Starting a business is by no means an easy feat. There are a lot of things to consider – creating a top-notch service or product, selecting the best employees, kick-starting the operations, understanding the competition, marketing your business, and many more. This slideshow from Entrepreneur breaks down the entire process of starting a business into six simple steps.
While most of these aspects can be learned along the way, some business aspects are best left in the hands of specialists. Legal is one of these. Working with a reliable attorney offers a ton of benefits for businesses. However, the cost of hiring one can be quite restrictive. The average base salary of a corporate attorney in the US is $165,343 per year.
Sure, it means extra costs but having a legal professional by your side is a worthwhile investment in the long-term. Ultimately, hiring a business lawyer ensures that you follow the laws, prevent legal issues, and protect your interests.
Below are the top seven reasons why obtaining the help of a lawyer is essential.
Establish an organization geared for success
Success is the goal of every entrepreneur. To achieve this, it is crucial for your business to have a solid foundation.
Business lawyers can help you in the incorporation process, which isn’t always a straightforward thing. Different businesses have unique processes, legal liabilities, tax responsibilities, business dealings, etc. All of these aspects need to be considered when setting up the business.
Orlando business lawyer emphasized that the type of organization can significantly impact your business’s future. For example, establishing a corporation instead of a sole proprietorship provides blanket protection on your personal assets in case of litigation. Legal counsel proves helpful when deciding the right legal entity for your business. It can also help you compile and review documents, and meet requirements, making sure that things go smoothly.
Provide sound legal advice
Even prior to your opening day, there are a lot of key decisions that you need to make. These decisions can have a major impact on your business on its day-to-day operations and in the long run. Some legal issues that you’ll face during this stage include securing your intellectual property, establishing your company name, drafting and signing contracts, and ensuring compliance with zoning regulations. These are just a few examples of crucial concerns where a business lawyer can help.
With the help of an attorney, coming up with the sound, legal and advantageous decisions are a lot easier. This is particularly true for first-time entrepreneurs.
Protect your interests with favorable contracts
Entrepreneurs and business owners juggle through numerous contracts and agreements. From supplier contracts to lease agreements to third-party agreements, these legal documents are a vital part of doing business. It stipulates the relationship between contracting parties.
Being legal instruments, contracts and agreements contain legal jargons and conditions that you might not fully understand. With the help of a business lawyer, you can get a full grasp of every contract you sign. The attorney can spot any potential red flags, negotiate amendments, correct any loopholes, and draft contracts that are generally favorable to you.
For example, lawyers can review lease agreements and contracts to ensure they are legitimate. These legal instruments can be quite complex and require careful study by a qualified legal professional.
Ensure comprehensive legal protection
You shouldn’t wait for a lawsuit to come your way before hiring a business lawyer. It’s best to be proactive by ensuring that you’re doing things legally. A business attorney will guide you as you set up and run your business.
Take note that fictitious filings are not uncommon here in the US. There are a lot of people who want to gain from a business by bringing them before the courts. The only way to prevent being sued (or mitigating its impact, supposed it’s a valid lawsuit) is by ensuring that you have adequate legal protection. Only qualified business lawyers can help you with these.
Manage and mitigate risks
Doing business always entails a certain degree of risk. This is a reality especially in a highly legalistic society like the US.
You have stockholders, investors, vendors, and clients that can sue you for any perceived legal issues. A business lawyer can guide you as with every move you make. This ensures that everything is in order. Legal counsel also gives your stakeholders a sense of security, knowing that the business is working legally.
Protect intellectual property
Your business’ intellectual property is crucial to success. This might not seem a pressing issue in the early days of your business, but as you gain more competitors, you’ll realize its importance.
Although an intellectual property specialist is the best person to do this, a business lawyer can help you start the process of patenting and copyrighting your intellectual properties. They can implement measures to simplify the application for patent or trademark in the future.
Prepare for company growth
As an entrepreneur, you envision your company to succeed and grow. However, as your organization grows, business aspects will also become more complex. Things like buying out shares, merging with competitors, and branching out are just some of the issues you’ll likely face. When these milestones come, you want your business to be prepared.
A business lawyer can help prepare your organization to handle these concerns. In case you need to execute these functions, an attorney can give you legal advice, prepare documents, and protect your interest.