As a business owner, you’ve spent the last few years building your company into a force to be reckoned with in the market. You’ve spent countless hours developing products and services that are now in high demand. You have hired and fired employees, expanded in the marketplace, and outgrown your original building. Now that you’re looking to advance to the next level, you’ll want to also consider legal services in Altoona, Pennsylvania. There are many reasons a business owner needs a lawyer on their team and not all of them are just-in-case reasons. Some of them are simply smart business decisions.
There is only so much growth you can undertake as a sole proprietorship. At some point, you’re going to want to consider forming a corporation. The idea may be appealing to you because of the many benefits.
For example, forming a corporation will protect your home and personal assets in the event you or the company are sued. Because your personal income is not tied to the company’s profits, your income tax may be less. Also, if the company goes into debt as a corporation, then those debts don’t show up on your personal credit score. That means that when you buy a home, the mortgage company won’t need to go into the business’s information in order for you to qualify; they can go off your salary. You can also sell equity in the business to raise cash. Though you’ll have to pay out to those stock holders, it can give you the boost you need to make it through tough times or continue to expand.
Having a lawyer on your side can help you in the event that your company is sued. Malpractice claims, injury lawsuits, and product problems can all end up in court. If you take the time to find a good lawyer long before you’re served with papers, then you’re going to be much better off.
A good law firm can also help with disputes with shareholders. This can save you hours and hours of work as well as money.
Unfortunately, in our litigious society, it’s highly likely you will face some form of legal action during the life of your business.
One of the worst jobs a business owner has to do is collect on outstanding invoices. It can be difficult to get companies to part with their funds, even if you delivered your product on time. Letting a lawyer handle collections is the perfect answer to your outstanding invoices problem. With quality legal services in Altoona, Pennsylvania, your company can run smoother and you can rest easier knowing you have someone on your side.