Congratulations! You are pursuing your dream to start a business. This can be one of the most rewarding experiences of your life. While it is encouraging to start your entrepreneurial journey, a new entrepreneur needs to take into consideration hiring a lawyer to help set up your business to ensure your business is properly structured. There are many options in the market, such as “self-help” legal websites or other non-attorney professionals such as certified public accountants. However, only an attorney can provide you with sound legal advice to make a decision about the legal aspects of your business.
Let’s explore some considerations on why it’s important to hire a lawyer to form your business entity.
1. Selecting the Wrong Business Formation: A business lawyer will help you choose the right entity that fits your business needs. Non-attorneys may not be fully aware of the legal aspects of each entity and may direct you to a formation that does not align with your business operations and goals. Forming the wrong business entity can have serious tax ramifications and/or open you up to liability. A lawyer will work with you to assess those needs and identify the proper formation.
2. Business Formation Documents May Not Comply with Local Laws: Oftentimes, a non-attorney who offers assistance to form a business entity does so by simply pulling templates from the internet. These templates may not comply with your state’s business laws. This can result not only in frustration when you attempt to file these documents, but wasted money. A business lawyer licensed in your state ensures that formation documents comply with your state’s laws and are recognized by your state.
3. Inflexibility for Future Changes: The aspects of your business may change as the business grows and you scale your operations. You may desire to change your business formation as you grow your business. A lawyer effectively guides you through these changes and advises you on the best alternatives for potential formation changes.
As an entrepreneur, you should still work with other professionals such as accountants, marketing professionals, and other service providers to handle subject matters within their respective industries. However, it is more beneficial to you as a business owner to work with a lawyer to handle your legal needs.
If you are interested in forming a new business or would like to discuss whether your business is properly structured, please use this link to sign up for a free discovery call with Attorney Desiree Kumar: https://tidycal.com/desiree/15-minute-discovery-call.
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