As a prospective founder of a startup company, you’ll want to consider the many different pieces that are involved in getting your new business up and running.
Hiring a business attorney can provide you with many benefits throughout the business formation process. This includes document preparation, government compliance, and guidance on business structure. You may also save yourself from legal trouble in the future. Read on to learn more.
1 | Efficient Business Formation
Working with a business lawyer can ensure that any essential legal activities needed to set up your new business are completed swiftly, correctly, and lawfully.
2 | Government Compliance
Even if your new business has a strong foundation in terms of documentation and structure, your company will not be able to start operating lawfully unless you also follow local, state, and federal requirements. All of these levels of government have laws which require certain permits, licenses, or other regulations for different types of businesses. A business attorney can ensure that you aren’t missing any of these requirements, thus preventing delays in operation.
3 | Document Preparation
A business attorney will prepare many of the documents required for forming and legitimizing your business. They may also assist with contract negotiation when necessary. Documents could include:
- Articles of Incorporation
- Partnership Agreements
- Operating Agreements
- Investment Agreements
- Employment Contracts
- Service Contracts
- Website Terms and Conditions
- Privacy Policies
- SaaS (Software as a Service) Agreements
- Venture Financing Documents
4 | Document Preparation
The lawyer you hire can provide invaluable guidance throughout the entire business formation process, especially if you are new to business ownership or if you are planning for a complex business structure. The specific type of structure you choose for your business affects many business decisions like ownership transfer and day-to-day operations. It also impacts how your company is taxed, the risk to your personal assets, and liability.
5 | Cost
If mistakes are made during the formation of your startup business, you may run into legal issues later. Hiring a business lawyer from the beginning is an investment decision for your company, as it will likely save you from having to deal with those problems in the future.
For more information about whether hiring a legal team for your business startup, get in touch with Cona Law. We can answer any questions you may have about our services and help you decide if a business attorney is the right fit for you.