When you're just starting out with your home business, getting a lawyer might be the last thing on your mind. However, a good corporate attorney can save you money and help you avoid problems with your business. Here are some reasons to consider getting a business lawyer right away.
Determining Business Entity
You may just want to sell your products, but you will eventually have to file taxes for your business. A lawyer will likely not advise you on the particulars of your tax returns, but they have a critical role in establishing your company as the right kind of business entity. Should you operate your business as a sole proprietorship or a limited liability corporation? A corporate attorney will be able to provide you with the benefits and drawbacks of each option, so that you can structure yours appropriately.
Entering into Contracts
Even as a new home business, you are going to have to enter into contracts with suppliers and other companies to get your work done. A good corporate attorney can help you look over any contract before you sign it, and will make sure that there are provisions in the contract to protect your interests. That way, more established companies don't take advantage of you, and you can be sure that you are fairly treated.
If you decide to take on a partner, a corporate lawyer will help you draw up papers to keep things fair and equitable between you. The lawyer will also make sure that you and the partner have a clear exit strategy, should you ever need one.
Dealing with Employees and Independent Contractors
Even if you are the only person working in your business, if you plan to be successful with your business, you will soon be hiring employees or independent contractors. A corporate lawyer can help you work up agreements for them to sign when they first start working with you. These agreements can protect you and your company in the event of a problem. You may not think there will be any problem if you hire a friend, for example, but if your friend becomes hurt while doing a task for you and wants you to pay their medical bills, having a signed arrangement to rely on may help you avoid high court and medical costs.
Now that you have some idea of how a corporate attorney can benefit your home business even as you're just starting out, talk to a few corporate lawyers like Strauss Troy. You will soon find one that can work well with you and help you with your business.