Making the decision to start a business typically means that you have some kind of ground-breaking idea for a product or service. Every prospective entrepreneur believes that their idea has the potential to succeed, but the roadblocks that lie ahead are often difficult to predict. Unfortunately, the margin for error is extremely small when it comes to launching a new company and an intimidating percentage of businesses fail within the first 5 years.
Determining the right structure for your business is an important decision requiring experienced legal guidance. The following are some of the most essential reasons to hire a lawyer before forming a business:
- Understanding what liability exists prior to determining the type of business to start
- Ensuring that the business is being setup strategically
- When dealing with intellectual property like trademarks, patents, copyrights, etc.
- Knowing where and when to utilize legal documents
- Completing the legal documents appropriately and accurately
- Looking over lease documents
- Determining the right legal structures
- Dealing with staffing issues like hiring and firing employees
- Securing investment capital
- Assistance in conforming to state laws
- The executing of contracts
No matter what type of business you plan on forming, consulting with an experienced attorney is essential to start off on the right foot. Far too many business owners attempt to go at it alone and then end up paying for it in the long run. Seeking legal guidance at the onset will give your business a better chance of long-term survival.
At Tenax Law, we understand the ins and outs of forming a business. Through careful consideration of your goals, our proactive business formation services can help you choose which path is the right one for you whether it be a sole proprietorship or general partnership, limited partnership, limited liability company, limited liability partnership, “C” Corporation, or “S” Corporation. Contact our Naperville office today to get started on your new business!
