Starting a new business is a time filled with excitement and activity. But even though hectic, it is also the best time to lay the groundwork for a successful future. One of the steps for achieving this includes making sure that you and your company are legally protected, both during the initial startup and later, as it grows.
Too many new small business owners forego the hiring of a business attorney to offer them this type of protection because they think it isn't necessary for their small size or because they worry about the cost. But this can be an expensive mistake, especially for new business owners who will no doubt make some mistakes and poor decisions along the way. If you are still wavering about the need to hire a business attorney to help with your new venture, here are three good reasons why you should do so.
Partnerships, LLCs, and corporations
If your new business is a partnership, LLC, or corporation, you will need to attend to registrations, write bylaws, and make declarations to the IRS. While it is technically possible for a layperson to produce these forms and documents, the margin for error, as well as the time for doing so could be very detrimental to a fledgling business.
If your new small business will be moving into a leased space, having an attorney on staff to handle the negotiations for the lease can be very helpful. In addition to making sure that the rental terms and basic agreement are acceptable, your business attorney can also work to renegotiate terms later, should you experience a problem. In addition, having a business attorney in your corner can help you renegotiate better terms before renewing a lease or help find a legal way to end a bad one.
Trademarks, patents, and intellectual property
Businesses that are geared for innovation, such as those that are technology-based may especially need the services of an attorney who can help them navigate the processes for patent searches and filings, trademark new ideas and products, and deal with the legalities of establishing and protecting intellectual property. A business attorney can also help you determine areas of legal risk and work to find ways to address them.
If you are still undecided about whether your new business would benefit from the attorney representation, consider making an appointment to discuss your business and its goals with a small business lawyer.