Several professionals come in handy when starting a new business. A marketer will get your name out there, an accountant will ensure your finances are in order, and a web developer will build your website. While these professionals are crucial to your company's operations, without a corporate lawyer, your operations could stall. You need them to handle critical aspects of your business and assist you in making the best decisions to protect your company now and in the future. Here are more reasons to hire them:
Selecting a Structure
There are several business structures, and the type you choose will impact your operations. For example, if you select a sole proprietorship, you'll be liable for all debts and obligations of the company. On the other hand, if you form a corporation or LLC, your assets will be protected if your business is sued. A corporate lawyer will tell you which structure makes the most sense for your company and help you set it up accordingly. Before making a recommendation, they'll analyze your business's goals, risks, and financial situation.
Negotiating Investment Contracts
You'll have to deal with several legalities if you're seeking an investor. A lawyer can help you navigate these waters and protect you from any issues that could crop up along the way. They'll also review and negotiate any contracts related to funding and assist you with issuing stock, which can be complex. Additionally, if you're taking out a loan to finance your business, they'll review the contract to ensure you do not agree to anything unfair or one-sided.
Protecting Intellectual Property
If you have any unique products, processes, or ideas, you should ensure they're protected from fraud or being used without your permission. A lawyer can help you obtain patents, trademarks, and other forms of intellectual property protection. They'll also tell you when to take legal action if you believe your IP has been infringed upon.
Handling Employee Contracts
If you have employees, you need to create contracts outlining their roles, responsibilities, and rights. A lawyer can help you draft these agreements and ensure they're legally binding. They'll also assist with any disputes that may arise.
There are numerous reasons to have a corporate lawyer on your side when starting a new business. These professionals can handle a wide range of legal matters and help you make sound decisions that will benefit your company in the short and long term. So, if you're serious about making your company successful, don't overlook the importance of working with them.