Have you been thinking about starting your own business? If so, be sure you devote some time and energy to securing the services and advice of a business lawyer like Tully Rinckey. You might feel you can put off hiring a lawyer for later, but you don’t want to wait until you need a lawyer to actually hire a lawyer. Here are a few ways a legal professional can help build and secure your business:
Forms and Business Requirements
If you’ve never operated your own business before, you might be clueless as to all the paperwork you need to read over, sign and submit. A business lawyer familiar with your particular industry knows just what forms, contracts, permits and the like you need and when you need to turn them in to legally get your specific business structure up and running. While you might think you can easily find such information online, there’s no telling how current or accurate that info is.
Conformity
Depending on your industry, there could be strict compliance laws and regulations you have to stick to keep your doors open. One misstep, no matter how innocent, can result in you closing down either permanently or temporarily, both of which result in lost profits. An agent from Tully Rinckey law or a similar law firm knows just what you need to do and what you need to avoid to stay up and running as well as what changes are coming down the road that might impact how you operate your business in the future.
Stay Legal While Making Money
No matter your chosen industry, you’ll need capital to be profitable and successful. A legal professional can help ensure the methods you use to raise money are acceptable according to the latest state and federal laws. There could be special taxes you don’t know you need to pay or a specific way a certain product or service needs to be sold to the public to remain on the up and up. The last thing you want is a visit or a letter from the IRS.
Liability
There are certainly plenty of risks inherent with operating your own business, and you need to know every one of them. Business lawyers know just what those liabilities and vulnerabilities are as well as how you can either avoid them or protect yourself from them. On a related note, your business lawyer can work with your business insurance provider so you know exactly what to include on your policy, better ensuring you don’t pay more than necessary or that you do without coverage your business needs.
Taxes
Besides a lawyer, you should also go ahead and hire an accountant for your business. Once that’s done, introduce your lawyer to your accountant so they can work together when it comes to tax time. This is because you have both legal liabilities and tax liabilities, and there might be instances where they intersect.
Go ahead and start looking for a reputable business lawyer for your company. Getting a head start is sure to save you a lot of time, money and frustration later on.