Early on, any business will require the services of two professionals: an accountant and a lawyer. The benefits of hiring an accountant are self-evident: you'll need someone to assist you set up your "chart of accounts," examine your numbers on a regular basis, and file all of your federal, state, and local tax forms. The motive for employing a company attorney, on the other hand, may not be so obvious. From fundamental zoning compliance and copyright and trademark guidance to formal business incorporation and lawsuits and liability, a qualified business attorney can help you with practically every area of your firm. To begin, here are some advantages of hiring a business law firm or attorney
1. Selecting an Appropriate Business Structure
It is critical to choose the correct business structure for your company since if you do not do so from the start, you may face unnecessary legal complications down the road. Partnerships and sole proprietorship will expose you to more liability than an LLC or s and c company. Consider engaging a business lawyer to evaluate your company and help you understand your liabilities, tax duties, employee questions, and setup fees so you can determine the appropriate business structure for you.
2. Leases and Contracts for Real Estate
You'll need to set up shop in an office building, warehouse, or other commercial space unless you're running your business from your home. A business attorney should study the fine print on all contracts, terms, and agreements, whether you are purchasing or leasing space.
3. Purchasing or Selling a Company
Whether you're purchasing or selling a business, there are a slew of legal ramifications to consider. A Business Attorney will perform due research and advise you on whether you should buy a company's stock or assets, prepare the acquisition and purchasing agreements, and transfer the licenses and permits required to continue operating. A skilled Business Attorney can save you money and keep you out of legal trouble.
5. Tax Obligation
The type of business entity you choose will have an influence on both your personal and business taxes. Before you begin, you should receive answers to some basic tax questions. You must set up payroll and collect payroll taxes if you hire employees. Preliminary tax questions will be answered by a Business Attorney, who will collaborate with your Certified Public Accountant (CPA).
6. Employee Policies and Laws
The focus of your company should be on hiring employees and increasing your workforce. A Business Attorney can help you understand the rules, guidelines, and laws that apply to recruiting workers or independent contractors. The appropriate legal guidance will protect you from allegations of discrimination, employee classifications, and violations of state and federal laws.
