5 Reasons You Need An Attorney To Help Form Your Business
Published on:December 10, 2015
Business Attorney

You have decided to strike out on your own and start a business based on your life’s dream. Since starting a business tends to be an emotional decision, many new entrepreneurs forget about the legal structure that can protect them and their company. Before you actually open up for business, it is important to sit down with an experienced attorney and hammer out the details of your company. If you go into your business without first consulting an attorney, then you could be closing your doors for good much sooner than you expected.

Protecting Your Intellectual Property

Many entrepreneurs start their first business based on a great idea that they had, and now they want to turn that idea into a reality. If this sounds like you, then you need to hire an attorney to help protect that idea before you start your business.

You may be so proud of your idea that you have showed to your friends and family members to get their feedback. But did you do enough to protect your idea from someone who may be enterprising enough to start their business before you do? An attorney can help you to protect your ideas and make sure that you retain the ability to make money from what you have created.

Business Structure

Would your business be better served by being a sole proprietorship, or should you put your business under an LLC? Before you can open your first business bank account, you have to choose a structure for your business. An attorney can go through your options with you and help to choose the structure that makes the most sense for your startup. As your business grows, your attorney can counsel you on any structural changes that should be made to your business to help accommodate your success.

Partnership Agreements

Any business that involves more than one owner should have a partnership agreement. Some family businesses avoid this because they feel that a partnership agreement indicates that they do not trust each other. But a partnership agreement will help to designate responsibility to each partner, offer guidance on what to do if a partner needs to leave the company, and helps the company to keep going if one of the partners should pass away.

Unintended Obstacles

If you bought a piece of property for your business and did not realize that it had environmental issues, then you are responsible for taking care of those issues. You need an attorney to help handle the fines and penalties that can come up, even if you had nothing to do with the contamination. These sorts of unintended obstacles pop up all of the time when a new business gets started, and you need an attorney to see you through these tough times.

Contributed Property

You tell your family that you are starting a business and your uncle offers you some machinery, while your sister says you can have her truck. Do you now have business partners? Contributed property to a new business can be tricky, and you need an attorney to work through all of the details.

There are two things people in New York should never start a business without; a business plan and an attorney. A qualified attorney can help you to make your business dreams come true, and make sure that you are able to maximize the profits on your own ideas.