There are numerous facets to opening and maintaining a small business that the average entrepreneur is not familiar with. These include sometimes complex legal and tax requirements. By consulting experienced business lawyers prior to opening, you will be able to avoid many of the difficulties faced by new businesses. Entity Formation When creating a small business, it is important to properly determine the business structure you intend to register under. Different structures vary in legal and tax requirements. An experienced business lawyer can help you decide which structure best fits your small business. The following are the most common types of business structures:
Drafting Company Documents Even small businesses have a series of documents which need to be created. These documents include company by-laws, operating agreements, and any stockholder or shareholder agreements. Contracts with suppliers may contain fine print or complicated language which business lawyers are trained to sift through. Failure to address the fine print before signing a contract could cost your business far more money than you might have budgeted. Intellectual Property Your new business may have intellectual property which is unprotected. Intellectual property includes original concepts, such as a company mascot, slogan, or unique product. It is important to speak with business lawyers before exposing the public to your intellectual property to avoid the theft or reproduction of these valuable assets. Intellectual property may be trademarked or copyrighted in order to legally prevent others from copying your concept. Your business lawyers may also assist in drafting royalty and licensing agreements for outsourcing your intellectual property, as will as agreements to sell or transfer, if you so choose. Litigation Avoidance When starting a new business, it is not pleasant to think about possible lawsuits down the road. However, incorporating litigation avoidance into your business plan will help you avoid concerns if a lawsuit does arise in future. Matters of reputation or financial difficulties affect every business, and business lawyers are trained to address these issues before they become costly. A good lawyer will provide you with a Business Litigation Plan formulated specifically for your business. Items covered in this plan are:
In the hands of skilled business lawyers, the litigation plan creates transparent, easily audited documentation of all finances, roles, and responsibilities of anyone hired inside or in relation to your company. Final Thoughts Legal issues are an unpleasant reality in the business world. In order to avoid serious losses in the future, it is important to consult business lawyers prior to opening your small business in order to prevent liability issues in the future. Spending a lesser amount now could save thousands in legal fees later. Carosella & Associates treat every client as their only client, providing the best possible service. Contact us today to speak with one of our professional business lawyers and discuss what we can do for you.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
May 2023
Categories
All
|