Smolen stresses the importance of having a legal advisor for your small business. You may know your business, but an attorney knows the law as it applies to your business.
“Having a good attorney advising a business can help avoid those pitfalls that could crush one before it gets started,” reflects Smolen on his 30 + years of experience in business and commercial law. “Depending on the business, there are compliance issues, employment issues, and business issues.”
Smolen says the most common legal mistakes small businesses make fall into the categories of tax planning, human resources and regulatory compliance. Addressing these issues proactively and properly is the difference between being focused on the growth and success of your business, and spending time and money fixing problems.
With limited resources and personnel, small business owners may be hesitant to retain a lawyer for their business, but Smolen notes that the cost of counsel is well worth it. Most commonly, small businesses pay for the time expended by the attorney. Sometimes it makes sense for a small business to build into their budget a monthly fee for the attorney that covers most routine activities and counsel (but specifically excludes litigation).
Smolen recommends hiring a lawyer with knowledge and experience in your business area and above all, you and your counsel should have a shared vision of the future of your business and the means to achieve that future.
To read more about Jason Smolen’s Q & A, click here. To learn about Smolen’s experience in business and commercial law, read his full biography, here.
