20 Nov When to Hire an Attorney
When you are first starting a business, there are many things you need to consider. Credit card processing, merchant accounts and many other issues that are important to your business are going to spring up. Some of these issues will require the help of a lawyer that is experienced with business affairs. There are many lawyers who devote all of their time to working with small businesses. Here are some of the issues that you will need a lawyer’s help with when you are running a business:
1. Filing a patent
Patents are time consuming and expensive. It can often take many years until one is approved. That is the reason why there are so many “patent pending” messages on various products. Unless you are in the biotech or pharmaceutical industries, you need to consider if your patent will give you a significant advantage in the market you are in. Talk to a patent attorney to understand what rights you have in the patent process.
2. Forming a corporation
Forming a corporation with a board of directors and shareholders is more complex than forming a business partnership or an LLC. A corporate attorney is often required to manage the administrative side of the complex legal and tax requirements of a corporation.
3. Reviewing contractual agreements
One of the most important reasons that a business needs an attorney is to help with reviewing contracts that bind your company to various actions. One such contract would be your property lease. A lawyer will be able to address and change terms that are not acceptable to you. They can find any errors that are present in a contract. Lawyers can also help to make sure that all business being done with merchant accounts and credit card processing is being done legally and ethically.
4. Creating legally binding documents
Verbal agreements are never a good idea in the business world. When making an agreement, you need to be certain that it is legally binding. An attorney will be able to write a legal agreement that is in the correct legal language. Knowing that all of your service agreements, waivers, employment contracts and any other necessary documents are all legally binding will give you peace of mind. You will not have to worry about these issues. You can then focus your attention on other areas of your business.