Some company owners see hiring a business attorney as an unnecessary expense, when in fact, having a commercial lawyer can save you money and protect your company. If you're just starting a company, it's the best time to consult with a business attorney to help you with the numerous legalities involved in starting your own business. Business owners often make the mistake of waiting until they run into trouble to hire a commercial lawyer. You don't have to wait until something goes wrong. Here are three ways a business attorney can benefit during the startup process.
Guidance With Legal Processes
If you're starting a company, a commercial attorney can help make sure you get off on the right foot. Your attorney is equipped to advise you on incorporation, which is where you legally separate your business from your personal finances. In the event that your company experiences financial hardship due to not making the expected revenue, incorporation protects you from having creditors associated with your business come after your personal finances and property. The business is treated as it's own entity, protecting personal valuables. Your attorney can also explain the advantages and drawbacks of other types of business structures, such as Limited Liability Corporation and Sole Proprietorship.
Protecting Your Business Identity
Startups often launch with a unique, or innovative product, or service and without the guidance of a business attorney, you run the risk of having a copy cat company steal your idea. Your attorney can draft confidentiality agreements between you and individuals you must share your idea with in the startup process. Business attorneys also understand the trademark process and can help you trademark your idea. This includes your business name, logo, slogan and corporate typeface. If your idea is patentable, a commercial attorney will help you with the process of patenting your idea.
Many business startups involve partnering with additional founders. In fact, the most successful businesses have more than one founder. If this is the case, you'll need a rock solid partnership agreement that will serve as the corporate bylaws that govern your partnership. These type of agreements are meant to protect the interest of everyone involved, reduce the risk of future conflict, resolve future disagreements and avoid the potential for litigation. If you draw up a partnership agreement without the guidance of an experienced business attorney, you may find yourself in trouble down the line.
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