Starting a new business is often characterized by many anxious and excited emotions. From the onset, every upcoming business owner often has hopes of running a smooth and successful business. But success is not always the case.
Running a business is always filled with uncertainty. Many times, issues may arise to the extent that your business comes to a close at its onset. To protect yourself against liability and legal consequences that may arise in the early stages of your business, you need to hire a business formation attorney.
Partnering with an experienced business lawyer gives you peace of mind and value to your business. Perhaps you have heard about this before but don’t know if it’s what you should do for your business, let’s take you through some of the advantages of hiring a business formation attorney. This might serve as a great motivation to make up your mind.
Who Exactly Is A Business Formation Attorney?
Before we go ahead to show you some important reasons you need to hire a business formation attorney, let’s first see who these professionals are.
A business formation attorney is a legal professional specializing in providing guidance and support to entrepreneurs during the process of starting a new business. These experts possess in-depth knowledge of the various legal structures and requirements involved in establishing a company.
From sole proprietorships and partnerships to LLCs and corporations, a business formation attorney ensures that your business is formed in compliance with the law, safeguarding your interests every step of the way.
Some Important Reasons You Should Hire a Business Formation Attorney
#1: Helps protect your intellectual property
One of the several advantages of working with a business development lawyer is that it protects your intellectual property. What is that? Intellectual property encompasses several things, including product designs, original works, inventions, logos, business services, and trade secrets.
To maintain your distinctive and competitive business, you need to professionally protect your intellectual property. Regardless of the type of intellectual property you have, a copyright, trademark, or patent can be filed against you. Working with a business lawyer will ensure that your property is well-protected and preserved.
#2: They help you choose the most suitable structure for your business
The whole process of choosing a suitable business structure can be overwhelming. Structuring your business anyhow may land you with unnecessary legal issues along the way. That means that you will be exposed to unexpected liability.
But when you hire a business lawyer to assess your business, they will aid you understand liabilities, employee inquiries, tax obligations, setup costs, and anything surrounding your new business. As a result, you will weigh and decide what business structure is best suited for you.
#3: They protect you from unnecessary lawsuits
A business lawyer specializes in handling legal matters. This will reduce the exposure of your business to lawsuits. Finding someone to stand by you and being proactive before a lawsuit can save you from countless headaches down the road.
#4: Review leases and agreements
As you plan to launch your new business, unless you intend to run it from your home, you will be required to set up shop in an office building, or other commercial space. Regardless of whether you are leasing or purchasing a permanent space for your business, you need to hire an attorney to review all of your contracts, terms, and agreements.
#5: Draft contracts on your behalf
A business contract is a vital document and every word counts. That means, whether the contract is meant for employees, vendors, or customers, it must be reviewed by a business lawyer to ascertain that all necessary items are well captured.
If you are unsure if a transaction requires a contract, then having a business lawyer can provide you with the clarity to ensure a quality contract is produced. That’s another reason you need to consider having a business formation by your side.
#6: They help you avoid making costly mistakes
Mistakes made during the business formation process can lead to significant financial and legal consequences. With an experienced attorney by your side, you can avoid common pitfalls and costly errors, setting the stage for a smoother and more successful business launch.
Factors to Consider When Hiring a Business Formation Attorney
Experience and Expertise: Look for an attorney with substantial experience in business formation. A seasoned professional will have a deeper understanding of the complexities involved and can provide valuable insights tailored to your specific needs.
Track Record: Research the attorney’s track record and client testimonials. A successful history of assisting businesses similar to yours indicates their ability to deliver positive results.
Communication: Effective communication is key to a productive attorney-client relationship. Ensure the attorney is responsive, attentive, and able to explain legal concepts in a clear and understandable manner.
Cost and Fees: Understand the attorney’s fee structure upfront to avoid surprises later. Consider the cost in conjunction with the quality of service provided to make an informed decision.
Availability: Confirm the attorney’s availability to handle your business formation promptly. Delays in legal matters can hinder your progress, so ensure they can dedicate sufficient time to your case.
Network and Resources: An attorney with a robust professional network and access to relevant resources can be a valuable asset, providing additional support and connections for your business.
Final Note
The right business formation attorney can advise you on a variety of matters. From the type of business you form to how to handle complex legal situations, your lawyer will be there to support you and your project.
All established businesses will always consider their business lawyer as one of their most valuable assets. If you are yet to get one, then now is the time to make that decision.