Businesses of all sizes in Texas have legal issues that they need to manage. As a company owner, you may be able to handle some issues by yourself. Nevertheless, the larger your company or the more owners of your company, the more legal help becomes necessary. How do you decide?
Issue you can handle on your own
If you have the time and don’t mind doing the necessary research, you can accomplish certain business law and litigation issues on your own. Among the tasks that most business owners can do are:
- Establishing a basic business structure
- Obtaining an internet domain name
- Submitting information to the Internal Revenue Service
- Applying for an Employer Identification Number (EIN)
When starting a business, its structure is important as each type, i.e., sole proprietorship, corporation, partnership, limited liability company, etc., has specific advantages and disadvantages. You’ll also need to ensure that you have the proper permits and licenses while also considering zoning regulations. Corporate shareholder agreements, limited liability company agreements, and partnership agreements are more complicated and are often best left to legal professionals to ensure that the terms are detailed properly and the language is correct.
Contracts for employees, independent contractors and other purposes are other areas that can benefit from legal expertise. These documents include:
- Non-disclosure agreements (NDA)
- Non-compete agreements
- Partnership agreements
- Shareholder agreements
- Limited liability company agreements
- Client contracts
When is legal advice essential?
Most companies eventually encounter situations where legal advice is essential for a favorable outcome. Generally, these entail litigation issues such as fraud, torts, breach of fiduciary duty, breach of contract, shareholder disputes and more.
When possible, try to establish a relationship with a legal professional before you need one. As with any other type of business or service, interview several firms and create a list of questions before settling on one that meets your needs. Make sure you find someone who knows your industry well and can clearly explain complicated legal issues.