You’ll have a lot of things on your plate when you decide to start a business. For one, you need to draft a business plan to determine the goals of your business and foresee possible problems that might occur during the first years of your operations. You also have to carefully think about the products and services you’re going to offer, as well as the employees you’re going to hire.
If you want your business to succeed in the long run, working with a lawyer is essential. Starting a business will require legal responsibilities from your end. Failure to comply with these can mean penalties for your business, and, worse, can become the reason why your business will be short-lived.
Listed below are some of the reasons why you should talk to a lawyer when starting a business.
1. Draft Contracts
Gone are the days when businesses are sealed with mere handshakes. Today, it’s important for businesses to use contracts whenever they come up with agreements that involve customers, employees, suppliers, and shareholders. Contracts are vital for every business, as these documents outline the relationships and the scopes of work the business owner has with other parties.
If you want to draft contracts fast and ensure that these documents benefit all the parties involved, you should hire a local attorney like Hopkins Roden Lawyers for your startup. A contract drafted by a lawyer will give you peace of mind, knowing that you’re using the correct terms and your business will not face legal problems down the road.
Although it can be tempting, you should never make contracts on your own, as you’ll likely leave out important sections and use the wrong terms.
2. Debt Management
Money is important when starting a business. Even if you’re planning to start your business without a brick-and-mortar store, you’ll still need money for your products and tools. When starting an ecommerce store, for example, you need to invest in the right software and apps to start your operations online.
Almost all business owners acquire debt to jumpstart their operations, but not having the ability to manage your debt can become the reason why your business can no longer move forward. How can you continue your operations if all of your profits are spent on paying your debts? Where will you get money to pay your employees and suppliers if this is the case? Debt doesn’t go away easily, which is why business owners like you should exert effort to manage it properly.
A lawyer can save you from these situations because they can help you get rid of debt fast. A lawyer will explain the legalities associated with having too much debt, as well as suggest solutions that can help you get rid of it. With a lawyer, you’ll be guided with your efforts to properly manage your debt without having to face any legal repercussions.
3. Handle Employee Issues
Your employees can make or break the success of your business, because they influence the overall customer experience. Productive employees will help your business reach more customers, earn profits, and attain long-term success. However, regardless of how productive your employees are, there’ll come a time when conflicts arise. When left unaddressed, employee conflicts can adversely affect the operations of your business and even your brand in the industry.
You can prevent these things from happening if you hire a lawyer when starting a business. Lawyers have years of training and experience to help your business come up with a robust hiring process, implement workers’ compensation policies, and create a firing process that will not compromise your or your employees’ rights.
Being sued by an employee is one of the last things you want to experience as a business owner, as this problem may cost you a lot of time and money. Instead of focusing on your business’s operations, you’ll end up spending more effort and resources on court hearings.
4. State and Federal Compliance
You’ll have to comply with several requirements before your business can start operating. Different states have different laws, which means that you have to be well aware of the stipulations and comply with all of them before you announce the opening of your business. This process can be very stressful and time-consuming, especially if you’re unfamiliar with the state and federal laws of your area.
Fortunately, working with a lawyer can make all of these processes easier. This is because you won’t have to do everything from scratch, as they can do everything on your behalf, from filing the necessary documents to performing business transactions across state lines, and even up to paying your taxes.
The expertise of a lawyer will ensure that your business will start off on the right foot, regardless of where you’re planning to open your business.
5. Filing for Patents
Filing for patents is one way of safeguarding your inventions, as well as ensuring that your unique creations continue to be yours in the years to come. When you create a unique product for your business, for example, a patent will give you ownership of the invention. This means that no other business can claim that it’s theirs.
However, filing for a patent is a long process. For starters, you need to search the patent and trademark office in your area, determine what type of patent you need, and file a provisional patent application. Juggling all of these tasks as you’re opening your business can become a headache. Fortunately, you don’t have to go through all of these because a lawyer can surely help.
When you hire a lawyer as you’re starting a business, they can file all of the requirements on your behalf, as well as prevent expensive mistakes during the process. With a lawyer, you can basically take care of other important facets of your business without worrying about your patent registration.
Work with the Right Person
You’ll have plenty of options when choosing a lawyer for your startup business. However, when doing your search, it’s not enough that you only consider the accessibility of the lawyer. You should also pay attention to the track record of the lawyer and ensure that this person has the necessary experience for the job.
Working with a lawyer without even checking their credentials can only do more harm than good to your startup business venture.
The post 5 Reasons You Should Talk to a Lawyer When Starting a Business appeared first on Home Business Magazine.