Every business should consider consulting with at least two types of professionals in the early stages: accountants and lawyers. Most small business owners visit an accountant to set up the financial foundation of their new venture, but some struggle with the need to visit an attorney for business setup structure and solid risk reduction strategies. A good legal foundation will provide valuable security throughout the life of your business. Here are a few reasons to visit a lawyer in the early stages:
- Determine business structure. What type of business structure is best for your small business? While an accountant can give you information regarding the financial and taxable state of your business, only an attorney has the credentials necessary to provide you with legal counsel. Speaking with a lawyer who has experience in starting new businesses will give you the confidence you need to make sure you are forming the correct type of structure for your new venture.
- Complete all incorporation steps. There’s more to business structure than just filing with the state. Certain steps must be taken to ensure your business retains full protection under incorporation. You must obtain a Tax ID number, and establish an Operating Agreement. You should also keep company minutes, as well as other items specified by the protections you are seeking. An attorney with experience in business creation will be able to walk you through these steps.
- Be proactive. Once you are in legal trouble, it’s often too late. If you are waiting until the sheriff visits with a summons, you’re taking a big gamble. Hiring a good attorney will help provide risk reduction in every aspect of your business, from formal business incorporation to lawsuits to liability. Once a problem has already occurred, it’s just a question of how much you will have to pay to get the problem resolved, and depending on the problem your business might not withstand the outcome.
Meeting with an accountant and an attorney can be your best professional consultations when forming a new business. If you are looking for reliable, affordable legal setup from attorneys with extensive small-business experience, call the attorneys at LexLaunch.com at (816) 434-6610 or click here for more information to learn more about how to decrease risk and protect your small business.