3 Reasons A New Entreprenuer Needs A Business Lawyer

When trying to start a new business, most entrepreneurs are concerned only with getting everything up and running. They typically don't give much thought to their legal needs, however. Here are three reasons every budding tycoon should have a business lawyer.

A Business Lawyer Can Set Up Your Business Organization

Many new business owners make the mistake of going into business as a sole proprietorship. This is the simplest business organization to set up, but it is also the most dangerous. A sole proprietorship is owned by only one person, and that one person is 100 percent personally liable for anything that goes wrong. Their personal assets are not protected or separated from the business. This means the business creditors can come after the owner's personal finances.

With a business lawyer, you can decide on a business organization entity that doesn't include unlimited liability. Whether it is a partnership, cooperative, limited liability company, or corporation, an attorney will advise you and create the best legal entity for your specific situation.

A Business Lawyer Can Make Sure You Are In Compliance

The internet has changed the way people do business. Even small businesses are no longer confined to just their local customer base. The internet has made not only interstate business possible, but complete global commerce.

The problem is, as soon as you begin operating outside of your physical location, there are new state, federal, and even international rules, regulations, and laws that you must follow. It is extremely difficult for the average person to be aware of all these different rules, and not abiding by them can get you in trouble. Ignorance of the law isn't a valid excuse, either.

If you want to expand your business, operate overseas, sell across state or international lines, or anything else that involves expansion, it is imperative you have a business lawyer ensure you are in compliance.

A Business Lawyer Can Keep You On The Right Side Of The Law With Your Employees

Many new business owners have no idea the potential problems dealing with employees can bring. Everything from discrimination to harassment to injuries on the job to termination issues and more will present itself to the business owner. Even your employment application must follow specific rules to not violate the law.

As many small businesses don't have a separate human resources department, with a team of professionals who are educated in these matters, the entrepreneur must have a business attorney to oversee these things for them. The business owner who tries to cut costs here often ends up paying more down the line when he is trying to defend himself in a lawsuit. Be smart and get a business attorney before you open your doors.

Share