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When venturing into entrepreneurship, it’s tempting to try and do everything yourself. One area where you should consider hiring outside help is with your legal matters.
1. A small business lawyer can help you in a variety of matters concerning your venture.
– Business entity formation. A good lawyer can advise you on the best business type for your organization. The type of entity you create affects taxes, shares of stock, if applicable, and even how you allocate funds.
– Hiring employees. There are many things to consider when hiring your first employee. You’ll want to create a fair contract, be knowledgeable about hiring laws and practices and also make sure you’re dealing with payroll in a way that doesn’t send a red flag to the IRS.
– Dealing with clients. For a service based business, contracts outlining what you provide and what your clients should expect from you need to be created. For products-based businesses, a lawyer can help you with guarantees and how to properly handle claims on packaging and marketing materials.
– Copyright/trademarking. When creating your business, there may be things like a logo, tag line, trade secret or special product formulation that you want protected from the competition. A lawyer specializing in business can help you with that.
2. A good firm will be able to grow with your business. As you look to hire your first employee, open up a second location or even start taking on investors, the ideal law firm will have attorneys that can help you along the way.
3. Outside of pure competency, fit is also important. You need a lawyer you can get along with. Like attracts like, so start with referrals from those you trust.
4. Lastly, make sure the lawyer is experienced in your industry. If you own an auto repair shop, it’s not as wise to find an attorney who has only worked with restaurants.
My brother just started his own business, and he wants to make sure he does all the right things before he gets started up. This being said, I really appreciate you giving me some insight about this and letting me know how important it is to hire a small business lawyer. I can definitely think how doing this will help make sure my brother spend his money right. I’ll be sure to show this to him right away so he can begin looking for someone. Thanks a ton for the help.
Glad the article was able to help. People often get so caught up in the excitement of the business ideas that they forget the legal side of business. It’s good your brother has you to point him in the right direction.
One of the ways the society has continued to benefit from the action of the lawyers is that they protect the interest of the common mass using the stipulation of the constitution. Settling cases within the law court has remained the best way of avoiding war and quarrel among citizens.