How an Attorney Can Help Decrease Your Business' Tax and Legal Liability

The Secret to a Successful Business

When creating and operating a business, you’re going to want the best possible team at your disposal. This team undoubtedly should include a good business attorney. Attorneys have the experience and knowledge necessary to help your company grow.  If you chose to move forward without legal counsel, you may not realize the full range of options your company has. An attorney can help decipher the legal jargon and get your company on track. Trying to decide if you need an LLC or S-corp might seem daunting, but with legal counsel you’ll feel comforted in your decision making process. There are often a number of legal avenues your company can take, requiring little investment of your part. Who wants to pay more taxes than they have to? Attorneys’ fees will often pay for themselves by means of the money saved and knowledge gained.

Another reason it’s important to have good legal counsel is so you’re made aware of the newest legislation. Your business attorney will stay up to date on legislative changes so you don’t have to. As of January 1, 2017, all Alabama LLC’s became bound to a new law regarding operating agreements. If you don’t have an attorney, you might not have known that. All successful businesses have a strong legal team at their disposal. That way if any problems arise you have an expert at your side. Even if you’re a small businesses just staring up, it’s imperative to start off operating on the right foot.

The Importance of a Well-written Operating Agreement

Many people begin businesses through a partnership. If you do this, it is essential you establish an operating agreement with an attorney. That way you can be sure you and the co-owner are upfront with your goals, and should you decide to go separate ways down the road, there is a set plan in place. Operating agreements can often be created for simply a few hundred dollars, and if you and your co-owner part ways one day, you’re going to be thankful for that investment. Going to court without any documentation can lead to years of court costs and legal fees. 

If you do hire an attorney, it’s crucial that you work with a reputable, reliable, and trustworthy one. If your attorney isn’t charging you a fair price, your investment might be in vain. You need someone who understands your business and can get you where you want to go.  

Whether you are a first time start-up, an entrepreneur, or you run an established business, Reid Law Firm is experienced and knowledgeable in helping clients with all aspects of their businesses. Over the years we have helped a wide variety of Alabama companies to form their organizations. We understand that our clients can’t predict the changes that will come to their businesses. Routine business services provided by Reid Law Firm include: LLCs and S-corps formation, power of attorney, contracts, operating agreements, partnership agreements, and general business disputes.

Assessing Your Options

If you'd like to schedule a time to discuss your options, please contact the Reid Law Firm today at 205-913-7406! You can also text us at 205-913-7406 for a quick answer to any legal question. Chris Reid can be reached by email at chris.reid@reidlawalabama.com. All communication to the Reid Law Firm is protected by attorney client privilege, so any information submitted will be held in confidence. Initial consultations are always free. For a complete list of our practice areas, please visit reidlawalabama.com.

Reid Law Firm Practice Areas

Our firm practices the following areas of law: wills, trust, and estates, divorce and family, DUI and drug offenses (only first and second time offenses), and car accident cases. We also handle business law, including formation of business entities and drafting contracts. Additionally, I co-host Yellowhammer News every Monday during lunch from 11-12 on 101.1 fm Birmingham (but our show is broadcast throughout most of the state).