Starting a business is a big part of the American dream, and many entrepreneurs take this step every day. While there is definitely a lot of potential involved when starting a business, there are also a lot of risks. If you are on the verge of starting a business, it is usually a good idea to hire a lawyer to help with the process. Why do you need a lawyer for your start-up company? Here are some thoughts:
Set Up a Legal Entity
One of the reasons that you need a lawyer on your side is so that you can set up a legal entity for your business. While it is possible to run your business as a sole proprietor, this leaves you open to a lot of risks. It is usually a better option to set up a legal entity like a corporation or an LLC. This way, you can limit your personal liability if something bad happens. Your lawyer will be able to handle the paperwork and any agreements between you and your business partners.
Assess Regulations
In today’s business environment, there are a lot of regulations and rules that you have to be aware of. If you do not do your homework, you could end up in violation of some law or regulation. Your lawyer will be able to look at all of the regulations of your particular industry and help you navigate it effectively.
Trademarks and Legal Name
When you start a new business, it is in your best interest to make sure that you are not in violation of any trademark or copyright laws. When you name your business, you’ll have to do a little bit of research to find out of the name is available. You should also ensure that you are not in violation of any copyright laws or other laws with your logo.
Documents
Your lawyer will also be able to help you come up with legal documentation for other matters related to your business. For example, if you are entering into any contracts with other companies or with employees, your lawyer will be able to review them for you. This ensures that you don’t agree to anything that is questionable along the way.
Using a resource like LawyerLocator.com will help you find a lawyer in your area that can meet your needs as a start-up business. Once you locate a good lawyer to work with, you will get some necessary peace of mind moving forward.
I run an online business from my dorm and I find it difficult to manage here because some of the residence hall directors limit you from running the business.
I would like to point out to any starting entrepreneurs out there to first check to see the policies your university has for running a business in your dorm.