When starting a business, it can be tempting to rely on your own business acumen. However, seeking assistance from other professionals could provide additional support and give your business a stronger foundation for future success. How can the help of an attorney benefit you and your new company?
An attorney can help you explore your business entity options.
What structure should you choose for your business? Should you select the simplicity and flexibility of a sole proprietorship, or should you pursue the protection of a limited liability corporation (LLC)? Will another option entirely provide you with the right support? An attorney can help you explore these questions and provide insight into the ways that different business entity types can support your goals.
An attorney has experience navigating the legal requirements of business formation.
New businesses may need to fulfill a variety of different legal requirements depending on their industry, type and other factors. This may include registering your business, filing for licenses and permits and addressing taxation for your company. An attorney allows you to leverage their experience to ensure that you have considered these legal requirements and filed the necessary paperwork.
An attorney can help you establish other documents.
Even if you have met the legal requirements for starting a business, an attorney can help you further establish your business plan. For example, an attorney can assist you with outlining a partnership agreement that provides clarity and helps prevent conflict over each partner’s responsibilities.
An attorney can help you establish favorable contracts.
From sourcing materials to leasing a storefront, your business may need to negotiate a variety of different agreements. An attorney can help you review documents, draft contracts and negotiate terms that support your company goals.
While working with an attorney is not generally required for new businesses, working with an attorney can benefit you in a variety of ways as you establish your company.