5 Reasons to Hire a Business Attorney for Your Startup
Starting a business is a bold and difficult move. Only around half of all startup businesses make it beyond their fifth year, and it requires a great amount of skill and know-how to keep your business successful throughout the years.
One of the most important things you can do for your company is to hire a business attorney. Savvy businesspeople know when they need help and they know where to get it.
If you’re not convinced of the need to hire a business lawyer, then this article will outline some of the great advantages of doing so.
1. Someone to Bounce Ideas Off
Table of Contents
Before you’ve even chosen a name, found an office, and got to work with your business, you need to conceive it. This is known as the ideas stage.
Hiring an attorney early on in the life of your startup business gives you somebody to bounce your ideas off. They’ll be able to advise on what they think will work, and what they think will not.
This help can be invaluable.
2. Knowledge of Protocols
Depending on what it is your company does, you’ll most likely have some laws and protocols that you’ll have to conform to.
Sorting through all this red tape and figuring out what laws you have to comply with and what permits you need to possess can be a real struggle.
3. Help Choosing a Legal Structure
There are several different types of legal structure for business. Choosing the correct one for your company will be very important.
Your attorney will be able to explain the benefits and drawbacks of each type of legal structure and help you arrive at the correct decision. There are a few different structures to choose from, so take your time and make sure you get the right one.
4. Help with Tax
Tax can leave you scratching your head. And while an attorney is not the same thing as an accountant, they can help you understand the various tax laws and tax implications that will be associated with your business.
There are a huge amount of federal and state-level laws that describe how companies should handle, calculate, and pay their tax. Failing to adhere to these laws can land you in a lot of trouble.
5. Greater Asset Protection
Finally, having a legal mind on board with your startup will help you to better protect your assets. Most businesses that fail often do so because of the debts that they accrue.
If you have an attorney helping you to protect your assets you are at a much lower level of risk for this type of failure.
Hiring a Business Attorney Makes Sense
A business attorney can help you come up with a great business idea, help you keep your money, make sure you’re paying the right taxes, and help tp structure your business. Their knowledge and experience is invaluable, especially if your startup is your first business venture.
If you enjoyed this article, make sure to read some more of our great informational content today.
Last Updated on January 31, 2023