There are a lot of things that budding entrepreneurs worry about. For example, can you run this business out of your house or apartment?
Where will you find the funding to launch your startup or small business? Can you run it as a one-person operation until you see some positive cash flow? Do you need to set up accounts with vendors?
Something that a lot of would-be entrepreneurs don’t think about very much is whether they should hire a business law attorney. In fact, they often overlook business law entirely until they bump up against it in a bad way.
If you’re looking to start a business, keep reading for five reasons you need a business law attorney.
1. Figuring Out Your Business Structure
Is your business a sole proprietorship? If not, you’ll need advice on what the best business structure is for your needs.
Maybe an LLC will do the trick or maybe what you really want is a limited partnership. A business law firm can help you pick, draft the paperwork, and even help you file the paperwork with the state and local governments as needed. If you end up with a corporation, they can even help you navigate business corporation law.
2. Employment Regs
Once you start hiring employees, you enter the murky land of HR and employment regs. Great news on that front. While the federal regs apply across the board, state employment laws vary tremendously.
This is an area where a business law lawyer can help you ensure your day-to-day operations stay inside the legal requirements.
3. Drafting Legal Documents
Cookie-cutter legal documents you find online can do the trick for some very basic things. Once you get into things like contracts, you need custom documents that will hold up in court. For that, you need a business law attorney.
4. Protect IP
Many businesses, particularly tech startups, deal with valuable intellectual property. You need to take legal steps to protect that intellectual property. For example, you may need non-disclosure agreements from employees.
A good business law lawyer can also help you file for patents, trademarks, and even copyrights.
A lot of legal work happens outside the courtroom. Lawyers negotiate with each other and try to reach settlements. Even so, lawsuits from businesses against other businesses are fairly common business law cases.
If your business comes up against or needs to file these kinds of business litigations, you want a lawyer with deep well of experience in the applicable area of business law.
Business Law and You
Like it or not, opening a business means opening yourself up to the full spectrum of business law. While you can conceivably navigate some of those waters yourself, you really do need a business law attorney for the more complex legal nuances.
Plus, getting a business lawyer on board early on can help you avoid costly mistakes in terms of the business structure and employment law.
Looking for more tips about protecting your business? Check out the posts in our Business section.