When Do I Need a Lawyer?

Entrepreneurs have plenty on their plate and the last thing we want to do is to learn the law. That being said, there are lots of things that entrepreneurs can do on their own without incurring the expense of a lawyer. However, with other more complicated matters, it is important to turn to professionals that have seen the issues you are facing many times.

“Try to find one that understands what it’s like to sit in your shoes.” 

Tasks Where You Need a Lawyer

There are times when a business faces issues that are too complex, too time consuming, or fraught with liability issues. At that point, the wisest move is to retain a business lawyer. A few examples include:

  • Negotiating investment documents such as loan agreements or equity investment documents
  • Finalizing founder agreements
  • Negotiating non-standard agreements with customers
  • Former, current, or prospective employees suing on the grounds of discrimination in hiring, firing, or hostile work environment
  • Updating any partnership, LLC, or shareholder’s agreements under which you are currently operating
  • Handling audits initiated by the IRS
  • Local, state, or federal government entities filing complaints or investigating your business for violation of any laws.
  • You want to make a “special allocation” of profits and losses or you want to contribute appreciated property to your partnership or LLC agreement
  • An environmental issue arises and your business is involved (even if your business didn’t cause the environmental problem, you may be penalized)
  • Negotiating for the sale or your company or for the acquisition of another company or its assets

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