The need for a lawyer and/or accountant for your small business stems from the fact that there are hundreds of laws for business that need to be followed and each industry will have its own regulations and rules. Many business owners may be unaware of all the laws and regulations.
There is great importance in finding the right lawyer/accountant someone who is familiar with the particular business you’re in and/or with business partnerships if you plan to have a partner.
For your protection, they need to be familiar with all the business law and protections you need to properly run your business. For instance, the proper insurance needed, and all laws in compliance with that business, etc.
The right attorney will help tremendously If you decide to take on a partner for either capital or operating your business. It is very important to have all of your obligations stated correctly. If you have the wrong legal team write everything up, you could be in a bad position if you ever have to separate from your partner or sell to an outside investor. It could also hurt with the protection of your business and reputation. Thus, having the wrong lawyer could lead to financial losses, wasted time and headaches.
It is very important to have a good accountant he/she, like the lawyer, will make sure your payroll is set up correctly if you plan to have employees. If your business only calls for the use of outside consultants that you subcontract work out to your accountant can help set that up the correct way. They can also advise you on how to properly handle hiring/firing employees and the usage of subcontractors. Additionally, they can also help you navigate filings in the event of wage garnishments, etc.
He/she will also make sure you are following all tax laws, that you are paying the proper amount of taxes as an owner, and that your business entity is set up correctly. Also, they can help advise you to ensure that you are collecting, filing and paying your employee’s taxes correctly. It is very important to use the right kind of accountant for a business or a franchise large or small. Not complying properly could lead to fines or on the rare instance even incarceration. A good accountant will also know all the laws to help maximize your profit and minimize your bills. It is good to have a game plan and projection of growth with your accountant before your business officially opens.
Author: Justin D'Esposito, Founder
JB Franchise Group, LLC