When and Why Start-Ups Need Help of a Business Lawyer?

Do you have any good ideas to set up a business? If yes, should you hire a business lawyer to help your business get off to a good start? Not Always.  A lot of the primary steps are related to choosing and founding your business entity but you can do these on your own. But once you take your business to the next level – for example, when it comes to hiring employees or penning your signature on a paper of complicated agreements – you may feel the needs and importance of hiring a lawyer.

If you, at any stage of setting up or running a business, feel uncertain, hiring a lawyer will help you avoid mistakes or finding yourself in a situation with unexpected and costly consequences.

Choosing Your Ownership Structure

You need to figure out what kind of ownership structure best suits your new business. In most states, you will get information about different kinds of business entities from the SOS (Secretary of State) website. These business types include LLC, partnership, corporation, and sole proprietor. Many online, as well as other resources, are available to help you understand and figure out your choice.

Deciding on the type of business structure that best suits your objectives largely depends on the type of company you own, your financing and the number of owners. Though many business owners make their decision without anyone’s help, you may need to consult an accountant or a Warren business attorney for some aspects of ownership, liability, tax, and other items.

Checking for Name Availability

One of the initial steps that you need to take when starting a business is to choose a suitable name for it. Though some legal requirements are involved in the matter, you can choose a name without a lawyer’s help. First, you should check that the name you want for your business is available in the state where you will set up and run the business.

Most states compile a business name database and put it on their SOS website containing the names of all the registered businesses. The website also has information about how to check for name availability and reserve your business name.

Once you have figured out that the name you want for your business is available in the state, the next step is to ensure that it has got no registered trademark. Check with U.S. Patent and Trademark Office’s Trademark Electronic Business Centre for the purpose.

Setting Your Business Entity

Once you are done with deciding on your business structure and a name for your company, you are entitled to form a business entity. If you want to go with a partnership or a sole proprietorship, you have to neither file a form nor pay fees.

In case of forming a corporation or LLC, you are required to file organization documents with the state where you set up and operate your business and pay a fee for that purpose.

As a part of starting your business, you will also want to have a business bank account so that your new business transactions remain separate from your other businesses or personal finances.