Top 3 Legal Services Entrepreneurs Need the Most
It is important for you to have a basic understanding of the law as a small business owner. While some entrepreneurs are familiar with the business legal environment, many fail to address possible legal implications that come with starting a company. It is actually true that some small businesses don’t necessarily require certain legal services. On the contrary, many would fail without them.
While many new startup owners tend to do everything themselves, legal matters are never a DIY unless you are a law expert. Unfortunately, hiring a wrong attorney would still expose your company to legal complications. You will feel lost and uninformed as the business grows. In fact, your firm may end spending all the profits on legal compliance. You definitely do not want this kind of experience. Getting the right expert is cost-friendly in the long run.
Regardless of the industry served by your new company, there are a number of legal services you will most likely need. Below are some legal services which many entrepreneurs need the most:
Many entrepreneurs aren’t aware of which business structure would fit their venture. Some good legal advice at this stage may be all you need to save your company from being part of the statistics of startups that fail within the first few years of opening. Every small business begins with an idea. Suddenly, you find a small group of friends working together in the name of a company. Such a route could be suicidal. You will be held responsible for every act or omission by the business.
Having a limited liability business structure is essential for new businesses. However, you will need sound legal advice to choose between an LLC, C Corporation, and an S Corporation. In order to keep your entrepreneurial spirit burning, settle on the right form of business.
As the owner of a small business, you should consider protecting your trademark, patent, and copyright. This will, in turn, protect your consumers from buying falsely labeled goods which may tarnish your company’s reputation. Also, with thousands of startups registered every year, you might choose a brand name only to realize later that another firm is registered under the same name. This must be sounding horrible.
A trademark attorney will be your perfect partner at this stage. He/she will be able to examine existing trademarks and copyrighted brand names. This is the only way to ensure that your company’s name and branding are free and clear before applying for protection. Unfortunately, you might end up paying dearly for using another company’s logo, website photos, and brand name.
Unless you are an expert, you will need legal services to ensure that your company has airtight agreements with all its partners, including investors, suppliers, and employees. Ideally, you should involve a startup lawyer while dealing with contracts. This will help you to avoid a possible breach and put you on the safer side in case the other party decides the break the agreement. A legal expert should also help your firm in developing an employee handbook.
Other areas that you would most likely need a lawyer are when dealing with vicarious liability, scaling, and when your firm has been sued. Bottom line, legal advice for your business is unavoidable. Furthermore, it has to be an ongoing process because business legal environment becomes more complex as the venture grows.
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