Reasons Why Your Business Needs A Corporate Lawyer
Owning a business has its benefits, but there are also a variety of problems that can arise, many of which are legal. Whether you are starting a new business or have owned your business for several years, one of the most important expenses to consider is retaining a corporate lawyer. An attorney will have the knowledge and experience to guide you through the process of ensuring that you are in legal compliance of contracts, documentation and employee issues. Here are just a few of the reasons why your business needs a corporate attorney.
Starting a Business
If you are an entrepreneur that is ready to open a business, you will be faced with several options for the best type of legal entity your business will be. You will need to choose which option is best suited for your business in regards to the size of the company, taxes, and liabilities. One of the most important things a corporate attorney can assist you with is determining the type of business that is best suited for you. Business choices include:
Sole proprietorship-This is the most common choice for a business in which one individual offers services, such as a home business. It is also legally the easiest type of business to start and maintain.
Partnership-This type of business is owned by more than one person. A partnership means all aspects of the business are generally equal. When there is unequal division, it must be spelled out in a contract.
Corporation-This is one of the most complicated types of business to establish. There are different choices for the type of corporation, each of which requires taxes to be paid on the profits as well as taxes paid for the money that shareholders earn.
Limited liability Corporation (LLC)-An LLC means that all members of the business are considered owners, and unlike other corporation options, an LLC isn't required to have board meetings and there aren't concerns about double taxation.
A corporate lawyer will help you choose which of the business entity options is best suited for you and your business, especially when dealing with tax obligations, shares, and profits.
Entering into Agreements
Whether you are in the startup process or your business is expanding, at some point, you will be faced with a wide array of contracts. Contracts with employees, partners, investors, and buyers must be developed, signed, and legally notarized. A corporate lawyer can help with all aspects of the contracts, including drafting the contract and being present when the contract is being signed. Ensuring that contracts pertaining to your business are legally drafted and legally binding is critical for the safety of your investment in the business.
A corporate lawyer can assist you with the several elements of starting and operating a business, including determining if the business name and trademark are available. Regardless of the size of your business, there is always a risk of small issues developing into massive legal problems. A corporate attorney can assist you with all legal aspects pertaining to your business. It is much easier to have a corporate attorney that is available to help you from the beginning and understands your business than to frantically search for an attorney when a legal emergency arises.
For more information, contact a local firm like Carter West Law.