Guest Post by Lana Hawkins
Setting up your own business is an exciting venture, but one riddled with obstacles and potential issues that you should know how to handle if they arise. Then again, you cannot possibly wear all the hats in your company. You cannot be an accountant, an HR manager, a customer support specialist, a social media guru, a marketer, a sales expert, and a CEO.
In fact, the more responsibilities you take on, especially the core ones, the greater the chances you’ll run your business into the ground. You need skilled people around you so that you can focus on mission-critical work while they perform their core duties.
How a Business Lawyer Helps Start-Ups
Much like you cannot be a finance expert and a marketing professional all in one, you most likely don’t know the ins and outs of your local laws, necessary to run a business successfully.
From the moment you decide to register a company, you’ll need a business lawyer to help you with the process.
Starting a Company? 5 Ways a Business Lawyer Can Be Helpful
Here are a few core ways in which a legal professional can be a true asset for your organization from day one.
1. Setting up the right structure
From the moment you start thinking about a business idea, you need legal representation to give you the right directions in terms of how you can set up your business structure. As an entrepreneur, you have to be mindful of all the local prerequisites, depending on the type of business you want to run.
Sometimes, you’ll have to consider several different business models for your organization and register under the right option for your business. Then again, you might need permits and licenses to run your business, so applying for everything in advance is essential.
2. Managing legal documentation
Corporate law is intricate and constantly evolving. Even if you familiarize yourself with some of its segments while you’re registering your company, you still need to consider the fact that you’ll need to handle employee, partner, investor, and client contracts. You’ll also need to manage your business documentation and actively prevent disputes and legal issues.
Each issue calls for specialist lawyers to represent your company and help you manage your organization every day. From legal dispute attorneys all the way to those who specialize in contractual law (not to mention international relationships), you’ll need legal minds around you to manage your business properly, on paper.
3. Handling employee relationships
As soon as you start thinking about hiring people, a lawyer will help you make the right decisions and protect your business. Working with an employment lawyer is vital for ensuring transparency in all your employee relationships – defining your own expectations, employee responsibilities, and the scope of the contract between you and your workforce.
In case there’s a complaint, you’ll also need a lawyer to help your organization conduct a thorough investigation and come up with a legal strategy to preserve your reputation.
4. Dealing with your offices and real estate
If you’re a solopreneur, you can most likely run your business from home, remotely. However, if you’re about to work with a team of people, no matter how small, you’ll most likely need an office space to meet from time to time. Legal experts can help you understand the lease for the office space you’re considering, to protect your rights and handle any potential issues.
If you want to invest in real estate associated with your business, all the more reason to consult a lawyer, so that you can understand your obligations as well as investment possibilities.
5. Tax and banking from a legal perspective
Setting up a business is one part of the process, but managing it from that financial perspective can be a daunting task.
Yes, your accountants and bookkeepers will help, too, but your legal team needs to provide you with the right legal backing for your decisions.
For example, you might need additional investments, so you choose to go to a local bank for help.
Your lawyers can take care of that process, too. In regular circumstances, you also need to set up bank accounts, or a line of credit for your business.
Additionally, lawyers in the corporate world are very well equipped to advise you on tax matters. In order to run a financially efficient business, their guidance will be invaluable to help you find ways to optimize your finances.
Your legal team will work closely with your finance experts as well as the rest of your management. This will enable you to run a legal, well-structured company that has all the potential to grow.
Setting up a legal basis for running your business allows you the time and freedom to focus on your own core tasks every day. Make sure to find a reputable lawyer to represent you and your business, and you’ll have one of the main pillars of business success taken care of.
About the Author
Lana Hawkins is a stay-at-home mom by day and author by night.
She’s passionate about interior design, travelling and green living.