You’ve probably heard it a thousand times. When you start a new business you need help from professionals in fields outside of your specialty. Most people recommend getting an accountant, a banker, and an attorney. These three professionals will set your business up for success, and without them, you’re leaving a new business at risk. While it’s not mandatory to enlist the help of an attorney to start your business, it does save time and thousands of dollars in potential legal issues should they arise.
The first step in starting a business is to determine a business structure. The business entity you choose will have an impact on how you organize the company and how you will file taxes for your business. It helps to have an experienced attorney on your side to help make the most informed decisions about the company. The decisions you make early in starting a business will have lasting impacts for the future. Don’t leave anything to chance by making these decisions without having all of the information.
As you develop your business and put plans in place, you will likely hit roadblocks along the way. There are many legal documents to be filed before you can run your business effectively. You will need contracts, licensing, permits and more depending on your business. These legal documents vary by state, so it’s important to work with someone well-versed in the needed legal documentation in your city and state. A skilled attorney will help prevent you from making any costly mistakes. If documents and contracts aren’t legally binding, you could find yourself and your business in trouble.
If you hire an attorney only when you need help with a legal issue, you’re already behind. An attorney will help guide you through the complex legal documents, advise during legal challenges, and give you the best ongoing counsel whenever you have a question or make a business change. In order to hire anyone else, or seek out any other professional services, you need legal documentation to protect yourself. We recommend starting with an attorney you trust to help make these decisions and keep your business running smoothly.
You are going to need the support of more people as you develop your business plans. You will likely need an accountant, a banker, and a tax professional. The more people you have advising you, the more you need an attorney you can trust. There is a lot that goes into starting a business, and unless you’ve done it before it gets very confusing very quickly. An attorney will help you write all of the contracts and agreements to protect your business should someone make a mistake.
You put everything on the line to start your dream company, how would you bounce back if a legal issue costs you thousands of dollars? No one should take your dreams away from you, but you have to proactively protect it with the right people in place to help you accomplish your goals. If you’re thinking of starting your own business, reach out to our team of experienced attorneys to help you get started.