If you are considering starting a small business, it’s natural to feel excited and slightly overwhelmed by the number of tasks ahead of you. Some start-up companies want to launch their businesses as soon as possible, but rushing through the process could mean skipping essential steps that leave you and your new venture vulnerable to complications or disputes down the road. Taking the time to establish a solid foundation is the best way to ensure your business launches from a position of strength and stability. While you may not think to enlist the help of a business attorney unless you encounter a legal dispute, there are several advantages to doing so as you prepare to launch your new business. Below are just a few of the benefits of working with a knowledgeable Colorado business attorney at any stage of your business venture.
Supporting Your Start-Up Dreams
As an entrepreneur, you have a lot of things to consider and address before you launch your business. The months before your business goes live can be chaotic and stressful, so reaching out to an experienced business lawyer is a great way to ensure you complete every step accurately, completely, and on time. A business attorney can help with all sorts of start-up matters, such as drafting a business plan, helping to secure funding, and determining the best legal structure for your business needs (i.e., a partnership, an LLC, a sole proprietorship, etc.), among other essential steps. Additionally, an attorney can help you research and apply for any required licenses or permits, create employee handbooks and contracts, and answer any questions you may have about labor laws. Should any requirements or laws change, your attorney will notify you right away to ensure that you can move forward while remaining in compliance with all rules and regulations.
Putting Effective Written Contracts in Place
Businesses everywhere rely on well-written contracts. Every business relationship you have comes down to a written contract that clarifies the roles and responsibilities of each party. Although many new business owners gravitate toward free online templates to create business contracts, these generic forms tend to be overly broad and leave businesses vulnerable to legal disputes later on. Taking the time to work with a trusted business attorney to draft contracts that address your business’ specific needs and interests can save you considerable time, money, and stress in the long run. Your attorney can help you with all types of business contracts, including employment contracts, vendor contracts, partnership agreements, confidentiality agreements, stock purchase agreements, leases, letters of intent, and more. Putting clear and effective contracts customized to protect your business’ best interests allows you to move forward with greater confidence.
Understanding Business Tax Options and Obligations
The financial health of your small business relies on careful bookkeeping. As a business owner, you will also have to navigate the ever-shifting tax laws that may affect your bottom line. Understanding your tax obligations can be challenging, as tax laws tend to be nuanced and difficult to comprehend. When you enlist the assistance of a knowledgeable business tax attorney, you can trust that they will assess the details of your situation and help you understand your tax obligations. For example, if your business received a PPP loan from the government, your attorney can ensure you adhered to all of the Small Business Administration’s guidelines—which are notoriously convoluted and in constant flux. Additionally, an attorney can help you identify any tax credits and deductions to save your business money. Should the IRS decide to audit your business, your attorney will be there to answer your questions, address your concerns, and support you through the process. Whatever your specific needs may be, your attorney can provide you with trusted and effective legal guidance to support your business.
Building a Lasting Business Relationship
Many people assume that businesses only need to work with an attorney when a legal dispute arises. While a business lawyer can certainly assist you with litigation or dispute resolution, enlisting their help during the initial stages of launching your business can actually minimize or prevent potential issues and disputes from arising. Many small business owners find that working with a business lawyer allows them to build a lasting relationship with a trusted legal professional. Whether you are just starting to think about launching a new business venture or you’ve been running your small business for years, having the knowledge and guidance of a business attorney is one of the most significant investments you can make. Whenever a question or minor issue arises, you can contact an attorney who understands your business and receive the customized legal guidance you need to resolve the issue and move forward with greater confidence.
If you need help with a business law matter in Colorado, call Judex Law, LLC today at (303) 523-4022 to speak with a dedicated and experienced business and securities law attorney.