Many believe that they can start their own business without accessing the help of a lawyer. However, it’s important to know that by working with a legal professional, you can not only set your business up for success but also avoid problems from arising down the road. Having a lawyer that you can trust can be incredibly helpful, especially in the event you find yourself facing legal challenges down the road. Here are a few reasons you may consider contacting a lawyer for help when forming your business:
Ensure Proper Formation of Your Business
The type of business formation you choose for your small business can play a critical role in how your company operates. Chances are, you will have some idea of the type of business that will be right for you. However, by working with a lawyer, they can help you make a decision that works to your advantage. Types of businesses you may form include:
- Sole Proprietorship
- Limited Liability Company
- Partnership
- Corporation
The type of formation you choose will dictate the taxes you pay, your liability, and so much more. Working with a business lawyer can help to not only provide you with guidance but also peace of mind in knowing that you are making the right decision for your new business.
Develop Contracts
Many small business owners develop agreements with the simple shake of a hand. Unfortunately, these may not always provide you with the protection that you need should the other party not uphold their end of the agreement. Because of this, working with a business lawyer to develop business agreements may be a good idea. Your lawyer can help ensure that contracts are detailed, legally binding, and provide you with protection in the event there is a problem later on.
Manage Employment Issues
Should you be a small business with employees, you will want to be sure that you have some understanding of employment law and how best to manage your employees. This can go a long way in mitigating problems later on. Without knowledge of employment issues, you may find yourself dealing with complaints from the EEOC and expensive legal situations. Not correctly managing such situations can be the downfall of your business, which is why you will want to speak with a lawyer to help in navigating employment issues.
The prospect of starting your own business can be overwhelming, full of unknowns. As a small business owner, you will have a significant investment that you will undoubtedly want to make every effort to protect—because of this, speaking with an experienced business lawyer can play a vital role in helping in the formation of your small business. While you may be apprehensive about taking on the expense of a legal professional, in the long run, their services will be well worth it. Contact a business litigation attorney in Maryland today for the guidance and support you deserve when starting your own small business.
Thanks to Brown Kiely, LLP for their insight into business law and how a lawyer can help start form your business.
