3 Ways Hiring a Business Attorney Can Save You Money
There are a lot of emotions you may feel when starting a new business. You may have anxiety and excitement mixed in with your hopes for a successful venture. With all of your focus on getting your company off the ground, you may encounter legal issues that you should have a professional to assist you with. Here are some reasons why hiring a business attorney when starting your company can save you money and headache down the line.
Choosing a Proper Business Structure
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. Adopting a proper structure for your business is essential, so you do not find yourself with unnecessary legal issues down the road.
The structure you decide on today is not permanent and there are opportunities to make changes later on. But, keep in mind your actions can cause possible tax implications for your business and other unintended complications – many of which are magnified if your business includes partners, investors, or other owners. Before you get too far along, it may be best to seek consultation from a business attorney. That way, you will start your operations on the right path.
While your primary focus can be on creating a cash flow that will keep your business afloat, you may miss out on preventing or be unaware of risks that lead to possible lawsuits. Once your company gets sued, you are stuck with attorney’s fees, court fees, and potential damages. Attorney’s fees in lawsuits can easily exceed $50,000 in even the simplest of cases.
If you start a relationship with a business attorney early on, you can save yourself lots of time and money. This type of counsel will use their understanding of the legal process, liabilities, and insurance plans to create well-written contracts, and offer you advice about preventative and compliance measures.
Guard Intellectual Property
To maintain your competitive edge and the distinctive qualities of your business, you need to protect your intellectual property and proprietary business information. If you do not, other companies could potentially use your likeness to profit from a product or service similar to yours or gain access to your client or customer base to steal business away from you. This deception decreases your organization’s chances to thrive in any market. If you are working with a small budget, there are many areas you may have to place on hold. But, one of your primary focuses should be on ensuring the business’s intellectual property is protected and owned by the company.
There are many issues that you can handle on your own when it comes to your business. But, the most successful businesses create meaningful partnerships and effective teams to pursue its goals. By bringing a business attorney into the team early, they can review your situation to assist with remaining compliant with the law, detecting potential legal issues, and executing against your strategic goals. Contact us today to schedule a consultation and learn how we can help your business start on the path to success.