Whether you have a partner or you are going it alone, entrepreneurs and business owners should all be seeking legal advice to protect both their business and their private affairs. It’s okay to mix business with pleasure, but you need to seek the advice of a lawyer, to protect yourself in case the relationship goes sour, or you end up having a business dispute. Legal experts can also help you separate your private life from your business life so that you are not personally liable for any business failures or issues down the road.
Starting a business
Starting a business is hard, and many businesses don’t make it out of the gate. It is roughly estimated that only 10% of business start-ups end up succeeding. With the odds being against you from the beginning, you want to give yourself the best chance possible. Understanding all of your legal responsibilities, and making sure that you protect yourself, and any partners will require a lawyer. Ignoring professional legal advice will ultimately leave you vulnerable to lawsuits, and make it even harder for you to succeed.
Drawing up a contract that is understandable, well-defined, and will protect all parties involved is one of the most common reasons that a startup needs the advice of a business lawyer. Contract disputes can be a time and money waster for a business, especially a startup, and especially when it can be easily avoided by seeking legal advice. Having a lawyer aid in drafting and reviewing all business contracts can save you time and money on legal fees associated with contract disputes.
Don’t block your success by not understanding the appropriate paperwork, permits, registrations, and other documents necessary to start a business. These can vary from industry to industry, they may even be different depending on the type of business you are – LLC, sole proprietorship, corporation, etc. – and can be hard to sort through if you’re not a business lawyer. Legal requirements also vary from state to state, and if you are running a business that will cross state lines, save your self some time, worry, and lawsuits by seeking legal advice to make sure all of your papers are in order.
Taxes and finances
Figuring out your taxes and other fiscal responsibilities can be overwhelming. Making a mistake with your finances, or not understanding the law can create big problems for a startup. Expensive problems that can be hard to survive. Seek legal advice to fully understand the financial obligations and responsibilities of your startup.
The final point where a lawyer can give you peace of mind is protection from personal liability. Before you start your business, talk to a lawyer about your personal liability and the risks involved. A business lawyer can also help to minimize your personal liability and protect your personal assets, as well as the assets of your immediate family.
Sandstrum Law is dedicated to protecting the legal, financial and business interests of its clients.