Starting or operating a successful business can be a challenge. An entrepreneur may encounter different issues and uncertainties during each phase of the business cycle. In addition, business owners must comply with all applicable laws and regulations. An entrepreneur’s failure to follow the laws that are relevant to their business can lead to expensive legal battles down the line. When matters like these arise, a legal professional often plays a significant role.
A common misperception that many entrepreneurs have is that they would only need a lawyer’s guidance if they find themselves embroiled in a legal dispute. However, a business attorney can provide vital assistance in every aspect of the business.
A lawyer can guide business owners on many facets of business law, as well as provide trademark advice to protect the entity’s intellectual property. These are some of the reasons why you should consider hiring a legal professional to help with your business.
- They can help you choose a suitable business structure
Having a business idea is only the first step of creating a viable business. One of the most important aspects of beginning a business endeavor is choosing an appropriate business structure in the initial stages. A legal professional can help you determine the key differences between a limited liability company (LLC), proprietorship, and corporation.
Based on your business plan, your lawyer can help you identify the proper structure, as well as ensure that you comply with all relevant laws.
- They can draft contracts for your deals
Drafting enforceable contracts and legal agreements is not a simple task. It requires specialized knowledge and a thorough understanding of contract law. Your lawyer can help to ensure that the contract protects your interests and holds the other party responsible in the event of a breach. Some of the types of contracts you may need for your business may include nondisclosure agreements, noncompete agreements, master service agreements, employment contracts, and purchase agreements.
If you have to enter an agreement with another party, a lawyer can analyze the contract for you. They can help you evaluate the legal terms of the agreement and advise you on how to protect your interests. They can also explain any terms or conditions that may negatively affect you. It is advisable to consider speaking with an experienced legal professional to protect your interests when you sign contracts.
- A professional can help protect your intellectual property
Intellectual property may include inventions, trade names, designs, photographs, trade secrets, ideas, and business processes. Protecting your intellectual property is important to maintain your entity’s distinctiveness and position in the market. Your lawyer can help you protect your intellectual property rights by advising you on filing trademarks, copyrights, and patents. As part of this, they can perform due diligence to ensure that no one thought of your idea first.
New York intellectual property attorney can advise you about the options available to you and your business.
- They can review real estate leases and agreements
Navigating the leases and agreements involved in securing commercial space for your business can be complex. In many cases, the terms of the agreements offered to you will strongly favor the landlord. When you are working with a legal professional, your attorney can review the agreements and suggest amendments to the existing terms. The changes that the lawyer suggests can help you better protect your interest when entering an agreement regarding real estate.
- They can help you run an online business successfully
Many budding entrepreneurs begin their business operations on digital platforms, leveraging technology to grow their enterprises. However, even businesses that operate exclusively online must follow certain rules and regulations. Your attorney will have experience navigating the laws that companies and corporations should follow. When you run a business online, your lawyer can review your current structure and help make sure you comply.
They can advise you on the steps your business needs to take to comply with the law, which helps build the foundation for you to run your business successfully.
- They can reduce your chances of facing lawsuits
A legal professional can help make sure that your business complies with relevant regulations and the contracts into which you have entered. Their guidance can protect your business from countless headaches and reduce the risk of facing a lawsuit.
In some cases, you may need to take legal action if another business tries to infringe on your intellectual property. In addition to helping you file your registrations, a New York trademark attorney can fight for you in court if a competitor tries to steal your brand identity. Get in touch with a legal professional and save yourself from avoidable litigation.
- They can guide you on matters relating to your business taxes
While you will likely need the assistance of an accountant to help you file your tax returns, a legal professional can help you understand the legal implications of different aspects of your business and which taxes apply to you. In addition to this standard guidance, a legal professional can also help represent you in a tax audit.
You may need certain permissions and licenses to operate your business successfully and legally. A legal professional can help you secure the permissions you need, which gives you the freedom to grow your business.
Whether your questions or concerns are related to business finances, contracts, or business structure, a legal professional can provide you with the advice that you need.