Becoming your own boss can be an exciting (and somewhat intimidating) venture. If you want to ensure that your small business is a success, it's essential that you set up your company properly from the beginning. Hiring an attorney who specializes in business law can be a great way to gain access to the information you need to make solid business decisions while setting up your small company.
Here are three areas where having the help of a skilled attorney can prove invaluable in the future.
1. Choosing a business structure.
When establishing your small business, there are some different options available that will turn your company into a recognized legal entity. The type of structure that you choose can impact how much paperwork you must complete, limitations that may be placed on your business activities, and the amount of tax money you must pay in the future.
To understand which type of business structure (corporation, sole proprietorship, or partnership) is best suited to meet your long-term needs, hire a business attorney to offer advice.
2. Leasing commercial retail space.
If you plan to set up a physical location where you can sell goods to the public, you will likely be looking for commercial retail space to lease on a temporary basis. Commercial real estate contracts can be difficult to navigate, and signing the wrong contract could put the financial health of your budding company in danger.
Working with an attorney who has experience in business law will give you access to someone who can explain real estate contracts to you in layman's terms. Being able to understand each clause within the contract and negotiate more favorable terms with the help of an attorney could save you money when it comes to leasing a commercial retail space in the future.
3. Drafting employment and vendor contracts.
To protect your interests as a new business owner, you should ensure that each employee you hire and vendor you work with signs a contract guaranteeing service. Drafting a legally binding contract can be cumbersome, so it's best to hire an attorney to handle these matters on your behalf.
Working with an experienced business lawyer to prepare employment and vendor contracts ensures that you will have legal standing to defend your company should the actions of an employee or vendor violate the agreement made between the two of you.
Hiring an attorney, like Kelly, William F., is an essential component in any successful small business plan. Work with an experienced business lawyer to set up your company, lease property, and prepare contracts in the future.
Share9 May 2016
