Launching a new business is a complex and often overwhelming process, but a business lawyer can help simplify things and keep your launch on track.
Your business attorney can advise on:
- The business structure best for your business
- How to keep tax records
- Creating the necessary paperwork
- How to trademark
As your business grows, your business attorney will help deal with conflicts and help protect your new company from legal issues.
How to Find the Right Business Attorney
Business lawyers have different specializations and skills; you need to find one that fits your business needs.
What Are Your Business Needs
The type of your company and its size will determine your business needs in the beginning. You should find a business lawyer that can help your company through the startup and the first few years.
Fina a business lawyer who works with businesses like yours, especially ones in your industry. That way your lawyer can advise on industry-specific regulations and licenses.
Do Your Research and Ask For Referrals
Even when you look at the needs of your business, there are still a number of lawyers that will fit your criteria. Do your research into business attorneys that work with businesses like yours and read customer reviews.
It is also helpful to speak to business owners in your industry about who they have worked with in the past. Ask who they have had good experiences with and who they have had bad experiences with. Use these recommendations to find your perfect match.
Conduct an Interview
Narrow your candidates down to a small shortlist and meet with each of them. Ask thoughtful questions about their experiences and practices. Ask why they think they would represent your business the best.
Explain your business goals to the attorney and ask how they can help you reach them. Most of all, trust your instincts, you will have to work closely with this attorney, so choose someone you trust.
How Can a Business Attorney Help Your Business
A business lawyer can help you in several ways. Get them involved in as many things as possible when starting your company.
A business lawyer is the most useful when you start your company. By having an attorney involved, you create a strong legal foundation in your business and save a lot of issues in the future. They will help you to choose the right form for your business and file the paperwork correctly. Business attorneys are well-versed in the business forms
Having strong, enforceable contracts will protect your business. It will prevent people from taking advantage of your business or legal action. A business lawyer will create contracts that clearly set out the terms and leave no ambiguity.
Business attorneys can create contracts between you and your business partners, clients, suppliers, and employees. Your needs will vary based on whether you sell a service or product.
Tax law is complex; doing it incorrectly could mean that you’re paying too much in tax. Paying too little tax is another issue which could face serious penalties. They will advise you on industry-specific tax laws and how to structure your business to be as tax-efficient as possible.
A business attorney can help you set up a system for keeping financial records and doing your taxes. They will advise you on filing deadlines and other important dates to keep you tax compliant.
Protecting Your Property
A business attorney will help you to protect your business assets. They will ensure your intellectual property is legally protected, and sensitive information remains private. Your lawyer will create non-disclosure contracts to protect your company. They will also help you enforce these contracts when the need arises.
Another important protection a business attorney can create is a liability waiver. This means that if people get injured on your property, your business is protected from liability. Your business lawyer will help you to insert these into your contracts.
Employment law changes rapidly; a business lawyer can help you to stay compliant and advise you of new changes to the law. By ensuring compliance with employment law, you protect your company from legal action and get the best out of your employees. Clear employee contracts will ensure your employees know their compensation, benefits, and responsibilities.
On top of an iron-clad employee agreement, a business lawyer can consult on employee manuals and policies. They will ensure there are no loopholes and the policies and manuals are enforceable. When laws or your company’s circumstances change, your business lawyer can update these documents.
Business attorneys can help throughout the whole employment lifespan. They help with everything from hiring to firing. Termination can be a difficult process that leaves employers open to legal action if they do not handle it properly. Your business attorney will create non-compete and non-disclosure agreements and consult on termination decisions. If any legal action occurs, then your business attorney will be starting from a strong position.
Unforeseen circumstances can put your business in a situation where bankruptcy is the only option. If this happens, your business attorney can guide you through the complex process and give you the best chance of bouncing back.
When you file for Chapter 11 bankruptcy, your business lawyer can help you to reorganize your company. This ensures your creditors will be paid and you can reduce your debt. Your business attorney will present their plan to the bankruptcy court for approval.
If someone files legal action against your company, then your business lawyer will be your best asset. They will gather information and make considered legal maneuvers to try and settle the case before it goes to court. However, if the situation is not easily resolved, then you will have legal representation that knows your business and its interests inside and out. They will guide you through the process and suggest solutions that work for your company.
Your business attorney can help your day-to-day operations and give you general advice to protect and optimize your company.
You can bounce ideas off your business lawyer and get advice that comes from experience. They can offer advice about anything from terminations to supplier transactions. By fostering a close relationship with your business attorney, you can help your business to run smoothly and prosper.