While starting a business is usually an exciting endeavor, there are several questions that you need to consider as you lay the foundation for future success. What type of business entity is right for you? What tax obligations will your business have? What is your roll-out plan, and what strategies will you use to grow your business over time? Perhaps one of the most common questions that new business owners ask themselves is: Do I really need an attorney to start my business? While there is no straightforward answer, it’s worth taking a look at some of the ways in which working with a business attorney can help you launch your business with confidence.
Understanding Which Business Entity Best Suits Your Needs
You’ve probably spent some time exploring the various options for structuring your business. Common business structures include sole proprietorship, partnership, limited liability company (LLC), and S corporation (S-corp). Sole proprietorships are typically the most straightforward to establish, as you are not required to register your sole proprietorship with the state. Partnerships and LLCs involve several documents, such as a partnership agreement or an LLC operating agreement, and you’ll need to register your business with the state. S-corps must also be registered with the state, and they often involve a more complex ownership structure and entail a large amount of paperwork. While you will likely be able to form a sole proprietorship on your own, an attorney can be useful—if not essential—when creating any other form of business to ensure that all steps are completed correctly.
Specific Ways That a Business Attorney Can Help You
There are a number of benefits to working with a business attorney. There is a significant volume of paperwork involved in launching and operating a business, and an attorney can help you complete, draft, and review each one to ensure that your best interests are sufficiently protected. If you need to trademark your name, review lease agreements, or create business contracts, your attorney can step in to oversee or handle these tasks while you focus on other aspects of your business. Also, while it may be tempting to use online forms as contracts or other important documents for your business, these forms are often overly vague and may leave your business vulnerable to future legal trouble. A business attorney can create customized legal documents and strategies to ensure that your business is set up for success.
Providing Support and Guidance as You Launch Your Business
It’s common to feel overwhelmed by the number of tasks involved in starting a business. Even if you don’t have an immediate question, working with an attorney is a great way to feel supported and confident during this exciting time. Any time a question or concern arises, you can trust that your attorney will be right there to provide you with an answer or recommendation. Even if you decide to launch your business on your own, you can still reach out to an attorney at any time. Your new business is unique—it’s worth it to seek customized legal guidance to make sure it thrives.
To learn more about how to launch a new business in the Broomfield area, contact Judex Law, LLC at (303) 523-4022 today to get started with a trusted business law attorney.