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Do I Need a Lawyer if I Am Planning on Becoming a Business Owner?

Posted on in Business Law

Greenwich commercial and business law attorney

If you are in the process of becoming a business owner, you may have an overwhelming number of tasks ahead of you. You will need to decide on a business structure, choose whether or not to share ownership with business partners, develop a business plan, and much more. One matter that you may also be considering is whether or not to hire a business lawyer. If you are like most entrepreneurs, you are probably looking to reduce costs wherever possible. You may assume that a business lawyer is only necessary if you are being sued or have other urgent legal matters. However, retaining an experienced legal representative from the very beginning of your journey into business ownership may help you save a significant amount of time, money, and frustration.

A Poorly Written Contract Can Be Disastrous for Your Company

An entrepreneur’s skill set and that of an attorney are often vastly different. Entrepreneurs and business owners are often creative, abstract thinkers who look at the “big picture” instead of focusing on small details. Lawyers, on the other hand, are trained to scour business contracts and other important documents for even the tiniest mistakes that could cause problems for their clients. Having a lawyer assist you in drafting or reviewing contracts such as purchase agreements, nondisclosure agreements, employment contracts, non-compete agreements, and commercial property leases can ensure that you uncover and address any issues that could present problems for your business in the future. Your attorney will ensure that these contracts are accurate, free of ambiguity or errors, and accomplish the task intended. A poorly written business contract can result in breach of contract claims, employment disputes, and a host of other legal issues.

Preventing Legal Disputes Is Always Preferable to Litigating Disputes

While it is true that you have the option to wait to hire a lawyer until you are served with a summons or face another legal matter, waiting too long to consult an attorney could put you at a major disadvantage. Once legal problems have already occurred, mitigating the damage can quickly become exceedingly costly and time-consuming. By hiring an attorney before problems arise, you can take every step possible to prevent legal disputes before they occur. An attorney can help you set up your business in a way that is compliant with federal, state, and local laws, choose the business structure that best fits your needs and business goals, and ensure important paperwork is completed accurately.

Contact a Fairfield County Business Law Attorney

Business ownership is a major responsibility that can be susceptible to legal pitfalls. If you are considering starting a business, buying a business, or have other similar goals, contact the accomplished Law Offices of Peter V. Lathouris, LLC to learn more about how we can assist you. Our knowledgeable Stamford, CT business lawyers have over 30 years of experience successfully managing business acquisition concerns, and we are equipped to help you with a wide range of legal needs related to your company. Schedule a free initial consultation by calling our office today at 203-359-2047.

 

Sources:
https://www.entrepreneur.com/article/58326
https://www.forbes.com/sites/dailymuse/2012/09/18/what-start-ups-should-know-about-hiring-a-lawyer/

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