Four major benefits to hiring a good lawyer for your business in Mississauga

Hiring a good lawyer for your business is crucial to its success. Many individuals wonder whether or not to hire a business lawyer, because the benefits aren’t always apparent as they are for hiring an accountant. A skilled business lawyer will provide you with assistance in many aspects of your venture, from compliance to incorporations and liability. While owning or starting a business can be difficult, doing so without the guidance of a good lawyer is even harder. At Gujral Law Office, we can help you understand the laws that pertain to your business and what to do if litigation is ever brought against you. If you are a business owner in Mississauga / Greater Toronto Area or thinking about starting a business, please give us a call at (647) 957-8077.

Four Benefits of hiring a good lawyer

1. Protection from litigation

Just like it’s not a good idea to drive an automobile without the protection of insurance, it’s not a good idea to own a business without the protection of a business lawyer. Every business carries a certain risk for litigation or lawsuits. Not only is it important to stay protected, but it’s also important to know how to handle a lawsuit if it should occur. If you are already being sued, it’s too late. While a good business lawyer cannot prevent a lawsuit from ever occurring, it can significantly reduce the risk and the level of risk for which the business will be liable.

A business lawyer can assist you in entering into agreements with clients, hiring employees, and other various aspects of starting a business. Entering or defending a lawsuit can quickly become a very costly endeavor, costing thousands of dollars in legal fees. When you work with a business lawyer in the beginning stages of our business, you can help mitigate risk at a much lower cost than litigation.

2. Help with incorporation

A business lawyer can make sure that you have all the tools necessary when you decide to incorporate. The incorporation process can be confusing, but the legal separation of yourself from your business provides many benefits.

An incorporated business is a completely separate legal entity with its own set of rights, rules, and responsibilities. When you enter into a legal contract as an individual, you are responsible to perform according to that contract, and if either party fails to hold up their end of the contract, legal action can be taken.

The same goes for a business. Once the business becomes incorporated as its own legal entity, any contracts are legally enforceable by the business and the other party.

3. Simplify the tax process

While your accountant or accounting team will help you with your business’s financials, a good business lawyer can also be a vital asset. Business lawyers understand the legal ramifications of improper handling of taxes. A business lawyer will be able to advise you on specific aspects of business taxes.

4. Liability

When starting a business, not many individuals dwell on the fact that a lawsuit could occur at any moment. But, it’s actually a good idea to think that way. Planning the actions of your business with counsel from a business lawyer can help prevent many lawsuits.

The prevalence of employment-related lawsuits makes it important for businesses to protect themselves properly. An employer can be hit with a wide range of employment-related claims ranging from discrimination, wage disputes, wrongful termination, etc. On top of that, there’s also the possibility that customers can file a lawsuit for things such as breach of contract, injury, or defective products.

Having a business lawyer provide advice on everything from hiring and firing of personnel to business contracts can save you lots of time, money, and energy in the long run.

From taxes to liability, a good business lawyer is well worth the investment. There are numerous short term and long term benefits that will ensure you are protected and know how to handle a lawsuit should it occur.

If you are looking for a qualified, experienced business lawyer in the Mississauga, ON area, look no further than the Gujral Law Firm. Our team can help you with wide range of legal matters. To learn more about our areas of practice, give us a call at (647) 957-8077 .