When you are starting your own business, it can be one big scary adventure. There are literally thousands of decisions to be made. How much should you invest in inventory?

Where should your business be located, how many employees can you afford to hire, and where to get your office supplies are some of the easier dilemmas. One of the bigger hurdles to jump is that of the law.

Being in business for yourself comes with a legal responsibility that is closest to the duties of parenthood. Below are three things you should keep in mind when deciding to hire a lawyer to represent your business.

Know Why You Need One

As with any venture you undertake, you must be well acquainted with the reasons for the task. This allows you to make the absolute best decisions possible. For example, if you are a teacher and don’t have a firm grasp on why you hold that position, it’s almost guaranteed that you will succumb to the politics or the frustration of dealing with the undisciplined masses of children.

If you choose to make auto mechanics your life, it’s a great thing to know cars so well that you can diagnose a problem by just hearing a certain sound. The same is true when you open a business on your own. You have a vision somewhere and there are aspects of the business that you need to protect in order for that vision to come to fruition.

First, you will need a lawyer to help you know and follow the governing laws of your state. Second, a lawyer will come in handy when dealing with all third-party interactions. This would include your customers, suppliers, employees, etc.

Chances are that you are not in business by yourself. Having a lawyer can help you make the boundaries clear with them and protect you if anything should go wrong.    

Sift Out The Unnecessary

When setting up a new corporation, there are a few things that should be prioritized over others. Yes, there will come a time when you need to interact outside of the business, but the core must be built first and the only way to accomplish that is from the inside out. Establish a business entity, first.

This will keep you safe from personal attacks from your business. Remember those partners of yours? Take this opportunity to establish who has what part of the ownership of the company. Also, make sure you cover the needs for intellectual properties and pay particular attention to the tax laws and your response to them as a business.

Consider The Cost

In the end, there is always the money to consider. You know your business and all it entails. You also know what you can and cannot afford. Hiring a lawyer typically costs between $2,000 and $5,000. Sometimes you will get lucky and come across a firm that will give you a discount that could bring the price lower.

With this in mind, make sure that you pay attention to the experience and the record of the law firm you reach out to. No one wants to invest thousands of dollars in a lawyer with the experience in law that a kindergartener has in school.

Every business needs a good lawyer. Follow these tips when considering your next choice.

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About Author

Hi Im Eddie. Ive been working in finance for most of my life so I thought I would start to show some or my learnings. Hope you find it useful. I have dogs too and cats. When Im not feed them Im running.