When starting a new small business, there are many things to consider, whether if one is a seasoned entrepreneur or a first-time business owner.
While a business’ concept and financials are of paramount importance, other considerations must be accounted for, one of which is hiring an attorney for legal matters. This article will highlight eight key reasons to hire a competent attorney for your small business.
As the owner of a small business, there are a number of ordinances and legalities by which one must abide, which include matters such as obtaining a business license and zoning.
Beyond this, it is imperative to protect intellectual property, which can be done most effectively by a lawyer. When starting a business, you need to focus all of your energy on the operations and values of the business itself.
Every state and jurisdiction has their own hiring and on-the-job laws, which can cause complications if not clearly handled and defined throughout the duration of the employer-employee relationship.
Whether its knowing what is permissible to ask a potential employee during an interview, or defining the situations in which you, as a business, are culpable, any small business needs to at least consult with an attorney.
Contracts, in general, require knowledge and legal jargon that cannot be faked. While employee contracts are imperative, it is also important to have legal agreements with suppliers, distributors, customers, and any other entity with which you interact or enter a binding agreement.
Your Business’ Legal Structure
When incorporating a business, much thought should be given to whether your firm will operate as a limited partnership, LLC, S Corp, or C Corp. While some types, such as the LLC, are more popular than others, each type holds reasons for its use. Some types require more legal help, while others require less.
Non-disclosure agreements, or NDAs, are imperative to have when sharing non-public information with third parties. Although not hard to form, it certainly helps to have a legal resource around, especially the first time.
Something that every business has to do, beyond filing for intellectual property in the form of ideas, is register a business name. In addition to what is called a fictitious or “Doing Business As” name in the U.S., getting a memorable and unused domain name can be the domain of an attorney.
Any business is vulnerable to unforeseen circumstances, whether these are regulatory, environmental, or developments of another nature. While staying on top of trends can help, not all circumstances can be handled on a business’ own.
Hiring a lawyer can help one comply with the demands of the regulatory environment, along with any voluntary business-related demands.
For many, a business is a means to eventual wealth. For many small business, this actualization is realized via sale of the business, which an attorney can help achieve.