If you own your own business or want to start your own company, do you really need to hire a lawyer? No. And yes. It depends on your situation!
There are so many things to take into consideration when deciding whether or not you need a business lawyer. Here are a few questions to ask yourself:
What type of business structure do you want to establish? For example, do you want to create a Limited Liability Company (LLC), corporation, partnership or sole proprietorship? Do you know how these entities differ? Do you know the steps to take when creating these structures? If not, a business planning lawyer can help you make the best decision for your company’s future.
Do you have the time and knowledge to handle initial tasks in setting up a business? For example, have you chosen a business name that is available? Do you have a valid and comprehensive business plan? Who in your organization can signs contracts, so that they are legally-binding? If not, you may want to earmark some of your funds to hire a lawyer.
Will your business have inventory? Will you need to contract with vendors for supplies? Do you know how to write legally-binding contracts to protect yourself?
Are you prepared to handle a lawsuit? Any business can be sued for any number of reasons. Employment lawsuits, breach of contracts, slip and fall accidents, worker’s compensation claims, intellectual property rights – these are just a small sampling of the situations that business owners can find themselves entangled in. If you proactively hire a business lawyer to help you safeguard your business from these situations, , you may be able to come out of these situations in better shape than if you have to hire a lawyer hastily after one of these situation occurs.
Starting and running your own business is very rewarding but it is also a lot of work and it can be costly as well. It is all too easy to want to save money by doing much of the set-up work yourself – and that is perfectly fine if you have the time to do so and the knowledge to do it right. However, if you are unsure about the right steps to take…if your resources are stretched to the max…if you want to take proactive steps to protect your business from potential lawsuits…hiring a lawyer might be the best business decision you ever make.
The Denver business planning lawyers at Brown & Crona, LLC can help. Contact us at (303) 339-3750 or send us a message online to meet with our experts.