The startup phase is an exciting time in the life of a business owner. They envision the products and services to be sold, they find a target market, and they build a solid brand to generate demand. However, most business owners are not equipped to handle the legal intricacies of running a company. Below are some of the advantages of hiring a Business Lawyer in Green Bay WI.
An Attorney Can Help a Client Choose the Right Entity Structure
Sole proprietorships are simple, but they provide little in the way of liability protection. Partnership provides joint ownership, but that can leave an owner responsible for the other partner’s losses. C Corporations are simple to start, but they can present tax challenges. LLCs, LLPs, and S Corporations are other options, and an attorney can work with the client to help them choose the ideal structure for high profits.
Attorneys Can Expedite the Startup Process
A new business owner has one thing in mind: getting started. However, legal issues such as officer selection, documentation filing and bylaw creation can slow down the process. A professional can handle these details and give the business owner more time to run the company.
Protection From Novice Mistakes
In a rush to start a business, many rookie owners sign important papers like lease documents in their own names without realizing the tax ramifications. An experienced Business Lawyer in Green Bay WI can prevent costly errors from occurring.
Attorneys can Protect Sensitive Information
Unless a client takes early steps to protect sensitive info such as production methods, marketing language and product ideas, they may find themselves losing that information to competitors. An attorney can advise clients on how to best protect sensitive data.
Avoiding Government Challenges
Businesses are under a tremendous amount of government oversight on a variety of matters. Compliance can be expensive and distracting, and challenges can shut down a newly formed business. Mistakes may lead to fines or jail time, but an attorney can help clients anticipate these issues before they become critical.
These are some of the reasons why it’s important to hire legal counsel from Brabazonlawoffice.com before starting a business. With the help of a business attorney, a client can choose the most sensible corporate structure.