Every business, whether small or large, will need a professional accountant plus an experienced lawyer during the early stages. An accountant will help in setting up your accounts charts, reviewing your numbers periodically, and preparing the necessary federal, state, as well as local tax returns. On the other hand, a business lawyer will provide vital assistance in most aspects of your enterprise, from basic zoning compliance and formal business incorporation to copyright plus trademark advice to lawsuits and liability.
Small Vs. Large Law Firms
Generally speaking, bigger law firms tend to have greater overheads, which imply higher hourly rates. Still, larger companies offer numerous advantages over their smaller counterparts. Over the past twenty years, attorneys have become incredibly specialized. So, hiring a small law firm could mean that they won’t have the necessary skills you may need to expand your business. Partner with a law firm that has the capacity to handle all your lawsuits, file a patent/trademark, oversee your corporate annual meeting, negotiate your lease of space (retail or office), formulate a draft software license agreement, and advice you on dismissing a disruptive employee.
While it’s quite expensive dealing with larger firms, they can be outstandingly beneficial to your business. They often possess all the legal skills you might need and have extensive clout in the local, regional, as well as the national legal community. Plus, being connected with a well-established attorney firm might help you access reliable financing sources or utilize their name as a reference when looking for partnership arrangements. If you run a highly dynamic entrepreneurial company that plans to go public at some point, you’d want to partner with an attorney whose name is recognized in popular banking investments and venture capital communities. So, hook up with Craig M. Dorne, PA – Business Law and take your experience to the next level.
Areas of Specialization
Like doctors, attorneys are becoming increasingly specialized. A lawyer who mostly handles wills, house closings, as well as other “non-business” issues, isn’t probably a good fit for your enterprise. Rather, you’ll need to check for the following sets of skills:
Contracts
Find a corporate lawyer who can quickly understand your business and carefully prepare the standard form contracts you’ll need with your clients and suppliers. This will help you respond to contracts which other people individuals will want to sign.
Real Estate Matters
Leasing commercial space isn’t always an easy thing. It’s a highly complex procedure and is often drafted to benefit the landlord. Since the lease documents tend to come in “printed form”, you might think that they aren’t negotiable. Your lawyer should provide a “tenants addendum” featuring all the standard provisions that benefit you and can be added to the printed lease document.
Business Organizations
You’ll also need an attorney who can help you establish whether or not a limited liability company is the best way to organize your enterprise, and prepare all the required paperwork.
Taxation and Licensing
Of course, the accountant will prepare and file all your business tax returns every year, but your lawyer should understand how to register your company for federal as well as state tax identification numbers. He or she should also be conversant with the tax consequences of various business transactions, especially those in which your business will engage.
Intellectual Property
If you’re operating a media design or any other creative business, it’s definitely a plus if your attorney can help you register your brand for federal trademark as well as copyright protection. These tasks are often performed by specialists who’re experts in intellectual property, nothing else. If the attorney you choose specializes in small businesses, then they should be ready to work closely with other intellectual property specialists.
Tips For Choosing A Business Attorney
Education And Experience
When it comes to hiring a business attorney, education plays a key role. You want to ensure that the lawyer you choose has the required expertise to skillfully handle your situation.
Specialization
In today’s modern world, new laws plus changes to existing legislations are constantly being incorporated into the records. Because of this, lawyers have been left with no option but to specialize in certain areas of the field.
A lawyer who regularly drafts wills might not be the best option to represent you in court if the case involves business law. So be sure to find an attorney who’s specialized and experienced in your specific situation.
Legal Fees
Before any works start, ask the lawyer about the costs he or she intends to charge for the services and whether you’ll be responsible for extra fees and charges. Generally speaking, state ethics require attorneys to charge a reasonable fee.
The law firm you choose should clearly explain their costs, preferably in writing, within a short period of time after starting to represent you. Your attorney might charge some extra cash for copying documents, court filing fees, research services, or courier services.
Extensive Research
Try talking to several lawyers before you can pick the one to represent your business needs. Find out if you’ll be charged for an initial meeting. And be ready to explain your problem in a comprehensive summary. Question the attorneys about their education, experience, their fees, the strategies they’ll adopt, as well as the chances of success.
Good Record Keeping
Chances are the lawyer will ask for documents that relate to your case. Therefore, if you give them the originals, be sure to keep copies. You should also request copies of all other important documents. And when you receive a bill from the attorney, review it carefully and inquire about any fees that aren’t clear to you.
Conclusion
Owning a business is perhaps one of the best achievements in life. But without the right business lawyer to represent your legal issues, things can get quite complex. So, find an experienced lawyer who has the capacity to offer professional representation and help your enterprise thrive. Don’t forget to check their legal fees- you really don’t want to break your bank, especially now that you’ve just started your business.
