Starting a business is an exciting time for those looking to follow their dreams and build a future for themselves. However, there is a lot more that goes into opening a business than just making the best product or offering the highest quality services. Running a business will mean you are entering into legally binding contracts, will have to protect any of your intellectual properties, and be in tax compliance. Hiring a lawyer for your business can help you to navigate these legal issues to avoid problems down the road.
Listed below are 5 surprising reasons your business needs an attorney right away:
- Finances: Though depending on the type of business your start-up is, different procedures may come into play, your attorney will know the financial ropes in terms of raising capital, applying for business loans, and keeping records of income and expenses. Most important, he or she will have a clear understanding of what it takes to be fiscally responsible.
In addition to assisting you in raising capital, your legal counselor will make certain that your company is set up to take advantage of tax breaks and avoid situations that will unnecessarily cause you tax penalties. Even more critical, he or she will show you ways to organize your tax payments so that all of your taxes are paid on time.
Finally, appropriate legal advice will lead you to the proper bank and type of accounts that will best suit your purposes, making certain to keep your business and personal finances securely separated.
- Structure: Whether you are planning to use a partnership, a sole proprietorship, a limited partnership, a limited liability company (LLC), an S or C corporation, or some other type of business structure, there are many decisions to be made regarding how your particular business will be fashioned. Going forward, these decisions will form the basis of divisions of responsibility and distribution of assets. The way your business is initially created may determine how well it stays afloat, not to mention how amicably the owners (assuming there are more than one) interact.
Also, if your business will be operating in more than one state, it is essential that you have an attorney who will make sure you enjoy equal rights and protections within each of the states in which you do business.
- Liability Protections: Your business attorney will set up your business so that you, as the owner/investor, are shielded from personal liability in case of debt or lawsuit and that your family is protected as well. Your lawyer will make sure your business strictly follows state law in order to guarantee that your benefits and protections stay in place. There is no substitute for a knowledgeable business attorney when it comes to ensuring your compliance with:
- Zoning law
- Copyright and trademark law
- Employment law
- Premises liability law
Maintaining a strong relationship with your business lawyer will provide you with advice and guidance as issues arise with partners, customers, vendors, independent contractors, and employees.
- Legal Documents
Most likely, you are aware that you will need a meticulous business lawyer to handle the drafting and reviewing of legal documents, such as:
- Contracts
- Licenses
- Permits
- State registrations
- Business forms (e.g. Sole Proprietorship or LLC)
Clearly, your ability to function effectively is determined by how carefully such documents are created and examined for possible errors or omissions.
- Dispute Resolutions
No matter how carefully a business is set up to minimize ambiguity or disputes, problems are bound to arise. When they do, having a working relationship with your business attorney will be extremely reassuring. Your business lawyer will be able to negotiate with whatever adversary you find yourself confronting — whether a partner, an employee, a vendor, or a customer. If negotiations fail, it is a tremendous relief to know that you have a skilled legal representation to fight aggressively for your rights during litigation.
Trying to create a business without an attorney at your side is risky both in the short- and long-term. This is too important a project to undertake without professional support.
If any of these 5 surprising reasons your business needs an attorney struck a cord with you, reach out to the law firm of Lanease Fuller today.
Affordable Business Attorney in Houston, Texas
Attorney Fuller is a seasoned attorney with nearly three decades of experience representing a wide range of clients. This includes individuals who have suffered an injury due to another’s actions, individuals facing criminal charges, those who have been arrested for DWI, individuals who have found themselves in a civil litigation dispute, and those looking for legal guidance in business.
After filling out a client intake form, Attorney Lanease D. Fuller will take appropriate action in your case to help you get the results you are looking for. This includes but not limited to gathering evidence, going to trial, and earning a settlement that is appropriate for your specific situation. Reach out to us today to take the first step towards settling your case.
LANEASE D. FULLER LAW
4615 S. Frwy St. 820
Houston, TX 77051
713-439-7400
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