Small business owners can benefit from the fantastic assistance that business attorneys provide. According to Fundera, the number of small businesses in the U.S. is 28.8 million. Not only are business attorneys an amazing resource for small businesses, but some of them are small business owners themselves. There are many ways that business lawyers can help small business owners, but let's take a closer look at three key ones below.

1. Lawsuit Representation

Businesses face a lot of risks when it comes to lawsuits. Legal action can be undertaken by clients, vendors, and even employees. Having the right representation can mean the difference between a fair settlement and an onerous judgment against the company. Having a business law specialist on your side can help improve the outcome of any lawsuit.

2. Contract Law

Contracts are the lifeblood of many companies. It's smart to have agreements written out so that every side's interests in a transaction are clearly known by all parties. Without contracts, ambiguity can exist. With ambiguity can come disagreements that can lead to legal action. In order to keep all transactions straightforward, it makes sense to have all contracts drafted by an attorney. In-house contracts, like those with employees and contractors, should also be drafted by your company's dedicated business lawyer.

3. Entity Status or Structure Changes

This aspect of business law is often tied to succession planning and company growth. In one instance, a firm's structure may need to be adjusted due to the death or resignation of an owner, founder, or principal of the business. Changes to a company's ownership structure should always be made by a business attorney. The same is true for changes to a company's entity status. Many small businesses start out as sole proprietorships or LLCs. As they grow, the leadership team will likely want to change to a corporate structure in order to protect themselves personally. If your small business becomes a C or S corporation, you'll want to get a business lawyer involved.

As companies grow and become more established, they may require the services of business attorneys more often. Having the right lawyer can have a significant effect on your company. Contact Richard L. Hanna Attorney at Law today to learn more about our firm's services in the area of business law.