Posted on: 20 July 2020Share
There may be nothing more satisfying than starting your own business. That doesn't mean the process isn't stressful. The mistakes you make during the formation of your company, could come back and haunt you later. That's why it's important to get the right guidance throughout the process. One way to get the right guidance is by working with a corporate attorney. You might not think your business venture requires representation by a corporate lawyer. But, that's not the case.
Corporate legal guidance isn't reserved for big businesses; it's also beneficial for smaller business ventures. Here are three reasons you need to hire a corporate lawyer for your small business startup.
Help You Choose the Right Business Structure
You're going to start your own business. You might think you can obtain a business license, and start operations. That's not necessarily the case. There are other steps you need to take. The biggest step you need to take is choosing the right business structure. Choosing the wrong structure can lead to problems for your small business. If you maintain sole proprietorship status, any lawsuits pass directly onto you. Unfortunately, that means your personal finances may suffer if your business fails. That's why you need to talk to a corporate lawyer. You may be better served by registering as a corporation, or limited liability company.
Help You Avoid Problems With Business Name
You've decided to open your own business, which means you need to decide on a name. Choosing a name for a small business is a big deal. If you want to avoid problems down the road, you need to put a lot of thought into the name you choose. But, you also need to consider possible legal ramifications for the name you choose. For instance, if you choose a name that is already in use, or that closely resembles a name that's already in use, you could end up with a lawsuit. Luckily, a corporate lawyer can help you avoid that type of risk. They can conduct searches to make sure the name you choose is available for use.
Help You Reduce Your Risks as Owner/Employer
If you're going to open a small business, you need to consider your expanded role. You know you'll be a business owner. But, if you'll have people working for you, you'll also take on the role of an employer. The role of an employer comes with responsibilities you might not have thought about. If you're not prepared for that role, you put yourself at risk. Before you start your business venture, sit down with a lawyer. They can help to clarify your role and responsibilities as an owner/employer.