Are You A Small Business Owner? Here’s Why You Need An Attorney
If you’re starting up a business, you will generally require the help of a lawyer. They will help you to put together partnership agreements and set up the legal business entity. This applies unless you are starting up a sole proprietorship. Experts in the entrepreneurship field typically advise consulting an attorney before getting into a partnership. This will come handy in obtaining licenses and permits you need for your company. Here is what an attorney can come in handy for when starting up partnerships.
Determining the Corporate Type
It is vital to have sound knowledge regarding the different business types. For instance, you should know what an S-corporation, limited liability companies, and C corporation are before you start your new business. There are legal requirements attached to the maintenance of a business. It does not end with incorporation. An attorney can help guide you on these legal requirements, like, for example, having to file annual updates.
Protect Intellectual Property
A business holds both tangible as well as intangible assets. The company logo, name, unique product names, and the products themselves are all eligible for trademark protection. Should your company or you invent new methods, processes, or products? Who owns the intellectual property relating to the inventions of your organization?
What about the patent protection, answering these questions will help you decide if you require the services of an attorney. Having an attorney who is familiar with your business and all its facets is helpful in this event. By protecting some aspects of your business, you maintain a competitive advantage, so your competitors cannot ‘steal’ your ideas.
Several agreements will have to b drawn up when it comes to your company, whether they are contracts or otherwise. Arrangements will not only be necessary between your company and its clients or customers but also your employees. Using non-disclosure agreements as well as non-compete agreements can protect your employees and your company. You can use this if employees leave your firm.
Having an experienced attorney can help you craft non-disclosure agreements that can help protect your company from employees who may leave to start competitive firms of their own, for example. You need a lawyer for bulletproof contracts.
An Exit Strategy
When it comes to partnerships, there may come a time in the future when either you or your partner may decide to sell their respective share of the organization. It may also happen that one of the partners may die or even become incapacitated. Having established exit strategies that allow you the ability to control what may happen to the stakes of that ownership, depending on the circumstances.
The decision on whether you repurchase the shares and who buys it is easy to decide. Also, this minimizes legal issues and helps to reduce financial risks. Often people are lost in the troubles of starting a business that they forget some issues that need attention. You will have to forget all about what happens to the mature company. Moreso, if it comes to an end of sorts.
More On Attorneys
Most small businesses get into trouble over the actions or decisions taken in the absence of an attorney. Legal advice is mandatory for the smooth operating of the company. In other words, having an attorney will prepare you to face unforeseen situations better. A lawyer can help you as an entrepreneur be compliant with the law, assess business opportunities, put together legal documents, perform lawful negotiations of deals. It is very important and will help your business file or even defend against any potential lawsuits.
Finding the Right Attorney For Your Business
The question is, how do you go about finding a suitable experienced legal professional for your enterprise? Bar associations can offer referrals. But often they are not able to issue specific information regarding members of the bar.
The best option available to you is actually to look for recommendations. You can approach other small business owners, professionals like accountants, or even bankers for guidance. Visiting an entrepreneur networking group is a great way to meet your peers and other professionals.
Put together a list of all the possible candidates and then set up appointments with each to evaluate the professionals you feel most comfortable forging a lasting relationship with.
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