Investing in Legal Counsel When Starting a Business

You’ve made the decision to start your own business, but what now? From business licenses to tax filings and more, it can be overwhelming to launch a business and it’s easy to skip over important steps when you are focused on bringing in money.

However, don’t overlook the resources that can help your small business now and in the future. Investing in a small business legal partner who can help you establish, grow and maintain your business may be the difference between a successful business and a failed business.

  1. Do It Right the First Time
    When starting a business, you will inevitably make a mistake or two along the way, we all have. However, having legal counsel to guide you through the pitfalls that await as you initially structure your business will ensure that you aren’t failing to setup the business in a way that maximizes the tax benefits nor failing to give yourself the full legal protections available to a business under the law.
  2. Discover the Things You Don’t Know
    Most business lawyers are not only trained in the law, but have countless experiences with the process of starting a business as either an entrepreneur themselves (remember, a law firm is a business) or through their clients starting businesses. With this expertise, a knowledgeable business lawyer can smoothly guide you through the logistical steps of starting your business in a way that frees your time to focus on more important things.
  3. Build a Lasting Relationship
    Chances are, if you are starting a business, you are doing so with the intent of growing your business into a profitable and ever-growing source of wealth and stability. Even if you don’t think you need a lawyer at the start, once your business becomes established, you are going to need a trusted partner to help with the many legal areas that surround small business ownership. So, what better time to find that lawyer than right when you start? Most lawyers are more than happy to meet with you over a free consultation to discuss your questions and concerns and many would be happy to start by doing small amounts of work with you – because they know that as you grow, your legal needs will start to grow as well.
  4. Bonus Cheerleader and Advisor
    We find that our favorite part of being a legal counselor to small businesses and entrepreneurs is the excitement we see and feel as our clients tell us about their business ideas. As we listen during consultations, we can’t help but throw out ideas and fall into an all-out brainstorming session about how they can maximize profits or bring a product or service to market.If you find a lawyer with an entrepreneurial streak, you don’t just get someone who can recite the laws to you, you also have secured a trusted sounding board who will love to discuss all of your ideas through the legal AND business lens.
  5. Look Like You Know What You’re Doing
    When you have the “next big thing,” the last thing you want to do is approach a big client or investor with poorly drafted or inadequate documents. No matter how good the business idea is, if a potential business partner or client think you have not invested the time and money into doing it right, they will inevitably think that you are either unprepared or do not believe in the business. Having a business-minded counsel will not only help you prepare for meetings like this, including preparing any necessary documents, they will also allow you to respond to any questions you are unsure about with a simple, “I’ll have to run this by my lawyer.” This immediately gives you credibility as it shows to the potential partner or client that you have invested in a legal partner and you are serious and invested in the growth of your business.

If you’re looking for a legal partner for your small business, contact us.

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