Whether you work as an employee, self-employed individual, or run a business undertaking, you’ll need the advice of a competent financial lawyer every step of the way. A financial attorney is trained in the legal aspects, laws, and regulations pertaining to finance. Getting guidance from a professional will ensure that you manage your finances and make sound decisions when investing your money, buying insurance, or paying taxes, among other things. Here’s a quick look at some of the issues for which you may want to retain the services of a financial lawyer.
Establishing a Business
If you wish to establish a business, one of the first professionals to consult is a financial lawyer. You’ll need advice with creating the business structure and working out how to manage the financing part of the enterprise. Contacting banks or investors for loans, drawing up contracts to outline the terms and conditions, and calculating interest are all functions that need expert guidance. You’ll also need legal advice with business taxation law, working out employee compensation plans, and applying for patents and copyrights for protecting intellectual property and product designs.
Having a finance expert on board for assisting you with day-to-day operations goes a long way to help you stay solvent and compliant with federal and state laws. As the business expands, you may need direction to acquire funding with IPOs and sell equity. When you’re ready to exit, acquire a competing company, or merge, you’ll need help evaluating the company’s worth and getting the best value for it.
Managing your personal finances is best done with the advice of a consultant. You’ll need guidance with calculating taxes on your income and information about the various deductions you can avail of to lower the tax burden. In case of penalties for tax evasion, consulting with an Orlando criminal defense attorney firm specializing in taxation matters is the way to go. The firm will likely have an experienced CPA on board to check the documents and past returns to identify errors. And a lawyer to negotiate and work out an arrangement with the IRS.
Aside from taxation, you’ll also need investment advice to put aside adequate funds for the kids’ college fund, retirement, and any other goals you have in life. When purchasing a home, you’ll need the financial attorney to go over the paperwork and ensure you get the best deal from the mortgage provider. Refinancing your loan or getting a second mortgage will need guidance. Additional areas where you’ll need assistance include setting up trusts for the kids, purchasing stock, insurance, and other products that can secure your life and future.
Considering that your financial stability is on the line, it is advisable to do your research and find an experienced professional. Rely on the advice of friends, family, acquaintances, and colleagues to connect you with a competent financial advisor and secure your future while staying compliant with the law.
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