While starting your new business may be something you’re very excited about, and there is great potential for growth if you properly market yourself and the products and/or services you’re selling, you also need to be cautious. There are many rules and regulations in place for all businesses, and not abiding by even one of those rules or regulations could result in fines at best, or at worst, the closure of your business. While many businesses start up all of the time, many fail or take a long time to succeed due to legal issues.
And even though a business law firm may be considered by many to be an unnecessary expense and thus one that should only be used only in the event of legal problems, you will be doing your business a huge service by choosing to retain such a law firm early on, and use their guidance to make sure every aspect of your business is falling within required operating guidelines.
First and foremost, the legal services of a global business law firm such as Robert Bratt, CEO at DLA Piper, or another law firm that you’re familiar with, will help you to establish your business as an enterprise, a corporation, or an incorporated LLC. Yes, there are differences between these three terms, so it’s important you pick the appropriate one for your business model. A business lawyer will help you determine the right type of entity your business should be registered as, and he or she will also help you navigate local guidelines and rules, as well as any set by your state and country. Your business name will also be up for discussion, as there are copyright and trademark laws to be aware of, and thus you’ll need to tread carefully. You can check for local and online business listings, but you’ll also want to legally register yours – during this process you’ll find out if such a name or a very similar one exists, or if you have the go-ahead to legally register yours in order to secure it and protect it.
The valuable services of a business lawyer don’t stop here. As you’re getting ready to launch your business, you may need to secure a business loan, or connect with private investors in order to secure funding. Either way, there are many legal and financial documents to navigate, and with your business literally on the line as collateral for these types of loans and capitals investments, it’s important that you fully understand everything you’re reading and signing.
Once you’ve gotten off the ground and you’re hiring employees, you’ll need to think about wages and salaries and benefits, and how to handle any possible problems with employees. Business law firms can help here, too, by giving advice on contracts, non-disclosures, and the like.
Finally, when your business is running, it’s a good idea to keep your business lawyer on retainer, as they can quickly come to the rescue if you have a legal problem or are in the midst of litigation.
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