5 Reasons to Hire a Lawyer when Starting a Business
Starting a business can be an exciting and sometimes overwhelming endeavor. As a person embarks on new entrepreneurial paths and looks to build their livelihood, they will eventually encounter certain legal issues that must be solved in the proper manner to protect themselves from liability and ensure their operations are lawful. If you are looking to start a business, it is important you consider the following reasons why you should enlist the services of a knowledgeable business attorney.
1. Choosing the right entity structure is key: One of the easiest and most basic tasks of forming a new business is to choose an entity structure. This decision is critical, as entities such as partnerships and sole proprietorships are exposed to much different liability than that of an S or C corporation. If you choose the wrong entity, you could find yourself exposed to unlimited liability against lawsuits or overly complicate things once tax season arrives. An attorney can examine your situation and help you choose a structure that best fits your needs.
2. You can protect your information and property: It is important you take steps to protect your product ideas, production secrets, and customer information to maintain your competitive advantage and shield yourself from others who could use this information to your detriment. Everything that makes up your company’s identity should be protected from the very start, including your name, logo, taglines, products, and business processes. If your competitors get their hands on your secrets, you could find your business dead in the water before you even get things off the ground. A knowledgeable legal professional can prevent this from happening and preserve your legal right to your intellectual property.
3. Avoid employment lawsuits: Starting a business also means that you will have to comply with all federal and state employment laws. These laws dictate legal procedures regarding pay, hours, overtime, sexual harassment, and discrimination. Failing to consult with a business attorney can expose your business to a variety of employment lawsuits. Even simple tasks like drafting job descriptions or interviewing applicants can create a myriad of problems if done improperly. Good legal advice can help you avoid these problems with ease!
4. You’ll be ready to do business faster: Creating a business involves an incredible amount of paperwork and legal formalities that can confuse even the savviest of people. Drafting bylaws, appointing directors, securing capital, and complying with tax disclosure requirements can be handled more smoothly and accurately with the assistance of a business lawyer, giving your business the boost it needs to get started faster.
5. Ensure proper contract use: Businesses interact with various different parties during everyday operations, including vendors, customers, service providers, and landlords. All transactions or arrangements your business makes should be recorded in written contracts to avoid disputes later on down the line. A lawyer can examine all prospective transactions your business may encounter and protect you from any unfair or unnecessarily risky deals.
Skilled Business Attorney Serving Red Bank & Monmouth County
At Reardon Anderson, LLC, our business formation attorneys can guide you step-by-step through the process of starting a business and ensure your best interests are protected at all times. With more than 45 years of dedicated legal experience, your business is sure to be in excellent hands. To find out more about what our firm can do for you, call (732) 997-7749 to request an initial consultation today.