10 Reasons Why You Need a Lawyer When Starting a Business
Starting a new business is an exciting time, filled with endless possibilities and visions of future success.
But starting a new business can also be stressful. And if you don’t do it right, you can set yourself and your new business up for frustration and unnecessary liability exposure, and you might miss some crucial steps.
Working with a North Dakota business lawyer allows you to put our experience to work for you so you can avoid the mistakes others have made.
The experienced business lawyers at Fremstad Law have set up hundreds of businesses and routinely work with clients to untangle mistakes that could have been avoided through proper business planning.
Here we offer 10 reasons why you should work with a North Dakota business lawyer when starting your new business.
#1 - Help with Contracts
Starting a new business involves lots of contracts - contracts between business partners, contracts for services, and contracts for office space, to name just a few.
Most people don’t have experience reviewing, analyzing, or drafting contracts. Lawyers do. And we also have the benefit of having seen what happens when things go wrong. Working with a lawyer can help you avoid contracts that are poorly written or don’t adequate protect your interests, and can help you avoid the problems that come when businesses operate with no contract at all.
#2 - Licensing, Registering Your Business, and Permits
Most business entities are required to register with the North Dakota Secretary of State, and must identify a Registered Agent. Depending on the nature of your business, you may need certain licenses or permits. A North Dakota business lawyer will know what permits and licenses you need, can help you obtain them, and will handle the process of registering your new business with the North Dakota Secretary of State.
#3 - Choice of Entity
A lawyer will help you choose the right business entity for your new business. Your choice of entity will have tax and reporting requirements, and a business lawyer can help advise you on what those might be, and get you in touch with an accountant who can handle these tax questions.
A business lawyer will also prepare the necessary documents to legally bring your new business into existence, and will take care of preparing the documents that will govern how the business operates, how profits are divided, how expenses are shared, and what happens if one or more people decide they want to leave the business.
#4 - Fiscal Responsibility
Businesses need money to run. A lawyer can help you plan for how you will make money, how you will spend money, and how you will record money coming in and going out. A business lawyer will also help to ensure that the business is being operated in a fiscally responsible manner, and can answer questions to ensure that you do not inadvertently violate the law.
#5 Minimize Liability Risk
Different business forms offer different types of protections to the business owners in the event you or your new business are sued. Choosing the right type of business entity can help shield you and the other business owners from personal liability in the event something goes wrong with the business.
#6 - Allow You to Focus on Running the Business
The legal requirements of starting a new business can be complicated for someone who has never done it before.
Working with an experienced business lawyer allows you to focus on what you do best - starting and running your business - while we focus on the legal aspects of getting your enterprise off the ground.
#7 - Trademarks and Copyrights
A lawyer can help secure trademarks and copyrights so you have legal recourse if another business tries to profit from your idea.
#8 - Personalized Advice
Online legal form providers lack the specific knowledge of your unique situation. While they offer general business forms, they aren’t able to customize documents to suit your specific needs. If not done properly, this can leave you and your new business open to liability.
The value a lawyer provides isn’t so much preparing the documents; it’s in telling you which documents you need, and handling the transactions outside the documents that may be required to make the documents work the way they’re supposed to.
#9 - Ensure Compliance with the Law
When you’re starting a new business, you want to be sure you’re getting off on the right foot. Inadvertently violating the law is no way to start a business. A lawyer can help make sure that doesn’t happen.
#10 - Avoid Being Sued
Unfortunately, most business owners put off hiring a lawyer until it’s too late. Instead, start working with a lawyer before the wolves are at the door. Your lawyer will help keep you out of trouble, and if bad things do start to happen, having a lawyer step in sooner rather than later can save money and avoid having the problem get out of control.
Fremstad Law - Moving You Forward
A business lawyer can help you avoid mistakes and minimize the impact if you do make one.
The North Dakota business lawyers at Fremstad Law have extensive experience helping new business owners plan and start their new enterprise, and can help you avoid time-consuming and costly mistakes so that you can focus on moving forward.