The majority of small business owners hire a lawyer at the wrong time. The best time to hire an attorney is before you start your business. Not only can a small business attorney help you with all the work that goes into starting a new business, but they can also ensure your start-up is built on a foundation of legal compliance. Don’t wait until you are facing a lawsuit to hire an attorney. In this article, we will discuss how a small business lawyer can help your start-up become a success.
Why Does My Startup Need a Small Business Attorney?
There are a lot of contracts, agreements, and paperwork involved in starting a business. You need to pick a business entity, register it with the government, and name founders. That is the very first step of starting a business. After that comes the commercial leases, intellectual property protection, data protection, website design, and hiring staff. When a company hires employees, lawyers for work are necessary to draft employment agreements. Every single one of these steps leaves your new business open to legal action if it is not carried out correctly.
An attorney can help you ensure that every part of your startup protects you from legal action. They will create contracts and policies that will protect your business interests and quickly quash any lawsuits. Our small business lawyers can help with:
• Employment law advice
• Hiring contractors and consultants
• IT and web design contracts
• Business formation services
• Partnership agreements
• Terms and conditions of trading
• Shareholder agreements
• Intellectual property protection
• Training
• Assistance and advice about securing funding
• Data protection
• Negotiation services
• Regulatory compliance services
Attorneys like to see clients grow from a startup into a thriving business. Entrepreneurship is an elite sport, and the answers are not always readily available. Attorneys function more like legal partners and are happy to act as a sounding board while you find your feet. Talk to us about your startup today.
Common Mistakes New Business Owners Make
While the adage “better late than never” can be applied to business law, leaving legal support until later can cause issues for your startup. These four mistakes that new business owners make are very difficult to rectify and often come back to bite entrepreneurs.
1. Personal liability – Most new business owners do not separate their business and personal assets correctly. Personal expenses and business expenses will be charged to each card, and they delay setting up business accounts. By doing this, the business owner removes the personal protection that entities like LLC provide. If they face a lawsuit, the business owner may find the plaintiff going after their personal assets too.
2. Partnership agreements – If you have a business partner, even a silent business partner, then you need a partnership agreement. It is a contract that states the duties and resources each partner will provide and how costs and profits will be split. A partnership agreement will prevent the majority of business disputes and will help you to seek legal recourse to resolve any that are not easily resolved.
3. Contracts – Contracts are one of the most important aspects of a business. The contracts you have with vendors, customers, landlords, and employees can make or break your business. Seek legal advice before creating or signing a contract to ensure it is legally enforceable and protects your business interests.
4. Fundraising – Most business owners do not realize that a lawyer is a huge asset when it comes to securing funding. They will help you carry out the necessary assessments and planning so that you can present your business in the best light to lenders. Our small business lawyers have helped a number of startups secure funding and know the process well.
