5 Reasons Why an Attorney is Essential When Starting a Business

Starting a business is a massive undertaking that requires skill, knowledge, and a lot of hard work. If you’re about to take the plunge, hiring an attorney will help you establish your legal framework, create safeguards, and streamline your partnership agreements.

Your entrepreneurial spirit may tempt you to do it solo (after all, you’re an entrepreneur for a reason), but trust us—hiring an attorney will more than pay off in the long run.

Don’t believe us?

Take a look at the top five reasons you need an attorney.

#1 There’s a lot of Legal Paperwork Involved

Starting a business requires a ton of administrative work. This isn’t just filling out a few forms. Registering your business entity and ensuring you’re operating legally is the foundation you create for your company to build upon.

Although it might be possible to do it yourself, hiring a lawyer will help ensure it’s done correctly. Additionally, a lawyer can open up your bandwidth so you can focus on what matters most: running the business.

#2 Investing in Commercial Real Estate is a High-Stakes Endeavour 

If your business needs to lease an office or workspace, hiring a real estate lawyer will increase your chances of landing an optimal deal. Commercial leasing is a bit more involved than residential leasing, so even if you feel like an apartment renting pro, you could still benefit from a real estate lawyer.

Hiring a real estate lawyer can help you:

- Negotiate an advantageous lease
- Obtain benefits like TI (tenant improvement)
- Negotiate free rent
- Help with lease modifications such as a tenant’s addendum

#3 Hiring the Right Employees is Harder than You Think

Finding the right people to work for you is arguably the most important part of running a successful business. Even if you think you’ve found your dream candidate, you might run into legal issues that necessitate a lawyer, especially when it comes to complicated dynamics (immigration, criminal backgrounds, previous employment, etc.)

You don’t want to risk making an error when it comes to an employee’s immigration status, so this is a time where you definitely shouldn’t take a do-it-yourself approach. Thankfully, you can find a top-notch immigration attorney Chicago, NYC, and Los Angeles business owners use to handle this process.

If you’re not in a big city, don’t worry, immigration lawyers work across the country.

#4 You Can’t Predict the Future, But You Can Protect Yourself from It

Starting a business requires taking a leap of faith.

You never know what’s in store down the line, and you can’t predict the legal issues you may encounter in the future. One thing you can do, however, is put legal safeguards in place before issues arise.

This will help minor snags from turning into major disasters.

An attorney can raise legal protections against situations such as:

- Partnership Disputes – Deciding to go in on a business with someone requires an extremely high level of trust (and thought). However, even the strongest of business partnerships can fall apart over time. We hope this doesn’t happen to you, but if it does, having legal protections in place can make the split amicable and just.

- Copyright Issues – If you need to obtain a patent to safeguard your company’s assets, a lawyer can make the process easier. Not only will hiring a professional save you from the bureaucratic nightmare, but it will also ensure you don’t run into any problems with rights or licensing in the future.

- Getting Sued – Again, we hope this doesn’t happen to you, but if at any point your company is sued, having legal protection built in can help mitigate the damage. Operating a business requires a lot of moving parts. Every customer, vendor, supplier, and employee you interact with is a chance for something to go wrong. For that reason, it’s important to hope for the best but plan for the worst.

#5 Taxes Can Make or Break You

You know how complicated and frustrating doing your personal taxes can be. Doing taxes for a business can be infinitely more complicated. Getting into trouble with the IRS, spiraling into tax debt, and having to untangle your business from a messy financial situation is the last position you want to be in.

Instead, consult your lawyer to ensure your operations, tax deductibles, and expense tracking are in sync from the get-go.

You’re on Your Way to Success

Now that we’ve gone over the nitty-gritty, we want to say congratulations! Starting a business is a huge accomplishment, and not everyone has it in them to take the initiative. It’s time to start looking for an attorney and ensuring your business is protected from all angles.

It might not seem essential to you now. But if a problem arises and the legal framework is, well, nonexistent, you’ll find yourself in trouble. This is where lawyers shine; they mitigate the consequences of a mishap or disagreement.

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Posted - 08/27/2020