Are Lawyers Necessary With Start-Ups?

If you are starting a business, you will need to make sure you have a business plan laid out before creating the company. The biggest part of your business plan will be how you plan on handling legal matters. The problem is, many people feel that if they have a small business, they can operate without the assistance of legal help, but then they face a lawsuit. There are definitely some things you can handle on your own, but many other things that you really should have a lawyer assist with.

Flying Solo

Starting a business is expensive and so doing as much as possible by yourself will help conserve expenses. One of the biggest things that you can do without the help of a lawyer is selecting a name for your business and going through the trademark process. You will want to make sure you search for your business name in an online search platform so that you do not select a name that is already used by another company. If it is not, creating an LLC and trademarking your name is simply a process of filling out some documents and paying a small fee. In addition, you can also look at creating agreements and non-disclosure acts to protect your services. However, it may be a good idea to have a lawyer review the contracts to make sure the wording does not leave you any loop holes.

Hire a Lawyer

Unlike forming an LLC, if you are considering forming a corporation, you will want a lawyer to help with the filing. Corporations include shareholders and a board, making it an extremely complicated process with legalities exceeding the amateur knowledge base. You will also need a lawyer any time you are going into litigation, buying another business, or selling your business. Finally, if you are looking at getting your service or product patented, you will need legal assistance.

Whether you hire a lawyer during the planning stage is up to you, but know it is much better to know your business is formed correctly from the beginning. They know business law inside and out, so they can make sure you are covering all of your assets and have a greater chance at succeeding. It is always better to find a lawyer prior to needing it, because they will not only help prevent the need, but also learn more about you and your company.