When you’re starting a business there’s a lot on your mind. You need to pick and train the staff. You have to research to make sure that there’s a market for your product or services. Then, you need to market the business to the public.
With so much going on, it can be easy to put off hiring an attorney. But this can prove to be a costly mistake. Let’s delve into some of the reasons you need an attorney to start a business.
Reviewing Contracts
Putting business contracts in place might not be the most exciting process. But it is critically important. When establishing a business, you’ll need to create documents like real estate agreements, employee documents, and procurement arrangements. When you use an attorney for starting a business, you’ll have someone to help you draft or check these documents.
Unfortunately, when you are new to the world of business you often don’t know what to look for when reviewing a contract. Some unscrupulous people can seek to use this against you, forcing you to accept bad terms. Even worse, these contracts can be tough to break. Your lawyer will be able to ensure that you are getting a fair deal. They will also be able to check that these documents are legally enforceable. This can save you a lot of headaches if other people decide to violate their side of the agreement.
Assisting With Securing Funding
Starting a business can be expensive. Because of this, you might need to turn to investors. These wealthy individuals can provide a much-needed cash boost. But they can also create major legal hassles.
Before they give you any money, investors will require you to sign a legally binding contract. This sets out the equity that they will receive. It may also outline the conditions that you need to fulfill. It’s a good idea to use a lawyer to help you craft these agreements. Plus, your lawyer can help you keep track of the amount of shares you have given away. This ensures that you don’t accidentally give away control of your company.
Helping To Register Your Business
Before you can start selling, you’ll need to register your business. Part of this process is deciding what type of entity you are running. This can have big legal and financial repercussions. It will affect the type of taxes you’ll need to pay and the level of legal protection you have.
An attorney for starting a business will talk you through the registration options. With their advice, you should be able to find the right one for you. They’ll also be able to take care of the complex registration documents. Once finished, they’ll file these documents for you.
Complying With The Laws
Often, business regulations can be a minefield. It’s easy for businesses to accidentally break the law. These transgressions, though, can be expensive. You could easily find yourself staring down huge fines. In more serious cases, you could even be looking at jail time.
Using an attorney to start a business will protect you from these issues. They can talk you through all the relevant state and federal laws. When the laws change, they can keep you updated. Plus, they can step in during legally challenging times. A classic example is helping you go through the process of firing an employee. If this isn’t done properly, you could end up facing an unfair dismissal suit, which will take thousands of dollars to defend.
Protecting Your Intellectual Property
Intellectual property is paramount when starting a business. Without the right legal protections in place, there’s nothing you can do to stop people from stealing your ideas. An attorney will be able to help you get your products patented. Elements that are brand-critical, like your name and logo, can be trademarked.
Despite these protections, people will still try to copy successful ideas. If this happens, your attorney will have the tools needed to sue them and shut down their copycat operations.
Resolving Customer Disputes
You can’t please everyone. If you are in business, you will eventually run into an unhappy customer. Even worse, you might make a mistake that ends up hurting someone.
When you face these kinds of customer disputes it can help to have a lawyer by your side. They can guide you through the mediation process. If that doesn’t work to resolve the problem, they can represent you in court. This can end up saving you thousands of dollars and help protect your business reputation.
Conclusion
Starting a business is going to bring a lot of highs and lows. You will face hurdles along the way. But, if you hire a good attorney for starting a business, you can build strong foundations. This will allow you to defeat any legal challenges that come your way.
