These Signs Indicate You Need to Hire a Business Lawyer
The first few years of small businesses are the most crucial. Once you get through those, you have a higher chance of staying around. Many businesses fail because they do not have the right team working with them.
The right team comes with the expert advice for your business. This means that you need to have the right legal team as soon as possible. Many small business owners fail to factor in legal advice and decide to simply wing it.
Some signs that you need to consult a business lawyer include the following:
- You are figuring out your business structure
For your business to have a shot at being a success, structure is the first thing you think about. You will therefore need to get some advice on which of the following structures best suit your business:
- Sole proprietorship
Too many business owners opt for sole proprietorships without understanding the ramifications. As a sole proprietor, you and your business are one unit. This means that should your business suffer financial mishaps, you are held liable and if you are sued for the same, your assets will be taken as well.
Competent business lawyers will not only advise you accordingly but will also guide you in going for a good option to form another business entity. This way, your personal assets will be separated from your business ones. In the event that your business fails to meet its financial obligations, your assets will not be touched.
Business structure affects the following:
- Tax obligations
- Setup fees
- Personal liabilities
- Legalities of accessing funds
- Ongoing expenses
A lawyer is best suited to give you advice and guide you to make the best decision for your company. Your lawyer also helps you create the required documents and file them.
- You need to draft a contract
Businesses are always entering into contracts and yours will be no different. Without legal guidance, you could end up signing contracts that put your business at risk. A lawyer will always find a problem clause tucked away somewhere and will also identify if there is need to add more languages.
If you have a contract in place and the other party has breached it, you will need legal advice. Your lawyer will be able to advise on options and to ensure that you are not in breach of the contract.
- You have intellectual property to protect
If your business has any trademarks, you will need to protect them. This goes for all of the following:
- Business packaging
All these must be protected before they are trademarked. You are required to register one or multiple trademarks via the relevant offices.
You may also need to copyright original works such as websites, brochures and photographs if you have them, especially if you are in the creative field. Any inventions you come up with will need to be patented to ensure that they are not replicated.
When you contract business lawyers to work with from the onset, you find that growing your business becomes much easier because you have someone or a firm on your team which handles all legalities and advises you on legal matters before they can get out of hand.