How an Attorney Can Help Strategize a New Business
It’s no secret that starting a new business takes a ton of work. Even if you have a solid idea or profitable product or service to offer, there are still countless legal and procedural steps you’ll need to take to move your business from the initial idea stage into reality. And, one mistake many new businessmen and women make during this time is undervaluing the legal considerations for new businesses and how an experienced attorney can help address these and set you on the right track. If you’re interested in learning more about attorney-guided strategic planning and are in the Louisville, Kentucky area, call me at Chris Sanders Law PLLC.
How an Attorney Can Help Strategize a New Business
Most successful business owners don’t start out with a thorough understanding of business law. Instead, they start with a great idea and the passion and dedication to grow that idea into a successful venture. Through this, they may learn about the legal implications in business decision-making, but this doesn’t need to be done on your own. It’s here where working with an experienced attorney can bridge your ideas and strategies with sound legal advice that takes into account how the structure and operations of your business will be affected by state and local laws.
Choosing the Right Business Structure
Business structuring and entity selection is the first step in this process and one that shouldn’t be overlooked. You’ll first need to choose between forming an LLC, corporation, partnership, or even a sole proprietorship, each of which has its own benefits and drawbacks. Collaborating with a skilled employment law attorney right from the start can help you understand these options and how they’ll affect your business and tax structure in the future.
Following the Laws and Understanding Licensing
Each state and municipality will have its own regulations on how businesses need to stay in compliance with the law and what licensing is required. This can include making sure your taxes are filed on time and correctly each year, that your licenses are renewed regularly, and that you’re up to date on any changing laws.
Protecting Intellectual Property
A skilled attorney can help you with intellectual property protection strategies which grow more important as we become more interconnected as a global society. This can include help with trademarks and patents or including provisions in service agreements that clearly indicate who owns the final product of contracted creative work.
Drafting and Negotiating Contracts
Contracts are the backbone of any strong company whether they’re used for vendors, employees, partners, or clients. A well-drafted contract can not only serve you at the present moment, but it can also protect you if something goes wrong in the future. Your contract should be legally enforceable, making sure your interests are represented should litigation be needed.
Understanding Employment and HR Considerations
Even if you plan on starting your business on your own, you should be prepared for expansion when it comes time and this often means hiring employees. Your business lawyer can help you draft employment contracts, non-disclosure agreements, confidentiality clauses, or anything else you need so that both you and your workers are protected and are getting what you need. Additionally, as you grow, there will be HR considerations for new businesses that you may not be aware of and a good lawyer will help you stay on top of these.
Identifying Risks and Liabilities
Any business has an interest in reducing risks and liability while increasing their profitability, but this is often easier said than done. By working proactively you can put into place practices and safeguards to address these potential issues right when they arise so they don’t end up hurting your bottom line.
Allowing Data Privacy and Security
Nearly everything in our lives these days is stored electronically which opens us up for data breaches and security threats. If you’re not addressing data privacy and security for startups with your legal team then you’re putting yourself and your company at risk.
Strategizing for Dispute Resolution and Litigation
There’s no way to run a business (or get through life for that matter) without disagreements. And while it’s impossible to prevent every dispute, you can put into place strategies for resolving those disputes so they don’t turn into costly litigation. This may mean including language in your contracts and operating agreements that outlines a resolution strategy that first involves a mediator or arbiter before any legal action can be taken by either party. However, if litigation does become necessary, you know you can always turn to your attorney for guidance.
Following Regulatory Changes and Adaptation
Laws and regulations are bound to change over the life of your business and instead of fighting against these changes, you’ll need to adapt. By staying abreast of current trends and shifts in the law, you can stay one step ahead of your competition and implement new strategies to adapt.
For Your Legal Needs, Guidance Is Here
At Chris Sanders Law PLLC, we recognize that embarking on the path of entrepreneurship, or managing an existing business, can be both thrilling and challenging. We are here to provide you with the legal support and guidance you need to navigate the complexities of the business landscape. If you own a business or are considering starting one in the Louisville, Kentucky, area and are seeking comprehensive legal counsel, reach out to us today. Your vision deserves a legal partner who understands the intricacies of your journey and can help you achieve your goals with confidence.