6 Benefits of Having a Lawyer Perform an Audit of Your Business

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By Richard

Regardless of what field you’re in, running a business involves a lot of complexities. When you pay attention to the details and ensure that you’re doing everything correctly, you can put yourself in a better position moving forward. Having an extra pair of eyes look everything over can be a smart idea, but you want to make sure you enlist the help of a professional with legal training. Here are six areas in which you can benefit from having a lawyer audit your business.

1. Contracts

As a business owner, you may have to sign many contracts, either as the client or the provider of services. A lawyer can look over your contracts to see that everything is in order. They can check if contracts are currently valid and if they have the language required to make them legally enforceable.

2. Employees

If you have any employees, you’ll need to cover your bases. Fortunately, human resources is commonly addressed bybusiness law firms during audits. A lawyer can review your hiring policies and procedures as well as your employee handbook. Some modifications may need to be made so that your business complies with current employment and discrimination laws. Also, an audit could expose potential conflicts between you and your employees. This gives you the opportunity to be proactive and make changes to how work is conducted.

3. Licenses, Certifications, and Permits

The type of work you take part in may require certain licensing, certifications, or permits. The rules regarding certain industries have the potential to change over time, and remember that there may be state, county, and municipal regulations to follow. A business audit can reveal any lapses in paperwork that may need to be addressed. An audit can also inform you of renewals you may need to follow up with.

4. Taxes

You may already have an accountant who can take care of your taxes for you, but it could also be wise to have a lawyer look things over in relation to local, state, and federal tax laws. They can assess if you’re in compliance with tax regulations and help you determine whether you could make any adjustments to lower your taxes in the future.

5. Property

If your business involves the development of ideas and products, you should protect your intellectual property. An attorney can work with you in this endeavor. With the necessary copyrights and trademarks, you can protect your future interests. Further, you may need to have a lawyer write nondisclosure agreements for you to ensure that you stay a step ahead of any competitors. In regards to personal property and real estate, an audit can ensure that sales, acquisitions, leases, and purchase agreements are all above board.

6. Data Protection

Not only do you have to keep your data safe, but you also have to put policies in place to protect the data of your customers or employees. Otherwise, you may be putting other people at risk, and in doing so, you could harm your own business as well. An audit can reveal any weaknesses when it comes to data security.

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