Starting a business is a stressful activity as everyone who has ever been involved in the process will confirm. There is typically so much at stake and you may easily get anxious or feel overwhelmed with uncertainties. Understandably, you have to juggle between so many things, such as finding the right staff, presenting your offer on the market, reaching customers, etc. All those activities also increase your chance of doing something that may have a detrimental effect on your company. That is why hiring a reliable business lawyer makes a lot of sense. So, if you’re interested in protecting yourself against liability and legal consequences, take a look at the following reasons why hiring a business lawyer makes a good investment when starting your business.
Selecting a suitable business structure
You may find it difficult to choose the right business structure for your business either because you know little about the differences or because you are reconsidering your original idea. While each structure has its advantages and drawbacks, this decision is something that can have a profound effect on your business, especially if you don’t make the right call. Namely, choosing the wrong business structure may lead to unnecessary legal issues down the road. That is why you might want to hire a business lawyer who will help you choose the right business structure. Partnerships and sole proprietorships may seem tempting, but they don’t offer the protection from liabilities like an LLC, for example. All those things should be taken into consideration before registering your company.
One sentence, one clause, or even one word in a contract can really make a world of difference to your legal and financial situation. Unless you’re an expert in the law, you should really leave contract drafting to a reputable local lawyer, who can make sure all necessary items are captured. Also, they can tell you if a particular transaction requires a contract and provide clarity whilst ensuring that a quality contract is produced.
Prevention of lawsuits
Almost every business eventually has to deal with employment lawsuits. If the contracts you have been reviewed by a business lawyer, you’ll stand much better chances in court, logically. Next, a business lawyer can help get your business in legal order for state and federal employment laws, which you may not know much about. Basically, you should try to be proactive in order to save yourself from numerous headaches down the road.
Protection of intellectual property
If you want to maintain a distinctive and competitive business, you need to protect your intellectual property, i.e. product designs, inventions, logos, business services, original works and trade secrets. This is best done by hiring a good lawyer, who can help you protect and preserve your legal right to your intellectual property. Depending on the type of intellectual property you have, a patent, copyright, or trademark can be filed, which is something a reliable business lawyer will also help you with.
If you run your business from a place other than your home, you’ll probably need to purchase or lease premises in an office building, warehouse, or other commercial space. This process should not be left to untrained enthusiasts, but someone who understands all fine print on all contracts, terms and agreements. Also, they probably have a lot of experience with such arrangements, which means they will know how to protect you.
Unfortunately, women entrepreneurs still encounter various prejudices or even discrimination in the business world. This is particularly true when it comes to finding willing investors as if it wasn’t already difficult enough to get funding for a startup. It takes much more than just a great pitch. For example, prospective investors want to know how the shares will be split, whether some shares have preferential treatment and how the investments will be allocated. A professional lawyer can help you by preparing you for such questions and clearing up such things during the pitch, which makes you look more serious and trustworthy.
Needless to say, there are other reasons why we strongly believe you should hire a business lawyer when starting your company, but these mentioned above should be enough for you to at least consider putting your faith in the hands of an experienced professional. After all, there are so many things you should focus on that having someone watching your back in such an important matter is basically priceless.