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There are many times in life when you will need legal counsel, but one of those times should be when you decide to own your own business. Having a legal mind on your team is so important if you want your business to be a success. There is a lot of excitement and worry that comes with starting a business but more than anything, you want to know that everything you are doing for your business is legal and above board
You may already know that 1 in 5 businesses fail each year, and you could want your new business to succeed all you like, but if you aren’t paying attention to contracts and how you deal with suppliers there are going to be problems. You’d hire a defense attorney if you had an accident that was your fault and you were in trouble, because the lawyer will know more than you do. You can’t know all the ins and outs of legalities in business without the right legal mind and if you do, you are taking a massive risk. Below, we’ve got five fantastic reasons to have a lawyer as part of your business team.
- Money. If you want to get through your finances just fine in your business, you need someone to tell you where to put it. Sure, you have an accountant, but if you want to transfer money or hire people, you need a legal mind to confirm whether you are making the right decisions. Your legal counsel can also help you with raising capital and which tax breaks that you can take advantage of.
- Structure. Are you starting a partnership in your business or are you going it alone? Are you planning on creating an LLC or a corporation? These are important questions that you need to know the answers to because without them, you will find yourself struggling to define your business. The decisions that you make here will define your business and ensure that you are responsible for your assets and they are decision making. If your business is going to be global or operate in more than one state, you’ll need better advice there, too.
- Protection. A business attorney will work closely with you at all times to ensure liability protections. Your business attorney will also work with you so that you as the owner are shielded from any personal liabilities and other issues that could affect you as a person.
- Contracts. Are you a legal mind? The chances are that you’re not, and that means that you need advice and help with legal documents. You are going to have licenses, permits, contracts and even business set up forms to complete beforehand. You cannot function without knowing what side of the law you are on.
- Disputes. Are you going to be able to resolve disputes by yourself? From employee issues to disputes with contracts, there are many considerations to make when you are running your business, and your legal mind can help!