Many entrepreneurs tend to overlook the legal aspects when establishing a small business. For many, it is a bridge they want to cross only when they come to it – that is, if any legal situations arise.
However, in today’s business landscape, the expertise that a business lawyer can bring to your team can be invaluable. In this article, let us take a look at what a lawyer can do for your business endeavor.
1. Forming a Business Entity
If you don’t know this already, it is necessary that you register your business in order to protect your investment and interests. However, you have a few options of business entities to choose from – including sole proprietorship, LLC, partnership, or corporation. The decision would depend on the nature and size of your business, as well as other considerations such as the tax.
A lawyer can also help you do sufficient research in order to name your business and trademark it. This will ensure that you are not crossing any boundaries and your business is functioning under legal terms.
2. Patent a Business Idea
The last thing you want is your business idea duplicated and used by another company. A lawyer can advise you on filing your patent application and keeping it confidential.
Lawyers can also help you obtain any licenses and permits that you will need to run your business. This might range from trade-specific certificates to zoning permits.
3. Establishing Contracts
When you are hiring a team for your business, it is best that you set up proper contracts for each of your employees. Unless you are a lawyer yourself, you could use some help in this department. This will help to protect both the company and the rights of your employees.
Moreover, a business will also have working partnerships with vendors and other service teams. Lawyers can help to draft legal documents that will govern any relationship your organization will have with a third-party. This will enable you to be in control of what you owe, as well as what they should deliver to you.
4. Ensure Compliances
Setting up your company online comes with more demands than ever. You need to arrange for privacy notices, terms and conditions, and other compliances that will offer transparency to your customers. These are necessary to prevent any violations and detect them.
That said, a compliance process is ongoing. Meaning, you need to consistently go over your compliance policies and make sure that you abide by local, federal, and state laws. Having a lawyer can ease this process for business owners to a great extent.
5. Manage your Taxes
Above all, running a small business comes with more obligations as a taxpayer. Tax attorneys from the best international law schools can not only help with filing taxes, but they can also help you reduce your tax liability by finding any applicable business deductions and reimbursements.
As you can see, there could be several areas of a business that you might not be well-versed in. Hiring a lawyer is no longer an option worth considering but an indispensable aspect for the safety of your dream business.