So you have saved up some money, developed a business idea and you are planning to implement it. Congratulations on your first step towards becoming an entrepreneur! It may have been your childhood dream, or a recent revelation, but now you are finally geared up for it. But wait!
Have You Contacted a Lawyer Yet?
It is common to think we only need a lawyer when something goes wrong but this is a misconception. You don’t need a catastrophe to occur to have an attorney by your side. Most businesses get benefitted by having an attorney and below is the list of reasons, why every business needs a lawyer.
1.Developing A Legal Structure
Your business structure will determine what liabilities you may face and how your entity is taxed, and how your profits can be divided. Here is a brief overview of the various business structures.
- Sole Proprietorship– This is one of the simplest business structure where a person has complete control and face 100% liability.
- Partnership– This is a kind of business that is owned by two or more people. Partners share profits and losses both.
- Corporation– A private entity owned by shareholders and the corporate structure also helps in creating a barrier for your personal assets in case you get sued.
- S-Corporation– This is similar to corporation, but it gets taxed very differently. Corporations face double taxation because their shareholders and the company itself are two separate entities.
Based on your needs, John Palmer Solicitor can help you guide in the right direction.
2. Trademark and Intellectual Property
You could have a great product or service but might face challenges when it comes to selecting the name. Did you know that Pepsi was first released as “Brad’s Drink”? A wrong name can lead to desist notice for unknowingly using someone else’s name or trademark.
You must conduct proper research to avoid infringement and to scout any kind of potential issues. Once your brand is established, a lawyer from Akin Palmer will help you protect your business name.
Contracts play a vital role in businesses, regardless of size. You will need them to handle employees, sales and leases. You can handle bill of sale, warranty, employment agreement, employment non-complete agreement, commercial property lease agreement and much more via contracts.
A good lawyer can always help you develop contracts to steer you away from any potential legal problems. They can also lobby for your best interests in the contracts you enter into with other parties.
4. Exit Strategy and Avoid Disputes
People take help of attorneys to draft a will so that when the day comes, any disputes involving the succession of their assets can be easily avoided. A lawyer can help develop a smart exit strategy for your business as you grow, ensuring it will continue or dissolve in the way you want.
We often hear the stories of conflicts in partnerships and this has in fact become quite common nowadays. If there is anything lawyers are best known for, then it is settling disputes.
At Akin Palmer, we operate innovative legal solutions to our business clients in order to safeguard their business interest.