Starting a new business is a complex venture. The process may seem almost overwhelming, but an experienced attorney can guide you through it, offering invaluable support. An attorney can be helpful in just about every area of starting a business. Their expertise can be vital in matters of zoning, municipal compliance, copyright/trademark issues, articles of incorporation, licensing agreements, employee termination, investment banking, and future lawsuits and corporate liability. An attorney can help you answer some of the tough questions associated with starting a business.
When starting a business, you need an attorney to:
- Help you form the right business type. Whether it’s a sole proprietorship, partnership, LLC, or corporation, each type of business dictates different legal responsibilities and requirements, as well as specific documents, licenses, and agreements that can be complex and sometimes difficult to navigate on your own.
- Navigate contract agreements. It’s easy to get excited about a business plan, but taking the time to sign the right contracts, which will benefit your business the most, can be critical to helping your business thrive in the long term. Contract negotiations with suppliers, investors, partners, and even employees require careful consideration from the start to ensure all parties understand where they stand, even as the business grows.
- Guide you through state-specific laws. Whether you operate in New York or Washington, businesses are subjected to a statewide set of laws and regulations that could shake up your plans if not foreseen. An attorney can help you navigate labor laws, obtain building permits, and inform you of any city or county requirements you may have overlooked.
- Ensure that you pay and report taxes correctly. Different types of businesses offer varied tax advantages and disadvantages. Depending on your specific business activities, you are liable for different income tax documents.
- Reduce personal liability. An attorney can help you minimize your risk when starting a business, depending on the type of business you decide to form. Knowing the amount of personal liability you’re exposed to and planning for that risk will help your business withstand any unforeseen economic changes.
In the corporate world, lawyers are key players in making deals and transactions. A lawyer has the ability to negotiate and wade through the complexities of corporate transactions. Further, attorneys know the parameters of the law – they can find the exception to rules and regulations, which might be the very difference between a business' failure or success. Attorneys can provide business strategies that lead to company growth.