When you hope to start a business venture, first, you probably think what products or services are profitable in your area. Next, you think about establishing a brand identity and a brand name. To whom is it for? What should be my pricing? Where can they find it? Would it benefit them? Would it satisfy their needs and wants?
You also probably start daydreaming about marketing gimmicks that can potentially attract your target market. And so, you start jotting down your marketing plans, business name, tagline, ideas for logo and designs, your goals for the business, and even your competitor analysis. Of course, you also don’t forget to calculate the costs of this startup. Taking a look at your savings for this project, it seems that everything is okay. You have enough funds. So, should you start soon?
The Professionals You’ll Need the Most
Wait, before you get too excited, let me tell you one important advice: You need two individuals in your business—an accountant and a lawyer.
The purpose of hiring an accountant is pretty obvious—you need to keep your financial health constantly in check, whether the business is earning or you’re losing your capital for some reason. And don’t forget, you’ll need an accountant to make sure you’re paying the right amount for your taxes. Find out more here.
But how about hiring a lawyer? Do you really need one for your business?
Actually, it’s not an easy question to answer. However, as a general rule of thumb, you need to determine the complexities of your business. The simpler the business, the less you’ll need the services of an attorney and the more complicated your business is, the more you’ll need to consult a qualified lawyer.
Why Hiring a Lawyer for Your Business is Crucial
Many people would say that a lawyer isn’t necessary unless you face a summons. Wrong thinking. Tell you what, no matter how you dislike dealing with a lawyer and paying for his service, now is the best time you should seek his legal advice. The amount you’ll pay now to a lawyer to make sure your business is a hundred percent legal is just a small amount as compared to the costs of hiring a lawyer to get your name cleared in court. Investing in legal advice now will protect you and your business in the future. That’s exactly what the law firm DPH Legal teaches us.
Here are some of the business aspects where you’ll be needing legal advice from a solicitor:
The Business Entity
First of all, when you’re starting a business, you need to determine how you’re going to organize your business transactions and activities. Should you choose sole proprietorship, corporation, limited liability partnership, or limited liability company? All of these have their own pros and cons. Deciding which one is right for you can be difficult, especially if you have limited knowledge about the complexities of each entity. Read more about that here:
A solicitor can help you weigh in your options to make sure that your business structure best suits your situation.
Lease documents are usually drafted in a way that it will benefit landlords. But how about the provisions you need as a tenant? Are they included in the document? Your lawyer can explain to you what provisions you can include in a tenant’s addendum so that you can also get the best deal out of what you’re paying for, especially that real estate is a requisite for the physical location of your business.
Protection of Your Intellectual Property
Your business labels, logo, tagline, product design, and product packaging are all examples of intellectual property. You wouldn’t want other companies to be stealing your ideas that you worked hard for, right? Especially if you own a creative kind of business, you’ll need a lawyer who can help you understand your rights regarding your intellectual property. He can help you protect your intellectual property by registering your products and services for trademark and copyright protection.
Contracts with Various People and Other Organizations
You’ll need a lawyer who can quickly determine what sort of contracts you’ll be needed when dealing with various people and organizations such as customers, clients, suppliers, and employees. He’ll also draft these necessary contracts and give you advice whenever someone else is asking you to sign one.
The Necessary Taxes and Licenses You Need to Acquire
What licenses and permits do you need to acquire to run your business? The easiest solution to answer this question is to find the right attorney who can help you out with acquiring the necessary licenses and permits. In addition, even though it is your accountant’s job to prepare and file your business tax returns, your attorney will help you understand your tax obligations for various business transactions. Here’s a related information on that matter. He can also help you throughout the process of registering your business for federal and state tax identification numbers.
So, before you rush starting a business, consider carefully whether you’ll need to allot some funds on legal advice for your startup. Actually, it’s always the best thing to do whether you own a small business or you run a large company. Doing so will help you protect your name, your business, and your personal assets in the future.