Why do new businesses need legal counsel?

| Mar 4, 2020 | Business Law |

If you’re forming a startup, you need to consider the current needs of your business while imagining what that business can become. This dual perspective is necessary to make sure there are no obstacles to growth if a company becomes successful and has the opportunity to expand. Considerations like employee hiring, legal structure designation, insurance filing, and tax filing are all categories that a lawyer could provide advice and experience.

The unique legal requirements for a startup

For simpler business structures, much of the legal requirements can be carried out by the owners. For more complicated legal structures, a lawyer can conduct those tasks leaving the more important aspects of running a business to the owners. Here are five areas where a startup could utilize legal counsel:

  1. Guiding the business through incorporation and the many forms of legal documentation necessary for creating an appropriate legal structure
  2. Maintaining legal due-diligence as it relates to insurance coverage, business litigation, employee contracts, as well as any other business contracts necessary to maintaining essential company functions
  3. Safeguarding intellectual property through non-disclosure agreements, trademarks, patents, and separation agreements
  4. Providing legal support for real estate contracts, leases, land permits, and other company facilities
  5. Having legal counsel can show investors that you’re taking your new venture seriously and are working to manage any risks that might come up

Supporting your business needs

An attorney skilled in entrepreneurial environments and business law can help you focus on making your business profitable while ensuring that your legal needs are covered. There are many pitfalls to forming a startup, but a lawyer can help you navigate this unknown territory and make sure you have the tools necessary to run your company the right way.

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