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
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
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
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
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
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
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.
Do You Need An Attorney?
If so, post a short summary of your legal needs to our site and let attorneys submit applications to fulfill those needs. No time wasted, no hassle, no confusion, no cost.