5 Situations Where You’ll Want Small Business Advice

5 Situations Where You’ll Want Small Business Advice

There’s no shame in asking for a little help now and then, especially when it comes to ensuring the success of your business. You probably had a lawyer help with the formation of your company. But attorneys also assist with commercial leasing, licensing, employment, and other issues based upon their client’s needs. There are many scenarios when your responsibility as the business owner will be to collect the best information you can so that you can make the best decision. Here are some of the situations that you’ll want to seek out small business advice.

Real Estate

Real estate, especially Florida real estate, is a big-ticket transaction by its very nature. When there’s that much money involved, spending a little extra to mitigate any risks is a smart investment. Accountants, lawyers, and (somewhat obviously) commercial realtors will all be of great value here.

An accountant, for example, evaluates the tax consequences of the deal, while a realtor can help you to narrow down a location that will best meet your specific needs while staying within your budget. Realtors also know how to explain some of the more complicated parts of buying and leasing in plain English while also being familiar with the local market.

Before signing off on anything, you’ll want to review your lease or purchase agreements with a local business attorney. These agreements are most commonly written with a strong bias in favor of the owner. By enlisting the services of an attorney, you can avoid unfair contracts and even negotiate for better terms.

Contracts, Deals, and Transactions

Real estate isn’t the only major transaction that deserves the care and oversight provided by a third party. It’s a good idea to review any contracts with a local business attorney. They can explain things so that you can understand just what you are agreeing to and negotiate away any potentially unfair terms.

You’ll want their assistance with your own contracts, too, not just those that you are asked to sign by another party. A well-written contract protects against litigation and sets forth clear terms that both parties agree to adhere to. Don’t run the risk of downloading the wrong contract template off the internet – hire a lawyer who will go the extra mile to draft something just for you that will best meet your business’s specific needs. Learn more about the benefits of lawyer drafted and reviewed contracts here.

Employees

Employment laws can be a challenge to navigate. Violating them, however unintentionally, can incur major fines, penalties, and leave you liable for debilitating lawsuits. Depending on your resources, bringing a human resources specialist or consultant onboard can provide important training and education while keeping the business regulation compliant, too.

If an HR representative isn’t an option for you, consider asking the advice of a business lawyer. They can help with compliance and prevent litigation as well.

Tax Season

None of us are happy when tax season comes around. So why not find someone to take off some of the pressure? Consulting with a Certified Public Accountant (CPA) each year to review your returns does more than just minimizing your taxes. A CPA can also suggest new business strategies and explain how taxes could impact your plans for the future. Not to mention, an audit from the IRS can leave your business hurting. Don’t open yourself up to that possibility any more than you have to!

Growth (Or Lack Thereof)

An unexpected surge in business can be as stressful to deal with as a harsh downturn. Both situations can leave you confused, overwhelmed, and in the worst cases, maybe even a little hopeless. But don’t lose faith – help is on the way if you reach out and ask for it.

If things aren’t going so great, your perspective as the owner can make it hard to recognize why. Consider bringing in an attorney with entrepreneurial experience or a business consultant to review your operations and devise strategies to help you bounce back and identify the sources of your problems.

Growth and success, while preferable to loss and failure, can still be strenuous. If you find that your taxes are rising alongside your profits, then ask your attorney or accountant about how you can structure your business and negotiate transactions in a way that leaves you with the lowest possible tax rate. If space is an issue or if you need to expand to another location, consult with a realtor to make sure you’re getting the best value for your money. An HR consultant can help similarly if what you need is more employees.

Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling 727-279-5037.