Starting a business is difficult and can be overwhelming. It is even more difficult when you don’t have the right resources. Many people try to start their own businesses, but few succeed because they don’t have the right tools or knowledge to succeed. It is extremely important to make sure you’re taking all the necessary steps to protect yourself and your business. If you fail to adhere to all of the requirements to create and run a business, you may not have the liability protection you are seeking. Hiring a business attorney is one of the best things you can do for your company. An experienced business attorney provides you and your business with a wide range of services that will greatly benefit and protect you and your company in the long run.
Below are five benefits you and your company stand to gain from hiring a business attorney.
1. Establishing a Suitable Business Structure
Starting a business is hard enough without having to worry about the legal implications of your decisions. It’s often confusing and difficult to choose the appropriate business structure – which one is right for you? There are many factors to consider, both pros and cons about each structure. Making the wrong decision about your business structure can have serious consequences down the road. You could be held personally liable for debts and obligations if you choose the wrong business structure or establish it incorrectly. Depending on the type of business you have, the list below sets forth the structures that are available in Washington State.
- Sole Proprietorships
- Subchapter S Corporations
- Limited Liability Companies (LLCs)
- Professional Corporations (PCs)
- Professional Limited Liability Companies (PLLCs)
- Family Limited Partnerships
An experienced business attorney can help you establish the right business structure for your company from the start. They’ll take into account all of your unique needs and help you choose the structure that’s best for you based on liabilities, tax obligations, tax preparation fees, employees, and start-up costs. A properly chosen and organized business structure will protect you and your business activities now and in the future.
2. Preventing Lawsuits
Running a business can be incredibly risky, with the potential for legal issues, such as lawsuits, from employees, customers, and other businesses. Lawsuits can cripple a business, costing time and money in court and damaging your reputation.
Hiring a business lawyer can help reduce the risk of being sued. A good lawyer will help get your business in compliance with state and federal employment laws, preventing many common types of lawsuits. Being proactive before a lawsuit occurs is the best way to protect your business.
3. Drafting Contracts
It can be difficult to know when a business transaction requires a contract, and if you don’t have a lot of experience in this area, it can be tough to produce a valid quality contract. Contracts are important for protecting both the company and the individual involved in the transaction. Without a solid business contract in place, whether it’s for employees, vendors, customers, etc., there is no guarantee that either side will uphold their end of the bargain, which could be putting your company at risk. A business lawyer can help you determine when a contract is necessary, as well as help you produce an airtight document that will protect your interests and one that will stand up in court if needed. By having a qualified professional review and draft your contracts, you can relax knowing all the details have been taken care of.
4. Reviewing Business Agreements
It’s not always easy to know what to look for when signing a purchase and sale agreement for the acquisition or sale of a business. Commercial purchase and sale agreements can be incredibly complex, with hidden clauses and terms that can end up costing you and your company down the road. Not having an attorney review your contracts can be very costly in the long run.
An experienced business attorney will help you review business purchase/sale agreements so that you can feel confident in your decision. They will also help you negotiate better terms, should there be any room for discussion.
5. Protect Your Intellectual Property
Protecting your intellectual property is vital to maintaining your distinctive and competitive business, but it can be difficult to know which type of protection is right for you. Without the proper protection, your intellectual property, such as product designs, inventions, logos, business services, original works, and trade secrets, can easily be stolen or copied by competitors. This could lead to lost profits and decreased competitiveness in the market.
A business lawyer can help you file the appropriate patent, copyright, or trademark for your intellectual property. They will also help you enforce your legal rights to protect your IP from theft or unauthorized use. The attorneys at Salmon Creek Law Offices have relationships with attorneys who can assist with all of your intellectual property needs.
Call Salmon Creek Law Offices!
Salmon Creek Law Offices, strive to do more than give legal assistance. Their staff wants to make you feel welcome and valued and takes your business seriously. As a local firm in the Clark County area, they are dedicated to providing the best legal service available to guide you through all steps of the legal process.
Relevant Key Terms:
- Business Attorney Vancouver WA
- Estate Planning Attorney Vancouver WA
- Attorney Vancouver WA
- Business Contract Help Vancouver WA
- Business Legal Help Vancouver WA