Putting up a business is easier said than done. There are lots of processes and paperwork involved. And while it can be challenging, it can still be a rewarding experience in the mind.
One of the most important decisions you need to make as a business owner is hiring an attorney. Not only does it provide you a legal representation, but it also keeps your business on the loop of everything about the law.
Here are some compelling reasons why your business needs this type of professional:
- Developing a legal structure
Your business structure is of huge importance, as it is responsible for determining the different liabilities you face. More importantly, it is deeply associated with the division of profits and taxation. There are different forms of business structures, such as Corporation, Partnership, Sole Proprietorship, and S-Corporation, among others.
Sure, you may have an idea or two about those structures, but your attorney is more equipped and knowledgeable in handling them. And depending on your needs, he can help steer you in the right direction. Keep in mind that selecting the right legal structure for your business is essential, especially since it can be a make or break for your company.
- Legal protection
There are many issues concerning your business, some of which cover some legal aspects.
Let’s say you have become a victim of an unfortunate situation after performing a business transaction. You incurred damages that could lead to pain and suffering. Your lawyer can be a catastrophic injury attorney, who will make sure you get compensated accordingly.
Instead of worrying about the many legal issues out there – be it concerning yourself or your business – your lawyer can take the burden from your shoulders. His skills and knowledge are enough to address these issues accordingly. You, on the other hand, can continue focusing on and improving your business core.
- Trademark and Intellectual Property
It is always possible for a business owner like you to have a great product or service. However, there is also the possibility of facing a legal challenge when it comes to selecting a name. In case you didn’t know, Starbucks nearly became “Pequods,” which is not as eye-catching as the former. In addition, having a bad name for your business is not just your ultimate concern. When you unknowingly use someone else’s trademark, expect to receive a cease and desist order.
Your lawyer can be the answer to this hurdle. He can help you avoid this issue altogether, especially since it is his job to find trademarks that you need to avoid. At the same time, he can scout potential issues on your behalf. And as soon as your brand is established, he will take care of the protection needed for your business’ name.
Ah, contracts – they always play a crucial role in every business. And regardless of size, you should expect to face them on a regular basis. Contracts come in different faces, from sales to leases to employees. Considering their numbers, they can easily overwhelm you; hence, you need someone who is well-versed in handling and managing contracts.
Your lawyer can help you draft contracts in a way that you will not face any legal troubles in the future. More importantly, he can lobby your best interests all the time. So whenever you have contracts or enter into ones involving other parties, you can rest assured knowing that your best interests are well-kept.
There are definitely advantages to hiring a business lawyer. Whether you are a budding entrepreneur or you have been in the industry for quite some time, having a lawyer by your side can give you a peace of mind. And instead of worrying about those different legal scenarios – be it with your company or other parties – you can just focus on managing the core of your business.
I made small edits. Please make sure to use this document upon posting.