As you plan out the details of your new business, it’s natural to wonder whether it’s necessary to hire an attorney. While you can complete several steps on your own, there are times when you should consider enlisting the guidance of a knowledgeable business attorney to ensure that your new endeavor launches smoothly and successfully. From selecting the entity that’s best suited to address your needs to creating clear contracts in place, business attorneys can help you begin this exciting chapter with confidence.
Exploring Your Business Structure Options
If you’re just starting out, you’ll need to determine what type of ownership structure best fits your situation. Depending on your needs, you may decide to proceed as a sole proprietorship, form a partnership, or create a limited liability company (LLC). Each option carries tax and liability implications, so discussing the advantages and limitations of each structure with a trusted business attorney is a great way to help you arrive at a decision. From there, your attorney can guide you through the necessary paperwork and make sure your business is good to go.
Naming Your Business
Many new business owners enjoy the process of naming their company. First, however, it’s important to check whether other businesses or entities already exist under the name you intend to use. For the most part, you can perform a simple search on Colorado’s state database to determine whether your desired name is available. If it is, you can follow the steps to reserve it and proceed from there. The next step is to check with the Trademark Electronic Business Center to ensure your desired business name is not a registered trademark. Trademark issues can quickly become complex, so enlist the support of an experienced attorney to help you navigate any potential issues.
Setting Your Business Up For Success
As you move closer to launching and operating your business, take the time to build a solid foundation. A business lawyer can help you draft clear contracts that protect your best interests and minimize the potential for litigation down the road. Establishing employment agreements, terms of service, and other essential documents should be done carefully and thoughtfully, providing you and your business with comprehensive legal protections. As much as you want to dive into your new adventure, taking the time to make sure everything is in place is the best way to protect the health and future of your business.
Ready to learn more about starting a business in Colorado? Contact Judex Law LLC today at (303) 523-4022 to discuss your goals with a trusted and friendly business attorney.