Entrepreneurs have the ability to create compelling business ideas, as well as attract investors to help them pursue their dreams. However, far too many entrepreneurs try to start a business, without first consulting an attorney. Starting a business requires an in depth knowledge of the laws and regulations that change daily.
Because of the rapidly changing landscape of business law and the different state statutes that apply to small businesses, you have six reasons why you should contact attorney before you start a business.
Put It in Writing
Most businesses require contracts for services provided, supplies purchased, and space either rented or owned. The contracts can include legal language that binds you to agreements made with partners, investors, and employees. You cannot afford to misinterpret proposed contractual legal language. A lawyer well-versed in business law offers that best resource to ensure you understand what you are signing.
What Form of Business Do You Want?
This is an especially important reason to hire an attorney to start your business. They type of business form you choose determines your business legal obligations and liability in case something goes wrong. Choosing the wrong form of business can leave you hanging for thousands of dollars in legal liabilities that destroy your business dream. By working with an attorney, you decide whether a sole proprietorship, partnership, or corporation is the best business form for you.
The Nightmare of Paperwork
When you start a business, you have to spin multiple plates at the same time. One of the factors that cause one or more of the spinning plates to stop spinning and crash to the ground include the filing of permits, licenses, and business registrations. A qualified attorney alleviates the workload of filing paperwork by making sure your business is up to date on all legally required licenses, registrations, and permits.
Helping You Raise Capital
An experienced business lawyer helps entrepreneurs raise the money required not only to get the businesses of the ground, but sustain the businesses through rough economic times. Business attorneys also double check your financial records to keep you from having to answer for mistakes within the legal system.
Follow the Law to a T
Look at a business attorney as a sleuth that takes a magnifying glass to every piece of paperwork you file with the federal and the state government. Many businesses must conform to unique state laws that often fall out of the comprehension of business owners. A small business lawyer helps you receive all of the benefits your business deserves under state and federal laws.
Protecting You against Frivolous Lawsuits
Small businesses are ripe candidates for frivolous lawsuits. Unethical attorneys understand small business operators do not have the financial resources to contest lengthy court cases. Many small business operators settle out of court, when they should have hired an attorney to pursue justice aggressively. Highly trained attorneys protect business owners against frivolous lawsuits.
Other reasons for hiring an attorney to represent your small business include helping you establish a commercial presence in multiple states. Moreover, every state has different tax codes that you must abide by, in addition to filing quarterly federal business tax reports. Even if you get your business up and running, you can expect to need the services of a licensed attorney to handle the growth of your enterprise. Contact a licensed and experienced business attorney today to help you navigate complicated business laws. You can find the right small business lawyer by contacting your chamber of commerce or networking with professional peers.