A lawyer can help in many business scenarios, from helping with the incorporation process, drawing up contracts and, if necessary, representing you in litigation. It is always wise to err on the side of caution and have a lawyer review contracts and documents before your sign on the dotted line. Prevention is always better than cure.
Each business is unique, and an initial consultation with a lawyer can help you determine the complexity of your own needs and how to proceed. Here are 7 reasons to hire a lawyer:
1. Legal structure for your business: When entering into a partnership agreement or forming an LLC, it's wise to consult an attorney about the ramifications to your individual business. Forming a corporation with shareholders and a board is a complex process. There are the complex tax and legal requirements which often requires the services of a corporate attorney.
2. Filing and registering the paperwork to start a business: This includes applying for the right licenses and permits, registering your business for tax purposes, and applying for an Employer Identification Number (EIN).
3. Creating contracts and non-disclosure agreements (NDA).
4. Creating buy-sell agreements: If you are in a business partnership or an LLC with multiple owners, you’ll need a buy-sell agreement in place to protect you, in case a co-owner dies or wants to transfer ownership.
5. Filing a Patent: Patents are expensive and time consuming. It can take years to get one approved. That’s why so often see “patent pending” messaging in the marketplace. So unless you are in the pharmaceutical or biotech industries, consider whether patenting your product actually gives you a major market advantage. Consult a patent attorney to help you evaluate your product and understand what rights you will achieve.
6. Litigation: This can include dealing with lawsuits by current or former employees or customers, discrimination or harassment lawsuits, environmental lawsuits, government investigations for legal violations, etc.
7. Buying or Selling a Business: Lawyers can help with negotiating sales agreements, lease agreements, and more.
For a FREE Small Business consultation, call 855-768-8845.