Entrepreneurs are a unique kind of person. They're go-getters and are usually excited to see exactly what they're capable of. They want to push themselves to their limits.
Sometimes though, those limits are actually forming the company they want to run. A lot of legal paperwork goes into forming any company. Not everyone knows how to form an LLC, or whether an LLC is right for them.
That's why entrepreneurs looking to find their start in business should hire a lawyer first. Lawyers are experienced in forming many kinds of business, and they know how to work with many kinds of people. Their clients leave the offices excited and prepared for their futures, whatever may be in them.
Hiring a lawyer is also more than a way to prepare for the future. It sets people up for success early on and gives companies a formal edge against their competition.
Keep reading below to learn why you should hire a lawyer to form your LLC!
Lawyers Know What to Plan for
Do you have a plan for your business in case you end up getting a divorce? Even though it's not something anyone wants to think about, provisions should be made in case it happens. Divorces end more small businesses than most people would think.
By talking with a lawyer before formalizing your LLC, they will go over provisions like this and many more. Lawyers plan for the future when drawing up an LLC, and they make sure it can keep going regardless of any legal issues.
Divorce is only one of the many unfortunate examples of things that can unexpectedly end a business. But the thing that ends businesses the most is simply a lack of preparation. By hiring a lawyer, you're one step closer to securing your business's future.
Your Lawyer Will Explain What You're Signing
Legal documents are so full of jargon and confusing sentences that they can look like another language. Most people can't take the time to read privacy policies when they use an app on their phone. How can they be expected to understand the mountain of documents associated with starting a business?
Luckily, lawyers speak the obscure language found on legal documents. They know how to explain LLC forms in a way that makes sense to the people running it. That way, you'll know exactly what you're signing.
You won't accidentally form your tech company as a manufacturer, or anything like that. You'll avoid many needless mistakes with a lawyer than if you try to form an LLC on your own.
It's Their Job To Ask The Tough Questions
One of the most overlooked benefits of hiring a lawyer is that they force you to confront what it's like to run a business. The make sure you understand the reality of running a company by asking you tough questions. Beyond asking about what you'll do with the business, they'll want the nitty-gritty details.
That's because there are different things to file for if you expect to grow quickly, or want to stay small. The lawyer needs to know if the LLC will be family-owned or not, and who will play which role if it is. They'll need to know if you plan to hire union employees or not.
While all of this should already be answered in your business plan, sometimes it isn't. By hiring a lawyer, you force yourself to answer these questions before they become an issue.
Hiring a Lawyer Establishes a Relationship if You Need One Later
One of the biggest advantages of hiring a lawyer comes down the line. Most businesses reach a point in their lifecycle where they will need to hire a lawyer. Sometimes you may want someone to look over a contract, or you may need to file a copyright claim on something.
If you hire a lawyer to form your LLC, you'll be creating more than a company. You'll also establish a professional relationship with someone who has a valuable skillset. As the person who formed your business, they'll know it better than a random lawyer you might find online.
That means thorough, quicker, and more meticulous work for you when you need it. It's always better to work with the people you know than to risk getting someone new. Especially when it comes to something as vital as legal work!
Lawyers Know How To Form An LLC, You Can Focus On Running It
By hiring a lawyer to file the actual forming documents, you'll be able to pay attention to other things. Rather than spending hours sifting through documents on your own, you'll be able to actually focus on building the business. That means you have more time to interview candidates, prepare marketing materials, and anything else.
That allows you to capitalize on the early excitement you may have for your new LLC. You won't burn out by facing the reality of paperwork and legalese that comes with running a company. Instead, you can focus on what you want to do: making money, making a name for yourself, and changing the world.
Formal Company Structure Means More Productivity
Early on, companies may lack a formal structure between employees and managers. This will always come as a cost to your overall productivity as people get confused about their roles. But if you file as an LLC formally, you'll have a definite organization style to refer to when people get confused.
LLCs have a clear owner, which means managers and employees will always understand who leads them in the end. The person who signs the documents will have the power to make dramatic changes in the company if it needs it. That sort of power helps people understand their role in the company and can boost productivity as a result.
Hiring a Lawyer Will Set You Up Quickly, So You Can Get Right to Business
Knowing how to form an LLC effectively can take years of work and practice. Setting up a company for success means understanding it intimately, as well as the people running it. It means knowing where problems may lie and confronting them immediately.
It also means navigating a bureaucratic maze of legalese and jargon. Most people don't have the time or willpower to do that. Entrepreneurs just want to get to work, not sift through paperwork.
That's why hiring a lawyer to form your LLC places you at an advantage.
So contact us, and we will ensure that you're set up with an LLC that lets you focus on what you do best: running a business. We look forward to hearing from you!