Small business owners need to keep the direct connection between their company’s health to their own personal livelihood in mind at all times. Every important decision that impacts the business can, and probably will, also affect them individually. Business formations, product patents, employment contracts, and even lease agreements for office space can all come back to bite an entrepreneur if they are not handled correctly the first time.
What is a small business owner to do? It all starts with accepting that problem prevention is more cost effective than problem correction. To avoid big slip-ups, as our own Attorney Lindsay Parris Thompson discusses in a recently published article, early-stage preparation and planning with a business attorney is a critical component of success.
Prepare, Plan, Protect & Profit
As Attorney Thompson points out throughout her article, building a small business is no small feat. Without a strong foundation, building a business can be difficult and one unexpected legal complication can have dire consequences. To this end, retaining the services of a business attorney upfront is crucial to a business owner’s preparedness.
Before you get too far ahead in your new business venture, talk to your business lawyer about:
- Structuring: The corporate structure you choose for your business, such as sole proprietorship, corporation, LLC, partnership, and so on, will play a major role in its functionality, duties, and how your business can be tied to your personal accounts and properties for liability protection.
- Tax Planning: Small businesses can save big by minimizing the amount of taxes they must pay.
- Insurance policies: Any business is going to need insurance of various types to minimize the impacts of liability and property damage.
- Leases: A business attorney can help you negotiate a flexible and fair lease for your office or warehouse space.
- Various contracts: Employment contracts, customer order contracts, non-compete agreements, third-party vendor contracts, etc. set forth the rights and duties that a business owner has, so it is important that these contracts fit your business and that you fully understand their terms.
Legal Help for Now & Later
Retaining the services of a business attorney at the first step of forming your small business has plenty of advantages that should not be overlooked. However, working with a trusted legal professional as the years go by and your business encounters new challenges and growth can be a monumental help for both your business and your peace of mind.
The Van Winkle Law Firm and our Asheville business attorneys can provide you with both general counsel for your business as well as directed representation for specific legal challenges. Whether you need help drafting a new contract, negotiating a sale, or protecting yourself and your business in a court of law, we are the legal team you can trust. Contact our law offices online or dial 828.237.4807 to discuss your options and concerns with us.
