Many people question whether or not they need to hire a lawyer before starting a business, and the truth is that there are many initial steps that can be completed on your own.
However, once things start getting a little more complex, it’s often wise to have a lawyer as your guide as you navigate complicated agreements, hiring your staff, and associated legal matters. As legal experts, your lawyers not only make sure that you remain compliant with current laws and regulations, but they also assist with a variety of other needs, including business structure, incorporation, and gathering capital, among others. Consulting with a lawyer not only helps you avoid mistakes and unintended consequences, but it may help you save money in the long-term, as well.
In general, lawyers help you deal with and communicate with a few different groups so that you can control risks and confidently do business.
Dealing with Government
As a business, you want to be able to focus on perfecting your product or service, reaching potential customers, and growing business, which is potentially more difficult when you are dealing with a variety of legal matters. If you aren’t familiar with the laws, you may inadvertently break one, but working with a lawyer ensures that you don’t.
When you work with a lawyer for starting a business, you can avoid violating laws and ensure that you are able to work with the government without creating unnecessary complications. In the process, they can also make sure that you are conducting business without creating unnecessary tax liabilities.
Working with the Public and Third Parties
As a business, you will always be interacting with your customers, as well as your suppliers, employees, and the general public. The more interactive you are, the more complicated things can get, but a lawyer would make sure that you are avoiding risk as much as possible. This is especially important when your relationship with an individual or organisation involves contracts or other legal documents.
Cooperating with Partners
Forming a business with somebody you are close with can create unique challenges that other types of business might not experience. It’s rare to go into business with somebody and not run into complications and disagreements sometime in the future, but getting a lawyer involved early on can help you establish the rights and expectations of each of the founders so that there is less confusion down the road.
Specific Areas Where Lawyers Are Useful
Mishandling money and contracts could result in major consequences in the future, so if you are unfamiliar with these things, it can be extremely useful to work with a lawyer. Specifically, lawyers often help businesses with all of the following:
- Developing a business structure
- Hiring employees
- Negotiating contractors
- Establishing terms of service
- Raising capital
By working with a lawyer, you are not only making sure that you do things correctly, but you are also making sure that you do things in a way that support your goals as a business.