The dream of starting your own business can take years to come to fruition. You’ll have to arrange funds, get the right team onboard, and must have a well-defined and streamlined process in place. When that time comes, you will want to ensure everything goes on smoothly and there are no hiccups in execution. At this point, one of the most important things you need is legal direction.
Law codes in Texas have certain regulations and requirements that businesses need to comply with. To help understand these requirements, consider hiring a business lawyer; an expert who has detailed knowledge about how business law works. These experts can advise you on a number of business related matters including forming an entity, business litigations or lawsuits, and business partnerships.
In this post, we delve deep into the reasons why you need a business lawyer. Read on.
1. Choosing a Business Model
One of the most important things a business lawyer can help you decide is the type of business model to file. Some options available are: sole proprietorship and partnership. If you need a structure wherein the business and you (the owner) are considered as separate entities, then form a corporation, limited liability company, or limited liability partnership. Other options include limited partnership and non profit corporation. Given the fact that the business structure will have a significant impact on the way your business will be owned, managed, and taxed, you must consider these options carefully and hire a business lawyer who will inform you about the tax, legal, and other outcomes of your decision.
2. Protecting Intellectual Property
Businesses and individuals often use copyrights and trademarks to protect intellectual property. Business, name, logo, slogans, and packaging can all be used to distinguish a business from competition. If you have inventions, you will need to apply for a patent to protect your business interests. A business lawyer can help you identify the type of intellectual property you have and advise on the steps you must take to protect your business interests.
3. Choosing the Right Name
When choosing a business name, there are various legal guidelines you need to follow. You cannot, for instance, in most cases, use a name that a business is already using. A business name that infringes on a registered trademark used by another business can spell legal trouble, which is why it is a good idea to consult a business lawyer who will explain the rules you must follow when choosing the business name.
4. Providing the Operating Guidelines
Businesses have to operate according to the guidelines laid down by corporate bylaws and LLC operating agreements. These bylaws cover important topics such as nature of shareholders meet, issuing shares, and the key business decisions taken. A business lawyer can look into legal matters and help draft documents that define business policies and operating procedures.
5. Minimizing Risks
As a business owner, you must ensure that your business complies with various employment laws, anti-discrimination laws, and safety regulations. Any failure to do so can result in fines, penalties, and litigations. To abide by legal guidelines, you with your business lawyer, must come up with policies, procedures, and handbooks that summarize workplace rules.
If you go through the annals of business law, you will find many cases, wherein a business was shut down due to a legal issue even before operations commenced. Hiring a business lawyer can help you avoid such a scenario. If you are in Texas and need a consultation to set up a business, the Lawyer Referral Service of Texas can help. We can connect you with a suitable lawyer referral based on the dynamics of your case. To learn more, simply call 512-472-8303 or 866-303-8303, or fill out our ‘Request a Referral’ form and we will take it from there.