As a new entrepreneur, funds are often limited, and it can be tempting to try a completely DIY approach to starting up. While there are resources online that promise quick legal solutions for start-ups, you can save yourself a lot of pain and suffering by consulting with a business attorney early in your company’s lifecycle.
Why? Here are just a few reasons:
How you register your business matters. Each type of business entity carries different advantages and risks. A business attorney can help you select the right one for your organization.
If you have co-founders, your business agreements need to be crystal clear. As highlighted by Forbes, “If you don’t contact an attorney early, you risk having a co-founder you’re no longer on good terms with holding a lot of equity in the company.”
If you have a product in development, you need intellectual property protection. Intellectual property disputes are more common than you might think. You need to know that your IP belongs to you and your company, and your attorney can help.
Employees. Employment law can be a complex web of federal requirements, statutes and local legislation. From employee classification to company policies and procedures, your attorney can help ensure that you are in compliance with all applicable laws and that you are reducing your liability risk in the process.
It is wise to be proactive rather than reactive. As Cliff Ennico wrote for Entrepreneur,
“Most small businesses put off hiring a lawyer until the sheriff is standing at the door serving them with a summons. Bad mistake. The time to hook up with a good business lawyer is before you are sued. Once you have been served with a summons and complaint, it’s too late–the problem has already occurred, and it’s just a question of how much you will have to pay (in court costs, attorneys’ fees, settlements and other expenses) to get the problem resolved.”
To learn more about how a skilled business attorney can help protect your emerging business and intellectual property, contact EmergeCounsel today.