consult with a lawyer who focuses on intellectual property.
• Employee Issues: Consulting with a lawyer prior to hiring or firing employees will help protect you from a discrimination lawsuit in the future.

Based in Charles Town, WV, James T. Kratovil Law Offices, PLLC has you covered for the protection and peace of mind you need to keep your business afloat. Call (304) 728-7718 or visit them online to learn more about their business law services.