No one really knows yet if this is good or bad, but 2017 is shaping up to be a year of big changes for businesses, small and large. Many of the big changes are going to be coming as a result of new anticipated laws and regulations that affect businesses. As a business owner, if you don't already have an attorney on retainer, you may want to consider getting one before you need one.
Hiring a business attorney before encountering legal trouble is generally advisable. Having an attorney who will notify you when laws affecting your business, or interests, change is a much better position to be in than having to guess whether or not new laws apply to your enterprise.
Below you'll find the top 3 reasons to put a business lawyer on retainer in 2017.
1. Changes to Immigration Law
Despite having just barely stepped foot into office, the new president issued a shocking, unexpected, and potentially unconstitutional executive order banning legal permanent residents from returning to the United States if they are from a small handful of Muslim countries. This executive order, though stayed by the federal courts almost as fast as it was issued, creates a scary situation for businesses that have green card holding employees, or workers on business visas. Despite the failure of this immigration EO, more similar policies are expected, and challenges may not always be successful.
If your business relies on an immigrant workforce, it may be a good idea to make sure you have a business attorney that specializes in immigration issues on retainer starting this year.
2. Changes to Tax Law, Regulatory Reform
The new administration is expected to engage in comprehensive and extensive regulatory reform, including changes to the tax code and reporting requirements. Much of the reforms are expected to be challenged, but that may not prevent them from taking effect temporarily or even permanently.
Having an attorney keep you up to date about regulatory reforms could save you time and money.
3. Changes to Employment Law
Along with changes to the Affordable Care Act requirements, other changes related to private and public employment are expected. Particularly, business owners should be watching the new Overtime Rule that was supposed to taking effect this year, but was stayed.
There are several other employment regulations that may change under the new administration. Having a qualified business attorney can help you make sure you stay in compliance.