Preparing to start your own business is a time of excitement and anticipation. While it is overwhelmingly a positive time in the lives of many entrepreneurs, it is also a risky period. If you do not have the right foundation and structure in place, it will be difficult to build and grow a successful business.
You do not need an attorney to start your own business, especially if you are planning a sole proprietorship and you are working from home, with no overhead. However, there are substantial benefits to working with a business attorney as soon as you decide you want to form your own company.
Better Advice on Business Structure
When you are deciding how to structure your business, you will need to consider tax implications and legal liabilities. You may need to involve your investors or lenders in some of the big decisions that you make at the start of your business and an attorney can help you organize and formalize the entire process.
Attorneys Provide Referrals and Relationships
Another excellent reason to work with an attorney when you are building your business is that your lawyer can introduce you to other professionals you need to set yourself up for success. A good attorney may be able to find financial backers or investors. Your lawyer may be able to help with insurance, accounting and banking referrals. You likely will need to register your business with the Secretary of State and that process is easier to navigate with the resources, expertise, and connections of a good business attorney.
Avoiding Common (and Expensive) New Business Mistakes
Mistakes are to be expected, even if this is the fifth or sixth business that you have started. It is hard to anticipate everything you could possibly trip over, especially in this climate of changing laws and rules. Your business attorney can protect you from those errors and keep you in compliance as you set up and start your own company.
Every business owner faces legal risks and the threat of litigation and lawsuits is ever-present. Protecting your company and your own reputation is important. By starting a relationship with an attorney early in the proves, he/she can be available quickly to help you with any potential litigation, from class action lawsuits to contract disputes and employment issues. Defending you in a lawsuit is great – but when you have an attorney on your team from day one, you may be able to prevent claims or disputes that may lead to those lawsuits.
Online Businesses Need Protection Too
If you are imagining a digital office without a brick and mortar warehouse or office building, you probably think you are safe from the headaches and details that other business owners get caught up in. That may be true to some extent. However, online business owners have their own unique challenges. If you have an online business or are considering starting one, the requirements of the Federal Trade Commission need to be understood and followed. With online commerce becoming more important than in-person buying, your business will need to think about how it exists and survives in this crowded landscape. A business attorney can help with privacy policies, avoiding fraud, and following all your federal and state laws.
If you’re thinking about starting a business, we’d be happy to help you. Contact our team at Robert A. Gleaner, P.C.