Are you an entrepreneur with a brand new business? Are you trying to decide if hiring an attorney with business law experience is a good idea, or an unnecessary expense? Here are some reasons that an attorney can be a necessity when starting off:
Writing and reviewing contracts: When starting a new company, the amount of paperwork to deal with can be overwhelming. The lease on your new facility could contain confusing phrases that almost seem to be in another language. Your wholesale suppliers may want you to sign contracts that include costs and demands that aren't in the best interest of your business. If you're negotiating with another company that wants to buy your products in bulk, you want to make sure that your terms are correctly spelled out so that there is no possibility for issues or conflicts. A business law attorney will examine all your potential agreements, correct anything that's not lawful, and explain the obligations the contracts create for each party. The investment you make in hiring a business law attorney will pay off because they'll review all paperwork in order to help eliminate the possibility of future litigation.
Setting up your business: When starting your company, you need to decide how to structure your business entity. Some of the choices include sole proprietorship, partnerships, establishing a limited liability company (LLC), or creating a C-corporation. Additionally, your local laws may require that you announce your business name and structure in a local publication. While you may think that an evening or two of online searching will provide you with all the information you need about business structures, websites can often contain incorrect information because they haven't been verified by objective sources. In contrast, a business law attorney has spent years acquiring the knowledge necessary to guide you through successfully establishing your company. They can explain how each option will affect your tax liabilities and your ability to attain future funding legally. Once you've made your choice, the attorney can create and file any necessary documents.
Dealing with environmental issues: If your business creates emissions, uses hazardous materials, or has waste disposal issues, a business law attorney can make sure you don't inadvertently run afoul of local, state, or federal regulations. They can explain any liabilities and your choices for dealing with any possible issues. If your business has any potential of impacting the environment, failing to contact an attorney can create an accidental oversight that could result in costly and lengthy lawsuits down the road.
Explaining costs and fees: Although a business law attorney doesn't function as an accountant, they can advise you of any tax liabilities your business could face. If you don't have valid tax ID numbers, they can obtain them from the federal and state government. They can also explain to you what licenses and bonds you'll need and help you with the proper paperwork so that you don't have to worry about possible future fines for noncompliance with applicable laws.
Speak to a professional like Robert L Lilley Co Lpa to learn more.