Posted on: 25 June 2017Share
When it comes to starting your own business, one of the worst things you can do is go it alone. Even if it seems like the steps you need to take are simple and problem-free, there are still serious pitfalls to opening your own business. One small mistake could end up costing you dearly. Maybe not right away, but eventually. To avoid those pitfalls, you need a business lawyer in your corner. Not sure you need legal representation for your start-up business? Here are three reasons why you do.
Find Contract Flaws
Now that you're going to be starting your own business, you may be faced with an array of contracts. You'll need to sign contracts for just about everything, including commercial space, and equipment leases. You may even need to enter into contracts with employees and service providers. If you're not careful with your contracts, you could enter into agreements that are detrimental to the well-being of your company. Before you sign contracts for your new business, make sure you have a lawyer look them over for you. They'll be able to find the flaws that could cost you dearly.
Identify the Proper Permits
Before you can legally begin doing business, there are licenses and permits that you'll need to obtain. These licenses and permits vary according to the state you'll be conducting business out of. You may also be required to obtain permits and licenses for the specific cities and counties you'll be operating out of. If you don't have the proper licenses, you may face steep fines and penalties. It's important to note that you'll need additional licenses and permits if you plan on operating in multiple states. Unfortunately, it can be difficult to identify your specific requirements. That's where a business lawyer comes in to play. Your attorney will be able to ensure that you have the proper licenses and permits to legally conduct business.
Minimize Your Liability
If you're going in to business for yourself, a lawyer can help minimize the liability you'll face on a personal level. You might not realize this, but if you don't have the proper protection, you could be held personally liable for issues that arise in your business. That means that your families financial stability could be destroyed if you're not insulated against business losses. Your business lawyer will ensure that your personal finances are separated from your business finances.
Now that you're going into business for yourself, you need to make sure that everything is done properly. For questions and concerns, be sure to consult with a business law attorney near you.