As a startup founder or business owner, the hunch you have about seeking legal advice over some issue is probably a clear indication that hiring a lawyer is necessary. However, there is also the financial burden that comes with securing the services of a competent business attorney. The costs might make you have a rethink and brush off the hunch altogether.
But trust me, the future of your business or startup sits in the libra hinged on the decisions you make regarding legal matters. This article will help you attain legal security for your business while reducing the accompanying costs to the barest minimum; so, come along!
Identify the present legal needs of your business entity
If your business is well on the way and gets sued by either the government or private entities; then, the services of a competent full-time business attorney would be required – at least for the period the suite lasts. The bills for the high of such qualified counsels are usually huge and might have to be covered by insurance.
But as a startup, contracting a lawyer for legal advice from the very onset is likely to save the business from any future lawsuits, which in my opinion, is relatively cheaper.
Get some legal and managerial education
No, I do not mean having to apply for a full-time MBA or law practice. But as a business startup founder, it is crucial for you to know at least sketchy details of business law and how to do general documentations. Though business attorneys will have to handle the significant legal activities, the founder or business owner should not be ignorant of the legal implications of actions and inactions of their business entity.
Here are some tasks that an average business owner (startups mainly) should be able to perform without having to hire a lawyer:
1.Sketching a business proposal
Any individual with an average level of education and access to the internet should be able to craft a good business plan; without having to run off – to find legal assistance.
2.Develop the basic brand model for the business
As a business grows, employing the services of a brand manager is likely to become inevitable. But the onus lies on the business owner or founder to ensure there are no trademark, name, or domain name conflicts.
3.Application for Incorporation
During the process of obtaining a license of incorporation, regulatory bodies provide the pros and cons obtainable with all available business structures. So, there is a need to decide the best fit of organizational structure for present realities and prospects of the company and accordingly applied for by the entrepreneur. It as easy as getting a driver’s license; such does not require the headache of hiring an attorney.
4.Keeping your tax records straight
It might be necessary to routinely get a lawyer to check your tax records as a paid package that includes other consultative activities. But a business owner should be able to ensure prompt remittance of tax and appropriate bookkeeping, either personally (for startups) or in the proxy (for large corporations).