Forming a business is an exciting endeavor when you see your ideas and goals come to life. You’re also putting your time, capital, and other resources into something you believe in, despite any external risk.
Below are five fast facts about business formation, including the services a business formation lawyer can offer to help ensure you’re starting right.
Your Business Structure Will Affect Its Legalities
The formation structure you feel is right for your business will also affect things like liability and taxation. You want an entity structure that protects your liability but one that also favors business growth.
An attorney can educate you on this and suggest the ideal structure depending on your business needs.
Signing Legally Binding Documents
Regardless of its structure, forming a new business requires signing several legally binding documents from business-related contracts to property leases and so on.
Through these documents, you’re entering into a legal agreement with another party, giving them a right to sue you should you breach any of the clauses. To protect yourself and the future of your business, have a lawyer review such contracts before signing.
Intellectual Property Matters
Despite the invaluable benefits that intellectual property (IP) offers to businesses, many entrepreneurs still downplay this until it’s too late.
Don’t wait until litigation or possibly intellectual property conflicts to have your lawyer explain what type of IP suits your business.
Most of these requirements are specific to your industry or location and you might be better off getting a legal professional to explain regulations and ensure your business complies.
Getting Legal Counsel Minimizes the Risk of Making an Error
While having a business formation lawyer is not obligatory, it’s going to save you a lot of time and even money.
Without one, you’ll have to master business formation laws, which might not be easy for a busy entrepreneur. If you fail to check all the necessary requirements, you might make a mistake now or in the future, leading to costly litigation.
Schedule a Consultation with a Business Formation Lawyer
Your new business is important, and it’s crucial it gets a proper foundation. At The Curry Law Firm, we are not only business formation lawyers but also small business owners ourselves.
