Many entrepreneurs don’t think to hire an attorney until after they’ve run into legal trouble and may be facing a lawsuit or adverse government action. This is not a very good strategy. Involving a good business attorney from the very beginning will help you get your business off to a good start and avoid many potential problems, or at least keep them from becoming big problems.
If you’re launching a new business, the decisions you make in the early days can either steer you toward success or lead to serious setbacks. And the truth is, having an experienced business attorney at your side from the beginning can help create a stronger future for you and your startup. Here are a few of the many reasons why hiring a lawyer is an important first step to take:
Choose the Right Business Structure
Every business has a structure that dictates how it is treated for legal and tax purposes. If you don’t choose a structure at the outset, it will be chosen for you by default. And, chances are, the default structure (sole proprietorship or general partnership) probably won’t be what you would have chosen if you had made an informed decision. A good business attorney can help you choose the best business structure for the type of business you want to pursue, e.g., a limited liability company (LLC), a corporation, a limited partnership (LP), or some other business entity.
Follow the Proper Legal Protocols
Business attorneys have a thorough understanding of applicable state and federal laws. Hire one, and you won’t have to worry about whether your startup meets the necessary legal requirements. A lawyer will also take proactive steps to protect you against liability and reduce the risk of future lawsuits.
Contract Drafting and Review to Protect You
When not drafted properly, legal contracts won’t protect you, your startup or your brand. With a business attorney, you’ll have an expert who can review the fine print on every agreement – including contracts for vendors, employees and customers as well as real estate leases, purchases and sales — to ensure you’re legally protected.
Get Advice on Banking, Insurance and Taxes
Any good business attorney or accountant will tell you that keeping your business finances separate from your personal finances is smart, so you’ll likely need to open a new bank account for your business. You may also need to apply for credit, and you’re probably going to need some sort of liability insurance coverage. Plus, your startup will need to be incompliance with local, state and federal laws. Making decisions on banking and insurance, while also avoiding tax and other legal problems, is much easier with the advice of an experienced business attorney.
Schedule a Free Business Attorney Consultation
The legal team at J.D. Milliner & Associates, P.C., has over 25 years of experience assisting entrepreneurs in Utah. We can help your startup get off to a great start, and our highly skilled lawyers will be here to continue to guide you as your business grows.
Based in the Sugarhouse area of Salt Lake City, J.D. Milliner & Associates serves clients along the Wasatch Front and the entire state of Utah. For more information on our law firm, or to schedule a free business attorney consultation, contact us today.
NOTE: This article is for informational purposes only and should not be construed as providing legal advice. Use of this site does not create an attorney-client relationship. Contact an attorney to obtain legal advice