Whether you are establishing a new small business or running an existing enterprise, a business law attorney can help you keep your company running smoothly. Your lawyer also can make sure that you protect your business and personal financial interests for the future. In this blog post, attorney Shane Peterson explains three ways an attorney can help your Arizona small business.
Arizona provides several options for the legal structure of a business entity. While a limited liability company (LLC) is a popular choice, you should fully understand the implications of setting up an LLC before you take the steps to create one. Even if an LLC is the right choice for your business, you also need to decide whether you should choose S corporation tax status. After you make those decisions, you need to stay informed about changes in state and federal law that affect the operation of your LLC.
When you turn to an experienced Arizona business lawyer to set up a new business or evaluate the structure of an ongoing operation, you gain peace of mind that the legal entity choice for your business is the right one for your goals and needs, both business and personal. You also know that you have all the necessary legal documents in place for the type of structure you choose.
Since your lawyer gets to know you and your business in the process of determining your business entity type, you establish an important resource for ongoing advice concerning legal issues that arise during business operations. Your attorney can help with a wide range of matters, including what insurance you need to protect your business.
After you make certain that your business structure is sound, your lawyer is always available to help with legal matters that arise during normal business operations, such as making sure that contracts fully protect your rights and minimize liabilities before you sign them. If you use a specific contract form repeatedly, your attorney can help you develop a template that addresses potential legal issues. If you’re presented with a contract by another party, it’s wise to have your lawyer review the contract before you agree to the terms.
Compliance is another important area where legal counsel is essential. Every business is subject to specific laws and regulations at the federal, state, and local levels. Initial compliance is critical, but so is monitoring changes in the applicable statutes and rules. When you enlist the help of a knowledgeable business lawyer, you can rest assured that you will know if changes occur that affect your operations.
Your lawyer also can help you avoid common mistakes that can lead to complex legal issues simply because you are not aware of the potential pitfalls that occur in operating a business. When you and your attorney proactively assess your operations, you can devote your time to running the business, rather than diverting your attention to addressing legal problems that arise unexpectedly.
Many small business owners are so focused on current operational demands that they neglect to address future contingencies. For example, if you cannot run the business for any reason, even temporarily, it can spell disaster for the company, for you, and even for your family. But you can prevent that from happening.
Putting a business succession plan in place ensures that the business will not suffer, regardless of what happens in the future. The plan also protects you and your family. If you own a family business, your succession plan can address the future roles of individual family members in the business as well.
If you own a business, a succession plan is an essential part of your estate plan. For that reason, having a lawyer who focuses on both business law and estate planning is extremely beneficial. Your attorney makes certain that you, your family, and your business are fully protected for the future, in addition to ensuring that your business starts and continues with a solid legal foundation.
At Peterson Law Offices, we understand that small businesses, whether new or established, often do not need a full-time lawyer but do need reliable, responsive legal counsel throughout the life cycle of the business. To that end, we get to know our business clients and their families, so that we fully understand and support your business and personal goals and wishes. Our goal is to help your business succeed, grow, and thrive, while minimizing legal problems you encounter and finding the best solutions for the issues that do arise.
Our business clients benefit from the breadth of our practice, which includes not only business law, but also estate planning and real estate law, all of which typically factor into the operations of a small business. We provide high-quality legal services at affordable prices — and your first consultation is always free of charge.
We welcome inquiries from clients throughout the East Valley, including Queen Creek, San Tan Valley, Gilbert, Mesa, and Chandler. Schedule your free initial consultation by calling 480-878-5998 or using our online contact form.
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