Starting a new business can be overwhelming. Although it may seem cost-efficient to handle all setup aspects of the business on your own, in the long run, it may end up costing you more if the correct procedures are not followed. Here are 5 ways in which an attorney can help you start your business:
Partnerships, LLCs, and Corporations are all required to register with the state. Depending on your business, you may be required to file for certain permits, licenses or certificates. All of which an experienced attorney will be able to take care of for you.
2. Outside Investors:
An attorney will be able to help provide you with all options on how to handle bringing in outside investors into your business. Things to consider include vesting schedules, structure of investment, price adjustments, valuations, and voting rights. All situations are different and depending on your particular situation an attorney may be able to help you get the best deal.
3. Intellectual property:
Your business brand is one of the most lucrative assets of your business. It is the means by which the consuming public comes to recognize your products. A way to protect the goodwill of your brand is to Trademark your wordmark (standard characters; ex: “Apple”) or Logo. Not all Trademarks get the same level of protection. Consulting an attorney in the early stages of your business can ensure that your mark is not only protected, but that you are not infringing on another owners Trademark, resulting in a suit, potential damages, and potentially having to change your business’ name.
4. Employment Issues:
An attorney will help ensure that you hire, fire, and compensate all employees legally. It is important to have tailored employment contracts for your specific needs to receive adequate legal protection. Additionally, ensuring your hiring, firing, and compensating procedures are lawful may decrease your chance of getting sued for discrimination, harassment, retaliation or wrongful termination.
Assurance that the legal aspects of your business are being properly taken care of, allowing you to focus your energy on other business-related matters.