You don’t have to wait for the time you’re already facing a lawsuit before seeking legal advice from lawyers. Especially in starting a business, you need lawyers to guide you in various ways. You may have to spend on legal fees, but it’ll make your business stronger because you know you’re on the right track.
In starting your business, you need legal advice for the following aspects:
1. Business Structuring
Starting or growing a business requires you to choose the right legal structure. If you’re unsure about your options, legal advice from law firms such as Accuro Maxwell will help you determine the right one for your business. A lawyer will help you decide based on your financial situation, the number of business partners, and the type of business you’re dealing with.
The most common types of business entities are the following:
- Limited Liability Company (LLC): This type of structure allows you, shareholders, and partners to enjoy the flexibility and tax benefits of a partnership. Also, it limits your personal liabilities for the business’ debts. Most companies that use LLC include law and tax firms, accounting firms, among others.
- Corporation: This type of business structure is independent and separate from the company’s owners or shareholders. That’s why it’s considered the most complex type of structure. Typically, larger companies with multiple employees use this setup.
- Partnership: If you have business partners, then a partnership may be for you, especially if your partners are friends or family members. Typically, this business structure is for partners running an agency or restaurant.
- Sole Proprietorship: With this structure, you’re solely responsible for all your business’ debts and profits, making it the simplest form of business structure.
You need to consider several factors in choosing a business structure, and legal advice from established and reputable lawyers will be of great help. They will also help you process the documents required for your chosen business structure.
A startup also requires trademarking to protect and allow your business to be distinguishable among your competitors. This includes names, devices, symbols, or words that businesses use to make their products or services unique. With a trademark, you have the exclusive right to use a business logo or name, and others can’t use the same—this is so that the public won’t confuse your business with another.
When you’re ready to file for a trademark, lawyers can help you throughout the process. It includes searching thoroughly for existing marks and preparing all the requirements. If you’re on a trademark infringement case, your lawyer will also assist you and ensure your interests and rights are protected.
3. Commercial Lease Review
When you’re ready to build your physical store, shop, or office, you’ll need to sign a lease contract. Before signing one, you need to review the terms and conditions in the contract, which can be nerve-wracking. Thus, a lawyer’s expertise is useful in such cases.
A lawyer can easily understand the contract’s complicated terms and identify whether the conditions are advantageous or not on your part. Their expertise will also help you navigate the financial and legal aspects of a commercial lease.
Moreover, the terms and rate of the lease are negotiable. Your lawyer can notify you about these crucial areas of the lease, especially if the terms or rates are too much. Instead of paying costly rates for the lease, your lawyer can help you negotiate with the landlord. Through this, you can choose the best commercial property that’s beneficial for your business.
You should be careful when starting your business because the first steps are usually the most challenging and impactful to its success. That’s why seeking legal advice will help you start on solid ground. A lawyer’s expertise will help you decide what structure to use, when to trademark, and how to review your lease. All of these are necessary to make your business ready for long-term success.