Running a business can be rewarding. Being a business owner also comes with its own challenges. Some of those challenges can include legal issues. As a business owner, you need to be ready to seek legal advice when a problem arises. But, it helps to get legal advice before a problem arises. That's where a business lawyer becomes beneficial. A business lawyer can provide advice and counsel. They can also ensure that you remain in compliance with the law. If you're not sure when you should hire a business lawyer, read the list below. Here are four signs that will let you know when you need a business lawyer. 

Your Intellectual Property Is at Risk

If you deal with intellectual property rights, you can't afford to be without legal counsel. If your company doesn't invent anything, you might think you're safe. That's not the case though. Intellectual property includes trademarks, copyrights and trade secrets. Without legal protection, competitors can steal your ideas and brand information. Before that happens, hire a business lawyer. That way, you're protected if someone tries to infringe on your rights. 

You're Forming a New Company

If you're forming a new company, talk to a business lawyer before drafting the paperwork. You need to make sure you choose the right business structure for your company. There are several structures to choose from when forming a new company. Some of those options include trusts, partnerships and sole proprietorships. Some things to consider when structuring your company include taxation, liability and compliance. That's why you need to consult a business lawyer. Without legal counsel, you might choose the wrong structure for your new company. That can lead to complications down the road. 

You're Drafting New Contracts

If you're ready to draft new contracts, don't move forward with a business lawyer. If you own a small business, you might think you can use a template for your work-related contracts. That's not the case though. Your business has unique needs that can't be addressed through online templates. A business lawyer will make sure your contracts address your business needs. They'll also make sure that your contracts are comprehensive. 

You're Out of Compliance

When you own a business, you need to adhere to state and local regulations. There are also national regulations that you need to comply with. Failure to comply with those regulations can get your company into legal trouble. Unfortunately, it's hard to keep track of all the regulations. That's where a business lawyer comes into the picture. A business lawyer will keep you up-to-date on all the changing regulations. That way, you avoid compliance problems. 

For more info, contact a local business lawyer.