It takes more than just knowledge on how to create unique ideas and lead in order to build a business. An entrepreneur needs to know the legalities of running one, too.
Every business needs to have a lawyer. This is a fact every entrepreneur should know by now. However, a lot of them, especially those who own start-ups, tend to skip the part of asking advice from a professional. Why? Consulting a lawyer is highly expensive.
If you’re one of those who put off consultation or hiring a legal partner, then you might have missed these reasons that clearly tells you should do so.
1. Hiring a lawyer is a good preventive method.
Why wait for the police to come and investigate before you hire a lawyer? Hiring one beforehand can help you assess your company’s business transactions and see whether all of them are in line with the law. This will save you a lot of money as you no longer have to pay for court costs, settlements, and other expenses.
2. Lawyers can help make standard contracts.
Contracts, if not made well, can cause disagreements. You need a lawyer to make or review one before you and your business partner sign them.
No matter how confident you are in making a contract, you can’t be as concise as a lawyer. Lawyers can quickly prepare contracts, whether they’re for your clients, partners, suppliers, employees, etc. They can also help you respond to them appropriately.
3. They can verify taxes and licenses.
You might have an accountant to take care of the amount of money you pay for tax and a personnel to process your business licenses. However, a lawyer knows best on how you can properly register your business for state tax identification numbers. Only he can make you fully understand the consequences you’ll face if ever you don’t fulfill your duty of paying tax, especially for small business transactions.
4. They can assist you in filing for intellectual property.
If you are running a creative-type of business, like furniture design or publishing, then you need a lawyer to help register your products and get federal copyright and trademark protection. In choosing a lawyer to do this job, you should check if he has a background on “intellectual property” legal work. If not, he should at least have contact with someone who does. Only a specialist can perform this task.
5. They can help make decisions about your business organizations.
If you want to know whether you should build a Limited Liability Company (LLC) or a corporation, then you might want to discuss the matter with a lawyer. A professional knows how you can organize your business most appropriately and prepares the essential paperwork to get you started.
If you need more information about this, you can ask an attorney in Cambridge.
The Bottom Line
A business owner should not have second thoughts about hiring a lawyer. The advantages of doing so are limitless. Since it’s impossible for you to master all the written laws in relation to running a business, having a legal partner can help you a lot. You can focus on growing your brand, and he can focus on keeping transactions clean and secure.