Do You Need a Business Lawyer for Start-Ups?
Starting a business is always a very exciting though dangerous undertaking. You can either success and earn tons of money, or fail and lose everything you have. Of course, your goal is the first – to get successful and promote your business at every level. Once you have a business idea for a start-up project, you are likely to rush into business to start building your empire without any delays. You will plan fast, think fast, and act fast. But is it the right way of doing business?
With no doubt, proper planning is your step number one. Take your time and think through everything carefully. Set focus goals for 2017 for your business and only after proper planning start making small steps to success. Yet remember that you are a newbie in the ocean of business sharks who will be interested in eating your small start-up right in the beginning to avoid competition. If you want to be protected from attacks, then cooperation with a professional business lawyer is your best option. This expert will know how to work so that neither government nor the competitors can destroy your business, how to plan the budget so that you don’t lose on courts and any legal issues. While the rates might be a little high for you, remember that this is an investment in your future.
Below there are five main reasons and situations when a business lawyer can save your growing company. Keep them in mind and consider professional cooperation.
1. Great idea, but the wrong structure
You may have the right idea about your business, but understand literally nothing about the structure that would work best for you. For instance, sole proprietorship is very simple, however it cannot provide you much liability protection. You can opt for joint ownership with standard partnerships, but be ready that you will be responsible not only for your loses, but for your partners’ as well. If you are planning to create corporation, be ready that it’s pretty easy to start, but can be tough and tricky at tax time. Professional business lawyers know what to offer you in terms of insurances and structure to ensure that you profit from your idea.
2. No delays at early stages
Once you get the idea, everything seems to be really easy. But you have to always remember about the legal work that in most cases will slow your work down. If you have a good business lawyer on your side, he or she will take care of all legal paperwork, such as documentation filings, crafting bylaws, naming officers, etc. to ensure that you do your job without any distraction.
3. No echoing
When in a rush you begin signing up valuable documents in your name, me ready that after some time there will be legal issues and questions for you to answer. For instance, you are likely to get tax ramifications of such actions. Ensure that your business lawyer knows about such possibility and so check all legal work before you put the signature on it.
4. Intellectual property
You have to always have protection for your business ideas, marketing strategies, new products, production secrets, etc. Unless you cover them all with legal protection, be ready that your competitors will use your findings too without asking any consent. Keep in mind that once you lose control of such information, you lose it forever. Don’t make this mistake and always make sure that your attorney protects your intellectual property even before you start using it.
5. No challenges by government agencies
There is enormous amount of government control and regulations. You will have to deal with financing and taxes, as well as environmental issues and much more. All compliance challenges are pretty distracting and expensive for any start-up. Moreover, they have a great potential of shutting your company down even before it spreads its wings. Even minor mistakes can and eventually will lead to fines and even jail time. Don’t make these mistakes with professional legal help!
Start your business smart way – save money, time and avoid headaches. Hire a business lawyer.
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