Top 10 Reasons To Hire a Business Attorney for Success

Starting a business is like setting out on an exciting road trip: you need a good map and the right plan for the long haul. For small business owners and entrepreneurs, that map is your business plan. The journey from a great idea to a thriving business is much smoother with a business attorney riding in the passenger seat.

Here are the top 10 reasons to get a business lawyer on your team from the start to help tackle business formation and help you focus on the road ahead.

1. Choosing the Right Business Structure

Think of your business structure as a frame, as it's what everything else is built around. A business lawyer can help you decide which business structure is right for you. They can help explain the pros and cons of a sole proprietorship, partnership, limited liability company, or corporation. They understand the legal situation of each type and can help guide you to the one that will give your business the strength and flexibility it needs.

Different business forms provide different protections and risks to the business owner/investor. Personal liability means that your business puts everything you own at risk. Plus, they can prepare or review the operating agreement or partnership agreement, ensuring all rules are clear from the get-go.

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2. Protecting Your Business Name and Intellectual Property

Your business name and creative ideas are your brand's identity. A small business attorney knows how to register your business name with the secretary of state's office. They can help you protect your intellectual property so that no one else can take your ideas or use your name.

3. Navigating Business Licenses and Permits

Some business entities are required to register with the state in order to be recognized. Even businesses that are not required to register may be required to obtain licenses or permits. Getting your business licenses and permits is important. A business lawyer can help you figure out which ones you need so that your startup is compliant with all of the rules and regulations of your jurisdiction.

4. Understanding Contracts and Agreements

Most businesses execute contracts for real estate, services, and supplies. Businesses often have agreements between partners, investors, and employees. It is important to get it right so you don't end up in court. Having a lawyer look over or create contracts for you can protect you in the long run.

5. Dealing With Multi-State Business Issues

The preconditions to forming and conducting a business entity in one state may not be accepted in another state. If you are not careful, the protections you have in your home state of operations may be lost if you do business in another state.

6. Handling Day-To-Day Legal Needs

Running a business means dealing with legal issues regularly. Having a small business lawyer on retainer means you can get quick help whenever you need it. This can help give you peace of mind. These lawyers can help ensure compliance with regulations, such as advertising, labor practices, or data protection. They can also help with filing business taxes, drafting your bylaws, and other legal services.

7. Drafting a Solid Business Plan

Your new business should have a solid, detailed plan. A business lawyer can ensure that the legal sections of your business plan are foundationally strong. This includes advice on funding, structure, and exit strategies. It includes ensuring compliance with employment laws and meeting other legal business needs. This can help set your business up for success and attract investors in the future.

8. Understanding Capital and Financing Legalities

When you're gathering funds to fuel your journey, you need to know the laws surrounding capital. A business lawyer will guide you through the legalities of raising capital, whether it's through loans, investments, or crowdfunding. This can help ensure all financial transactions are legal and fair.

9. Negotiating Sales and Acquisitions

Your business journey might include buying or selling a business or its assets. A lawyer can help be your negotiator and advisor. They can help ensure the deal is fair, legal, and in your best interest. They can also help with pursuing legal action in the instances that it is not.

10. Planning for Long-Term Business Growth and Autonomy

Your business attorney is crucial for more than starting up your business. They can be an integral part of your team for the long haul. They can help you stay independent and make decisions that are good for your business's future, not just for today.

Seeking Legal Advice

A business law attorney can help you avoid personal liability situations or help you minimize your risk. Knowing about your personal liability and reducing the risk that your business may devastate the economic well-being of you and your family is worth the visit to your attorney.

Speak to a business and commercial law attorney today to learn more.