Why you need a business attorney for your startup
Mar 23, 2021 08:11 PM EDT
An idea has been birthed, and you've all the plans ready to begging your business. That's a great idea, and, with a good strategy, you'll achieve your desired goals. You must have done some excellent research on the business line you want to pursue, and the several business models you've gone through will serve you perfectly. However, many business people don't consider the business's legal aspect, and most of these end up in serious litigation issues and sometimes close down or incur severe costs.
Continue reading and find out reasons why you need a business startup attorney.
Helps in the initial decision making
Right before you make any significant decisions affecting your business's daily operations, a lawyer's input is paramount. What will be the name of your business? You've the name, right- but is it available? Have you come up with a marketing tagline? Where is your business location, and how about the zoning issues-are you conversant with them? These and many more are decisions you must make before you begin your business. You'll need a legal professional to walk you through and ensure you've got the necessary legal documents and the licenses required to operate.
Protocols and legal issues
You see, your business is going to operate under a specific entity. It is a requirement by the state you're operating in, and you'll also need to get licenses from the local municipality. You'll also need to provide public notice that you've an intention of starting the business entity. Sometimes, it may require you make it public that intention in the local dailies for some weeks before you begin. You can't do that on your own; you'll need Bay Area Legal Services expert. If you miss out on some of these requirements, you may face legal implications that are not healthy for your business that has not even started to crawl.
As you begin that business, you need a bank account that will help in managing your finances. Don't mix business money with personal. Thus you need to have several accounts for different purposes. Again, when you're a bank account, it would be easy to do your tax returns. You will also need to get some credit in the form of loans and credit cards. Such banking matters are better known and handled by a legal expert who understands banking and business operations. The lawyer will tell you the best accounts to open for your startup.
Most startups struggle with issues of tax. That fact is that in one way or another, your startup will be taxed. The business attorney will help you get compliant with local, state, and federal tax codes. That enables you to avoid issues of double taxation, which many startups are faced with. You need to understand everything about tax before you start your business. That will make you aware of all that needs to be done and consider when hiring a tax accountant.
Your business startup attorney will also advise you on the types of insurances you need. You're responsible for the products and services you sell to the public. You, therefore, have to make sure you're protected from liability in case something is wrong. A legal expert will help you determine the insurance policies you need, and they will represent you in case you've a matter in court.
Having a business startup attorney is one of the things you must consider before you begin your business. Get a reputable professional with experience and a good track record.