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Are you considering starting your own business? Something small, like a sole proprietorship that does not need a lot of capital to start? Or have you already set up a small company, and are fortunate enough to consider expanding your facility, or workforce?
In either scenario, consider hiring a lawyer for business. A business lawyer can be a great help in the initial forming of your business as well as in its growth. A business lawyer has the expertise and knowledge to protect you and your business from legal troubles.
Read on to learn more.
Starting a Business
Consulting a lawyer for business will keep you aware of all your legal responsibilities from the start.
They can help in choosing your preferred mode of operation. This could include a sole proprietorship, partnership, corporation, s-corporation, or limited liability company. This is a crucial choice because taxation, control, and exposure of your business are determined by the type of business you run.
A lawyer can help you find an appropriate name for your business that is not already owned by someone else. They can also provide assistance in negotiating and drawing up business contracts. This is helpful if you have never written this type of contract before.
Lawyers also Assisting with business start-up and incorporation paperwork. Your business lawyer will be well-versed in whatever documents you need to complete to start your company.
When applying for financing for your new business, include the cost of a business lawyer into your budget. While many new companies don’t like to spend money upfront, your lawyer’s sage advice will be worth the initial cost.
You will know when to hire a lawyer for business if you receive any kind of notice from another attorney, the IRS, or a workers’ compensation lawyer requesting more information on an impending claim.
Be aware that your business will need to carry workers’ compensation insurance in case an employee gets hurt or sick while working for you. Your business lawyer’s job here will be to help you meet any challenges to practices and safety protocols.
If your business is accused of violating any environmental or discrimination laws, your lawyer will represent you in answering those charges.
Customers who suffer injury from using your product may come to you with their attorney as well. Ask your attorney if you can carry liability insurance to cover such claims.
Expanding or Ending a Business
A good business lawyer can help you when your business adds locations or offices, more employees, or satellite franchises. Depending on how you expand, the organization of your business may need to change, and your attorney will advise you on this.
Should you sell your company, or declare bankruptcy, your lawyer will be able to help you settle all your financial liability.
How to Find a Lawyer for Business
Word-of-mouth is always the best advertising for any service. If you belong to a business owner’s organization, ask members for their advice on a reputable lawyer for business.
Have a list of questions ready when you interview a potential lawyer and make sure you follow their advice once you hire them!
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