July 21 2020
Starting anything from scratch is always challenging. When it comes to starting a business, for instance, the amount of work that is needed to get things started and running smoothly can be overwhelming.
One of the most important things that you need most at this stage is sound legal direction. Every state has specific regulations and requirements that every startup needs to comply with. To help you understand these regulations, it is best to hire the services of a business attorney, an expert with experience and knowledge about the local codes and how business law works. Such experts can help protect your business in several ways, including:
1. Detect Legal Problems Early
Many businesses face legal issues such as wrongful terminations and sexual harassment or any other issue that could cause the company to get sued. Do not wait until this happens; seek legal advice as soon as you found the business. The lawyer will advise you on the rights of both employer and employee, which will protect you from future legal problems.
2. Protect Your Business Name
Naming a business is a very personal process. It is, however, essential to have a lawyer explain all the legal requirements involved before you begin using any name. For instance, all states have rules on naming businesses, including the fact that you cannot use a name that another company is using.
A lawyer will help find out if another business is using the name you have chosen. They will also help you settle for a name that can be trademarked to stop competitors from using it to benefit financially.
3. Draw All Important Contracts
A lawyer will help you draw contracts that clearly explain the rights and responsibilities of all parties that are involved. This will reduce disagreements and provide ready solutions if the parties do not fulfill their obligations.
Besides, contracts will protect company secrets, define relationships between employees, as well as protect the company’s interest during regular and major transactions. A lawyer will review all the contracts and help you develop agreements that the business is expected to use frequently.
If you are engaging contractors, a lawyer will help you develop an intellectual property agreement that stops them from walking away with all the ideas that they come up with when working in your company. This will help you avoid conflicts and legal issues in the future.
4. Reviewing Real-Estate Leases and Agreements
Unless you have a home-based business, you are going to set up shop in an office building, commercial space or some warehouse. Whether you lease or purchase the space, you are going to need a business lawyer to help you review all the fine print on terms and agreements.
5. Offer Advice On Tax
Each state has requirements for tax, record keeping, and several other business-related processes. When starting a business, you need to understand what is required of you to comply with all the rules and regulations.
A business lawyer will advise you on tax laws required for a new business and help you come up with a structure and any licenses that you might need. This will include advice on any tax you might need to pay when making business investments. This way, you will avoid any surprises from authorities notifying you that you’ve violated tax laws, which could result in the company unnecessarily paying a lot of money in penalties or you (the owner) serving a jail term.
Getting legal help from a business attorney is a shrewd way of starting a business off on the right foot. Whether it is for tax purposes or employment law compliance, you are going to need the services of an attorney. Most importantly, ensure that you contract the right business lawyer for your needs. You can contact qualified business attorneys near you today to discuss your requirements and learn how to set up a business in a way that minimizes your liabilities and optimizes your profits.