There are more people starting and growing their businesses than ever before. The web has provided us with something of a level playing field when it comes to marketing and promotion, and many companies have grown substantially because of this. The potential for personal rewards are great, and this is why many people enjoy starting their own business. Despite this, the economy can be volatile, and many businesses actually fail after their first year of operation.
How Can a Lawyer Help You With Your Business?
Given the many obstacles that exist to anyone who is thinking of starting a business or expanding an existing one, it’s a good idea to find a lawyer with experience in this area. So, how can a startup company lawyer help you with your business? Consider the following:
- Business partnerships: There are a lot of moving legal parts in a business partnership arrangement. There are also more risks involved, and this is where a good lawyer can really help. They can ensure that contracts are in place to protect both parties in the business and also protect the company in the case of one party deciding to sell their share or move on from the business.
- Sole trader: Owning and running any type of business is not easy work, though it can be very rewarding. As a sole trader, it’s important to understand what legal rights you have and how this relates to running your business.
- Risks: As businesses grow, so do the risks. It’s important to conduct regular risk assessments and remain as compliant as possible with tax laws, for example. But, do you have a complete risk profile of your business? Are you aware of the different risks that you face as a business owner? A lawyer can advise in these cases and determine your position with regard to risk.
- Limited liability: If you want to incorporate your business or look at the value of limited liability, a lawyer can provide good advice. There are a variety of things to consider when it comes to something like limited liability and how it impacts your role as a business owner, how it restructures your company, and how it defines your tax position under law.
- Disputes: As a company grows, it faces an increasing number of risks, including legal liabilities. What if your business partner is disputing their role in your company? What if your company is not being paid on time by a third party? What happens if there are ethical breaches within your company, and an employee is taking legal action against you? These are all potentially serious issues that require the advice of a good company lawyer.
Getting the Best Legal Advice Possible
Whether you’re starting a new business or growing an existing one, there are many reasons that it’s wise to speak to a lawyer. Disputes, incorporations, tax laws, conflicts, and company restructuring are just some areas where a lawyer can help.