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Should I Hire an Attorney to Help Form My New Business?

Starting a business is a hard task to accomplish on your own. Most people have a dream of establishing their business all by themselves, with little help from others. Although the dream of owning your own business is admirable, it is important for new business owners to know what situations require advice from experienced professionals. Knowing when to consult with others can help you save substantial amounts of money in the long-run.

One outside professional that you should consider hiring when starting a new business is a lawyer. An experienced business law attorney can inform you about the laws that apply to your particular business and explain how to ensure that your investment is protected and that you are shielded from any personal liability for issues or dispute that might arise. Below, we explain some of the benefits of having an attorney help you form your new business.

Lability Protection

All businesses come with their own unique risks that owners and investors need to be aware of. The last thing you want as a new owner is to end up being personally liable for a legal dispute involving your business. When you are personally liable for a legal dispute, your business and everything you own is at risk.

Having an experienced business attorney can help ensure that the different risks you might be liable for are minimized. A lawyer can assess the business model you are using to figure out what kinds of protections will be essential. Because owning a business directly affects the economic well-being of you and your family, you should immediately speak with an attorney who has handled business start-up cases before.

The Form of Your Business

Choosing if your business will be a sole proprietorship, partnership, LLC, or corporation will dictate your legal responsibilities and potential liability. These designations might also affect the way your business operates and is taxed. Picking the wrong entity formation can leave you being personally responsible for the wrong doings of your employees, shareholders, and business partners. A business lawyer can help you choose the option that will reduce your personal risk.

Drafting Contracts

If you are starting a business, you will more than likely need help drafting and reviewing contracts for building space, services, employees, supplies, and other needs for your operation. If you will be making agreements with multiple partners, investors, and employees, you will want to make sure that they are all legally binding. This where having an attorney comes in handy. Your lawyer can get all of your contracts in order verify if they will have legal standing in court.

Are you a new business owner? Are you overwhelmed with all of the legal obligations that you must sort out? We can help. Contact our Midland new company formation lawyers to learn what we can do for you.