Business Attorney: Do you Need One when Starting A Business?

by admin | December 12, 2018 10:54 am

As a business owner, you probably are involved in a range of legal situations or need help with different legal issues. In such cases, you will need an experienced business attorney to point you in the right direction. Whether you are establishing a new venture, buying property, preparing taxes, or you want to comply with the labor laws, working with a lawyer is necessary for making sure that your business is compliant and functional.

Among the numerous worries for entrepreneurs who are starting or running a small business is the question of whether to hire a business attorney or not. Most of them feel like their business is still too small to be able to cater to the expensive attorney fees. For this reason, they only end up hiring a lawyer when faced with a serious legal matter (like when a customer sues) and so on. Legal assistance is a business cost that often saves money and helps the business later on.

Still not convinced? Here are more reasons why you need a business formation lawyer in Tampa:

Liability

There are a variety of forms, each offering different protections to business owners/investors. Personal liability is when you are fully responsible for any mishap that might happen to your business. A lawyer can assist you to minimize risk or stay out of this situation altogether. Understanding your personal liability and minimizing any potential risk is enough reason to bring a lawyer on board.

Tax

Different business forms offer different tax upsides and downsides – the only critical thing for your business right now is a liability. A lawyer will help you establish all these.

Autonomy

It’s likely that you didn’t know this, but most states have adopted “Uniform Laws” that makes decisions for businesses that are silent on things like by-laws, charters and so on. As such, you may be subject to a spectrum of laws and regulations that you weren’t even aware of.

Contracts

You will need to execute contracts for services, space and suppliers. Before you enter into an agreement with your partners, employees and investors, you will need to ensure that you are comfortable with the terms and conditions. A lawyer is better placed to spot any “funny” clauses that might potentially implicate you. They will also recommend what you should include in the agreement before signing. Ideally, your business lawyer has your best interest at heart.

Permits, registrations and licensing

If your business needs to register with the state to be recognized or if it needs to obtain permits or licenses, then you need a lawyer. Keep in mind that these professionals have plenty of experience and connections, and will help to eliminate any guesswork from the process. Besides, it can be hard to juggle between running your business and handling permits, registration and licensing. So, why not have a pro help you out, so you can focus on your core competencies?

Variety of entities

While there are five primary business entities, some options within these entities decide things like double taxation and liability for partners’ actions.

 

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