How hiring an attorney can benefit an entrepreneur
Starting a new small business can be an extremely difficult task. There are likely hundreds of things to be done on a daily basis and not enough hours in the day to do them. An entrepreneur’s main focus is going to be getting the business running and bringing in money as soon as possible. However, there are many legal considerations that should be taken into account when starting a new small business. An entrepreneur may not have much money to afford an attorney right away, but it is worth it to find the money. Money spent on an attorney at the beginning of your business can save you ten times that amount in future liabilities and costs. Below is a list of some of the services an attorney can provide to a new small business owner that can be very valuable in the long run.
Incorporation and registration
Every new small business will want to consult an attorney and find out what legal form of business incorporation will most benefit their business. The right selection can protect a company from legal liability and ensure that it takes full advantage of the tax laws. An attorney will advise you on the right road to take and can also file the appropriate paperwork for the entrepreneur.
Depending on the type of business the entrepreneur may need to acquire licensing in order to do business. The application process for licensing can be complex. An attorney can complete the process for you.
Almost all new businesses will need some type of contract, Whether it provides the terms of the services they provide, the contracts between the companies they buy from, or contracts governing their employment relationships. It pays to have an attorney who can carefully craft these documents to reflect the needs of your particular business.
Accounting, banking and insurance
Although an attorney usually will not provide these types of services they can most likely point you in the direction of other professionals who do. They can probably point you to ones who would work especially well with your particular business type and, in fact, some law firms do provide these services.
Attorneys are an entrepreneur’s best friends
Having an attorney to help you incorporate, draft contracts, obtain licensing and find other service professionals can be invaluable. You may not see immediate returns from these things, but the money they save you in the long run can be enormous. If you are a new entrepreneur, a good attorney can be your best friend.