Why Hiring a Business Lawyer Is Crucial for Your Success (And When to Do It)
When it comes to hiring a business lawyer, you may just think you need one if your company runs into legal trouble.
However, you should actually hire a lawyer much earlier than that. You should have a lawyer on your side right from the planning stages of your operation, even before you start selling a product or service.
Here are some reasons you should hire a lawyer that specializes in business law right from the start…
Registering Your Business
If you are a sole proprietorship, meaning you’re going to run the business on your own, then there are some considerations for hiring a lawyer. While this is usually the least complicated business model, you may still want a lawyer to sort out leasing agreements for example.
There are a number of legal documents to sign in this scenario, especially when incorporating. You want to ensure everything is done right from the start, rather than putting out fires down the road.
When you’re starting small, you may want to consider getting some investors on board early to give you a boost. One reason to hire a lawyer is to help secure agreements with investors to protect you down the road.
Another benefit is that some business attorneys may already have an established network of investors to tap into. That can save you some time finding suitable ones that are reliable.
Trademarking Your Name and Logo
The name you choose for your business and the logo are important elements unique to your business, and they should be protected. However, unless you’re an expert in trademark law, you will want to find a business attorney that has experience in this field.
A lawyer will help make sure your trademarks are properly registered with the United States Patent and Trademark Office. They can also help you sort out what exactly you want to apply the trademark to when it comes to products and services. In other words, a good lawyer can help protect your intellectual property.
You might also want a lawyer to help you to create non-disclosure agreements with employees to prevent them from sharing your business practices.
Assisting in Employee Procedures
If your business has a staff (or will have one), then you’ll want to have a lawyer on board early to help with hiring employees. That also applies if you’re letting one go, and want the least hassle.
You also might need help with things like securing an employer identification number with the IRS. You may also consider a non-compete clause, which ensures an employee won’t leave and start a competing business in the area.
It Pays To Hire a Business Lawyer
You may be trying to save some money when you first start out, and that’s understandable. However, by not having a business lawyer in place that can help you run smoothly, then it could end up costing you more in the future.
There are many things you possibly haven’t considered when starting a business, such as what happens to your business in the case of a divorce, or how to handle a lawsuit. Having an expert on your side from the start will help you navigate bumps in the road a lot more easily.