Any entrepreneur can tell you that starting a new business can be complicated and stressful. There are millions of decisions to make and endless details to keep up with.
You might be wondering if you should consider hiring a lawyer. Our answer is a definitive yes. For the simple reason that there is too much at stake not to. Let’s take a look at some of the ways a lawyer can be an asset to your company as you work to get your business off the ground.
7 Advantages of Hiring a Lawyer When Starting a New Business
When you’re starting a new business, there’s a lot to handle. While business owners can take care of a lot of the details themselves, there are some circumstances when you really need professional legal advice. Here are 7 advantages of hiring a lawyer to help you with your new business startup.
1. Avoid Unexpected Legal Issues
One of the primary reasons why a smart business owner will hire a lawyer is to provide good legal advice. Hiring a lawyer is obviously not cheap, but there are too many things that can potentially go wrong to take a chance.
Waiting until you’ve already been sued for wrongful termination or sexual harassment is a bad idea. It’s better to stay ahead of the game so that you can receive good counsel along the way, rather than after trouble has already arrived.
2. Protect Your Interests
As the owner of a startup, you’ll have a limited knowledge of the legal requirements of operating a business. It can be a complex and expensive process, thus you will want someone on your team that knows what to expect. Your lawyer will wade into the swamp of paperwork to make sure everything gets handled properly.
A good lawyer will understand the finer points of state laws and help you to minimize risks as the business gets up and running.
3. Correct Mistakes Before They Become Major Problems
When starting a new business, there is definitely a temptation to move too fast in order to get to market as soon as possible. Unfortunately, this can potentially cause major problems.
Many entrepreneurs simply don’t slow down long enough to notice mistakes that could turn into significant legal problems down the road.
The good news is that you can easily prevent this by making sure that you have secured wise legal counsel. A small business attorney will know the in’s and out’s of corporate law and thus can advise you about how to how to proceed in all aspects of your business.
4. File All Required Paperwork
Believe it or not, something as simple as completing and filing all the proper corporate forms can save you a lot of money and headaches in the future.
As you prepare to launch your business, you’ll have a lot on your mind. And often it’s a challenge to keep everything straight. A good business startup lawyer is the person who can help build strong relationships with suppliers, customers, and clients by maintaining good communication.
Another area where having a talented attorney is crucial is when it comes to signing contracts and agreements. This shouldn’t be done until your lawyer has reviewed all documents and properly advised you.
They will also advise on matters such as hiring and firing employees, as well as selecting a board of directors and corporate advisors.
5. To Provide Tax Advice
A good tax lawyer is invaluable to any small business. Any wrong step could end of costing you big because the IRS doesn’t play nice when it comes to companies making mistakes on their taxes.
Your small business attorney will set up a tax structure and take care of the necessary licenses. They will also advise you on the tax implications of investments and any other deals that might arise.
Taxes are one of the most important factors of your business, and though hiring a tax lawyer might seem expensive in the long wrong, this is money you simply can’t afford not to spend.
6. Help You Protect Your Intellectual Property
IP is a vast and complicated subject. It covers everything from copyright law, to trademarks and patents.
You may be wondering why hire a lawyer for IP, but you’d be amazed at how vulnerable your company could be. This is especially true if you are involved in any type of creative field such as advertising or design.
And perhaps you are not currently developing anything that you believe would fall under the umbrella of IP, but might later. Consulting with a lawyer could ultimately save you from a nightmare you wouldn’t have foreseen otherwise.
Whether or not you decide to hire an intellectual property lawyer, you’d be wise to have your attorney take a look at your IP and advise you accordingly.
7. Prepare You For Success
The reality is that you became an entrepreneur because you want your company to be successful. But success requires a lot of time and effort.
In order for your business to thrive over the years to come, you have to make sure that everything is in order. This is why we stress the importance of hiring the best attorney you can afford. After all, as your business grows it will go through changes, and you need someone on your team that knows how to legally navigate those changes.
Securing good legal counsel will be one of the smartest decisions you make as a small business owner. They can walk you through a wide range of challenging experiences, from bankruptcy to defending your company from lawsuits.
The Value of Good Legal Counsel
Hiring a lawyer is quite simply just a part of the cost of doing business. You’ve worked hard getting your company off the ground, so now it’s time to do everything possible to protect your investment.
Business attorneys protect you from the unknown, and attempting to run your business without one is a risk that might end up being more expensive than you can imagine.
Click here to learn about choosing an entity for your new business.