Before you start a business, you should always speak to a good lawyer. Often, issues business owners run into could have been completely avoided, and could have saved them time and money had they sought a professional from the outset. At JC Legal solutions, we think it’s imperative that business owners align themselves with a good lawyer and see them as part of their personal strategic team. Too often, businesses are created in a way that is not the most effective, and the business owners end up playing catch up after the business has launched. The good news is that it is never too late to optimize your tax and risk exposure while planning for dynamic growth.
In today’s article, we explain the main ways a lawyer can help you start your business and why we think we’re the best team for the job.
1 . Plan the Business Model & Path Forward
Before you get started, you should first speak to a lawyer about your idea and overall business plan. Many clients find a lawyer’s involvement during this stage very helpful, as having a legal advisor analyze your business might get you on a path to profitability sooner.
2. Lawyers will Set the Business Up
Once you have your business plan in place, your lawyers can help you bring your business to life. This begins with trademarking, registering or incorporating your business. A lawyer will also help decide which path is best for your business model, this can be in the form of incorporation or registering your business.
The decision to incorporate or register your business will depend on a number of factors:
(a) the type of business you intend to operate.
(b) the purpose of the entity
(c) your capital needs
(d) size and scope of the business
(e) your appetite for risk – Is it a business that is high risk where the probability of lawsuits may be high? Or is it a business that is fairly low risk where the products and services offered may not lend to lawsuits?
(f) cost – consider the cost of formation and required statutory maintenance
(g) privacy concerns – are there statutory regulations, or is there a regulatory body? – would you prefer if certain aspects of the business remain private?
Contemplating these factors will allow you to make an informed decision that will end up protecting you, your investors and your business in the long run.
You should never take for granted the legal implications of the different types of business organizations that exist. Each has different advantages and disadvantages that may or may not be right for the type of business you intend to operate. Going to a corporate lawyer is your best bet in ensuring that you are getting strong and proper advice on what kind of business you will operate and how it will be structured and run.
Ultimately, investing in legal advice at the outset may save you considerable legal expenses down the road. Remember, you want to concentrate on your business rather than legal pitfalls.
When it comes to your business, there is no one-size-fits-all approach. At JC Legal Solutions, we will sit down with you and ensure that you are best protected and ideally situated to grow without the encumbrances your competition is held back by.
At JC Legal Solutions, we are a firm that puts PEOPLE first. Please contact us today for a free consultation.