Are you going to start the business that you have always wanted to do? I know it is really exciting that you can hardly keep a thought in your head. Your mind is flooding with plans after plan. All you want is to hit the ground and make it happen.
When we humans become so excited and motivated about something that we often miss the details or minimize its importance. And one of the details is hiring a business attorney for your startup.
Top 7 Reasons Why Your Start-Up Needs A Business Attorney
There are several reasons that will tell you that you will definitely need a business lawyer. Here are the top 7 reasons that you can not ignore once you find them out.
Decisions During the Idea Stage
You need to make several decisions even before you are opening your doors for business. And all these decisions will affect the daily operations of your business.
- What will your company be called?
- Is the name available that you have decided in your mind?
- What can be your marketing tagline?
- Will you be able to use it without encountering any issues?
- Where is your business going to be located?
- Are there any zoning issues that you should know?
These are some of the questions that you need to find answers to. A business attorney will help you to make these decisions easily.
Protocols And Legal Requirements
There is another early decision that you need to make is the specific type of business entity that you are going to operate. There are several reasons behind the necessity of this decision.
And one of them is, in order to run your business, you need to obtain a certain business certification. You also need to collect approval from the local municipality where your business is going to be held. You may also issue a public notice about the business that you are going to start.
And this can involve publishing this notice in the newspaper for four weeks. The most important thing is everything should be in a proper manner otherwise you need to face some serious consequences. And for this having a business attorney will always work in your favor.
There is a popular statement that says except death and taxes; nothing can be certain. You can not deny the truth that your business is going to be taxed in one way or the other.
In order to avoid unnecessary double taxes, it is important to make sure that you are in compliance with federal tax, state tax, and local tax codes. And a business attorney will help you in this case.
Before you start your business, all the tax-related questions have to be answered. This will also help you to set what you can expect regarding this. And a tax accountant is going to answer your specific tax question from here.
When you are starting a business, you definitely need to open a bank account or perhaps multiple bank accounts. There also can be a requirement of applying for credit. That can be in the form of credit cards or lines of credit, of course, if attainable.
For a bunch of serious reasons, it is always advised to keep your business finances totally separate from personal finances. It will be easier for you to organize both parts of your finances in terms of taxes and other instances.
Here, a business attorney will be able to guide you in choosing the right type of bank account or types of bank accounts. So, you do not need to create a mess when you start your core mission.
Most people understand that small businesses are driving the economy of the United States of America. Statistics say that in 2016, firms that have less than 20 workers or employees made up around 90% of the 5.6 million employer firms in the U.S.
So, we can address more than 5 million businesses across the entire United States as “small.” When you are starting a business, it is obvious that you will need employees or any independent contractors.
Both these types of relationships need documentation and planning. It will be best to involve the advice of a business attorney in each case. This will result in an operation that is both compliant and relevant with specific laws.
There are a lot of startup owners who always remember the very first signing of their business contact with a client or customer fondly. It does not need to say that it is an incredibly important step to take in order to achieve success for your business.
In order to keep this memory fondly, you will need a business attorney. Those who have little experience always drank their contract with a business attorney.
Before you are signing any contract, it is really important to go through every terms and condition and also analyze them minutely. Everything is important.
It is really common for any business to encounter some disputes. It is also common for a startup to have issues while dealing with a vendor or some more established, larger entity.
In this case, as the owner of a start-up business, you should have a business attorney who is ready to fight for you in case such a situation develops. An attorney who will never think twice to advocate for clients with a lot of energy and enthusiasm can really level up the field of play.
It will also help to resolve the issue easily. Sometimes only mentioning the fact that you have a business attorney will help you to avoid such problems.
So, now you know the top reasons why a business attorney is needed for your start-up business. Apart from these reasons that I have mentioned earlier, a business attorney can also help you with intellectual property questions, debt management, and many more things. So, you see, it is unnegotiable if you want to operate your business smoothly.