Starting a business is a complicated process, so there is a lot to factor in before you open the doors. One thing you might not even think of is legal aid. The stark reality is that a business needs legal help if it is going to survive. Sorry to say it, but there are a lot of obstacles that stand in the way of you and success.
Of course, a quality attorney is the first person to turn to because they are experts. However, one lawyer will not do as it’s vital that you cover every base. After all, one lawsuit can be the difference between being a market leader and becoming a statistic. For those of you that don’t know where to start, below are the different types of lawyers that are invaluable.
#1: Business Lawyer
Before you can even think about taking the industry by storm, you have to set up the firm. Thanks to the internet, formulating a business doesn’t appear difficult. In fact, all you need is a bit of research and a permit from the authorities, right? They are necessary, but there is so much more to consider. To begin with, it’s important to choose the correct type of business you want to run. A sole proprietorship, for example, is suitable for single entrepreneurs, yet it leaves you personally liable to lawsuits. A quality business lawyer will be able to guide you through the different structures and to the other side without any harm.
#2: Labor Lawyer
Hopefully, the business will be big enough to hire employees. If it isn’t, you might want to rethink your business model already. It’s a fact that a workforce is one of the biggest contributors to any organization’s success, but it’s also a hindrance. Without sounding cynical, employees like to sue whenever they get the opportunity. The reasoning is simple: they have nothing to lose. If they lose, there is nothing the business can do but continue to employ them like before. A win obviously changes everything in their favor, plus they still can’t be sacked. Employee lawsuits are not rare in the industry, which is why you need a person with knowledge to deal with any that come your way.
#3: Criminal Lawyer
You might find the idea of searching for an affordable criminal defense attorney a little over the top. Indeed, you’re not a criminal, so there is no need for one. However, just because you’re innocent now doesn’t mean it will stay that way. The industry is very intricate, and businesses break the rules every day. And, they do it without any knowledge of their crimes. There is a possibility that you or someone in your firm could make a fatal error. Of course, if that happens, a criminal lawyer is the only person to call. Even if you don’t think this is possible, having an expert by your side is still beneficial. With their knowledge, they can tell you the pitfalls to avoid so as not to engage in illegal wrongdoing.
#4: Finance Lawyer
Isn’t this just another name for an accountant? Although the two do share similarities, there is a distinction. As you know, there are financial assets that you have which are law-based. Take a mortgage or a loan as an example. Any time a lender doesn’t feel they are going to get back their money, they will file suit. When this happens, an accountant isn’t going to be able to defend you in court. A bookkeeper is good at following the money, whereas a lawyer follows the politics, too. Seeing as you will have lots of these financial agreements, it’s only logical to call on a professional.
#5: Intellectual Property Lawyer
As the boss, you get to decide if you want a piece of any action created on the premises. Simply put, you own the idea if there is a clause in all employee contracts. Now, it sounds simple when you think of it in this way, but it’s far from basic. To keep their idea, people will come up with all kinds of stories to throw you off the scent. And, they aren’t scared of going to court because a judge can be sympathetic to the little guy. Thankfully, an IP attorney can unravel the timeline and pinpoint the exact moment of creation. Even if the issue does go to court, a judge won’t be able to rule against you if there is solid proof.
One lawyer might appear like a good idea, but as you can see you need a lot more. You’re going to need a bigger office.