Starting a new business is full of challenges, one of which is obtaining all the necessary elements to help it succeed. One element that masses of new businesses don’t think they need is a lawyer, but that thinking is flawed. In reality, if you don’t have a lawyer on retainer your startup is doomed from the beginning. Even if you are a company that you run out of your living room, without the expertise of a professional of lawman you are going to struggle. If you don’t believe me, take a look at the reasons below that outline why they are so important.
Picking The Correct Structure
Before you can get set up, you need to choose a formation of your business. There are quite a few to pick from, and it is hard to change if you get it wrong. Plus, the wrong structure can stop you from achieving your primary goals, such as making money. These reasons make getting it right from the beginning incredibly important. Apart from countless hours of research, the only way to be sure of making the correct decision is to ask a lawyer. Their years of experience and specific skill set make them the perfect candidates for the job.
Your Lease Won’t Be In Your Name
But, of course, I want the lease in my name. It is my business! True, it is your business. But, that doesn’t mean the lease needs to be in your name. In fact, it is important it isn’t for two reasons. Firstly, your assets won’t match up properly. And secondly, you will be personally liable with regards to any legal situations. As a result, the insurance company might not cover you, and you could get wiped out by a single lawsuit. That scenario could easily happen because lawsuits are part and parcel of business in 2015. Little nuggets of info like this are essential, and who are the people who have them? Yes, that’s right, lawyers.
You’ll Be Compliant With Security Laws
There are numerous laws that you need to comply with to run a business. Regardless of how big or small your company is, you will need a licence to trade. Also, you will need a professional bank account and industry safety standard premises to name but three. If you don’t comply, you will be liable for crippling fines and criminal prosecutions. One of the bases that employment law solicitors will help you cover are the security laws and fine print that most business owners tend to neglect.
You’ll Be Ready To Do Business
What does all this mean? It means that you will be ready to do business at a moment’s notice. Paying bills and filing papers does not mean you are ready to start operating. There are so many different factors that you need to consider that can be devastating to your new business. The right lawyer will take all this into consideration and get you ready to trade as soon as possible.
The earlier you can start trading, the quicker you can start to achieve your short and long-term goals.