Whether you own a small farm, operate an online store, or run a brick-and-mortar restaurant, you will likely need legal assistance at some point in your career. Keep the following five services in mind as you grow your business.
1. Debt Collection
If you’re like most Americans, you’ve probably gotten a call from a debt collector at least once or twice in your life (and maybe you ignored it). Now that you’re a business owner, you likely take customer debts very seriously — but you don’t have time to track down and personally contact customers who have outstanding balances. Hiring a debt collection agency that works exclusively with small businesses to settle these accounts is your best bet for resolution.
2. Contract Review
Using customer contracts can safeguard your relationship with your clients and protect your business from unnecessary losses. You may have a good grasp of what it takes to draft a customer contract, but you should still employ a qualified attorney to look over the final product and ensure that it is airtight.
When you find an attorney you like, ask him or her for help in drafting a boilerplate contract that can be used as a template for each new transaction. You’ll simply have to change the names, dates, costs, and any information that is unique to the transaction.
3. Tax Assistance
Being a small business owner can net you many perks when tax season rolls around, but most new entrepreneurs may be unaware of what tax breaks they qualify for. Completing your enterprise’s taxes can be very different than doing your personal taxes.
Have you taken the right deductions for your home office? Are you contributing the correct amount of income to your retirement account? Do you have trouble separating your personal expenses from your business purchases? Get in touch with a skilled tax attorney who can answer these questions and more.
4. Financial Advising
Planning how to allocate your assets and knowing when to take a step back from spending in an entrepreneurial role is not always clear. Speaking with an experienced financial advisor may help you make important business decisions. This advisor may be able to help you understand how to plan for retirement, invest in the stock market, and set aside money for important upcoming expenses related to your plans.
5. General Legal Counsel
Launching can be nerve-wracking enough — but starting a venture without extensive knowledge of local small business law can land you in trouble quickly. It’s a good idea to build a long-term relationship with an attorney you can trust who you can call at a moment’s notice. Attorneys may serve as general counsel for confusing liability topics and contract drafting, and he or she may be able to help you with a range of other services as well.
Going into business for yourself is a life-changing decision as you are taking both personal and financial risks. Legal assistance doesn’t have to break your budget. Whether you need tax assistance or help with customer contracts, consider the five types of short-term, affordable legal services above and review with your business partners, if you have any, whether you are doing all you can to ensure your new venture’s safety.
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