Launching a new business is an exciting endeavor. There are so many things to consider, and you may feel overwhelmed and anxious about the sheer number of tasks you must complete before your business can begin. As you start to lay the strongest foundation possible, it’s worth enlisting the guidance of a trusted and experienced business law attorney. Your lawyer can assess your needs to determine what protections you should implement to keep the future as bright as possible. While working with an attorney is not required to launch a new business, doing so is highly recommended. Let’s take a look at some of the key questions you should consider asking an attorney when launching a new business.
What Do I Need to Start a New Business?
Naturally, any new business starts with an idea. However, what steps do you need to take once you have this idea? It’s helpful to create a business plan. This document defines your company’s mission, goals, methods of reaching these goals, and the timeframes for achieving them. Creating a business plan also allows you to think about the long-term growth and sustainability of your business. How do you plan to scale your services over time? How will you adjust your business strategy over time?
You will also need to secure financial backing for your new business. Identify funding sources and set financial targets to help you measure your success. At this stage, it’s also important to identify an attorney that you can work with to set your business up and support your company as needed in the future.
How Do I Choose a Name For My Business?
Some people are surprised by how challenging it can be to name their new business. The most effective business names describe the goods or services in some way and stand out from other business names. Your attorney can help you register your business and check to see if similar companies already use the name. There may be intellectual property considerations to navigate, such as trademarking your business name or avoiding accusations of trademark infringement from existing businesses with your desired name. Working with an attorney is the best way to ensure that this process moves forward smoothly.
What Business Structure Should I Use?
There are several types of business structures that serve different purposes, depending on the needs of your business. This area can be particularly confusing for new business owners, so work with your attorney to determine the most appropriate structure to support your needs and goals. Whether you end up selecting a general partnership, limited liability company (LLC), limited partnership (LP), C-Corporation, or other business entity, you can trust that you are making an informed decision with your knowledgeable attorney by your side.
What Legal Documents Must I Have?
The business world relies on contracts and other important documents. While it may be tempting to use free templates online to create business formation or contract documents, these forms are often too vague to protect your business’s best interests sufficiently. If you encounter a legal dispute, the generic language may leave you vulnerable to liability issues or other problems. Work with your lawyer to draft and review customized formation documents and contracts that thoroughly protect your business. By investing your time and resources into creating tailored legal documents right now, you are reducing the likelihood of legal disputes later on. The cost of creating customized business documents is significantly less than the cost of business litigation down the road.
What Risks Should I Guard Against?
Business law attorneys are deeply familiar with the risks small businesses may encounter. Your attorney will likely be able to anticipate potential issues that you cannot—enlist their help to prepare for possible obstacles. For instance, two people who are excited to launch a new business together may assume that they will always see eye-to-eye. However, partnership disputes can erupt at any time, so it’s essential to have a documented protocol in place for navigating these types of issues. Your business lawyer can help you create provisions for how you will address partnership disputes, such as using Alternative Dispute Resolution (ADR) before taking the matter to litigation.
Get Started With a Dedicated Business Attorney Today
As you prepare to launch your new business, work with a caring and knowledgeable business attorney to help you begin this adventure with confidence and optimism. A business lawyer understands the protections and strategies your business needs to thrive. Additionally, this source of support does not disappear as soon as you launch the business—they are there to provide ongoing guidance and counsel as your business grows and changes.
If you are thinking about starting a new business, Judex Law, LLC, is here to help. Call (303) 523-4022 to speak with a trusted and friendly Colorado business attorney today.
EXCERPT: As you start to lay the strongest foundation possible, it’s worth enlisting the guidance of a trusted and experienced business law attorney. Your lawyer can help you create customized contracts, select the best business structure, and provide ongoing support as your business grows.