As the owner of a small business or start-up, you likely weigh costs against the benefits in many business situations. Have you applied this analysis to legal advice? It might be tempting to save money and use free forms or contracts; however, a free form doesn’t consider all the intricacies of your situation and can leave you vulnerable to a botched deal, bad contract, or even a lawsuit.
What Kind of Lawyer Do I Need for a Small Business?
Hiring a business lawyer who is experienced in working with small businesses, from business formation documents, and the certificate of incumbency to non-disclosure agreements (NDAs) and buyout clauses, can be well worth the price. Working with a dedicated small business attorney who will function as your in-house counsel can actually help your business succeed — and avoid pitfalls along the way.
What Should I Ask a Business Lawyer?
With several decisions and paperwork involved in starting a business, the process gets complicated quickly. When working with your business attorney to form a business, ask them about:
- Choosing and forming the best business entity, whether sole proprietorship, partnership, LLC, or corporation,
- Picking a unique business name, and protecting its name and designs
- Establishing correct hiring procedures and documentation, and
- Obtaining all appropriate licenses, permits, registrations, and other legal documents necessary for operation.
In addition to helping with all the business formation documents and procedures, your business lawyer can:
- Create custom contracts for all your business relationships, including vendors, customers, and employees,
- Set up protections for confidential information and intellectual property, such as non-disclosure, non-solicitation, and/or non-compete agreements, and
- Assess business risk and proactively address potentially difficult situations.
Does Every Business Need a Lawyer?
Perhaps – As a small business owner, you probably spend most of your day marketing and drumming up a new business, serving clients, managing employees, and paying the bills. This leaves little time for updating contracts, escalating debt collection, writing an employee handbook, making sure departing employees sign an employment separation agreement, complying with regulatory procedures, and other necessary business law processes. Hiring a small business attorney to deal with legal issues and documents can free you up to do what you do best — focus on day-to-day operations and long-term business strategy.
How Much Does a Business Lawyer Cost?
Many law firms charge by the hour, which can get costly when setting up and running a small business. InPrime Legal instead charges one monthly fee and provides you with a dedicated legal team that acts as your in-house counsel. The InPrime Legal team regularly reviews your contracts and documents, and proactively assesses and addresses business risk. Your InPrime Legal team serves as your outsourced general counsel, strategically addressing legal issues and operating as a key business advisor.
Your InPrime Legal Team
Let our team help you with setting up your business, writing contracts, establishing HR procedures, and protecting your intellectual property. Measure your legal risk today by using our Business Legal Risk Assessment. In less than 5 minutes, you will see areas where our experienced attorneys can help manage your business legal risks, and assist you as your company grows, contact InPrime Legal online today or call us at 770-282-8967.
Disclaimer: This blog should not be used as a substitute for competent legal advice from one of our licensed attorneys.