Do Startups Need Lawyers? There May Be Signs That You Do

Entrepreneurship has seen its ups and downs in the US, but in the last year or so, things have once again started to look bright as the growth has picked up quite a bit. However, a good number of startups are still failing every year, in spite of showing potential initially,at least in their ideas. The exact reason behind that differs from business to business, but a lack of proper legal counsel is definitely one of them.

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The main issue in such cases is that by the time the smaller businesses realize that they needed lawyers, it’s already too late for that realization to be of any consequence. To prevent the same from happening to your own business, read on as we discuss some of the most common signs that your business needs legal aid.

You are Googling the Definitions of Business Structure

Search engines are an indispensable source of knowledge that has changed the world forever, but when you are trying to learn the definitions of business structures by searching for them online, it’s a definite sign that you need to hire a lawyer!

There are primarily five different types of structures to choose from, but LLC and Corporation structures are ideal for most SMEs. However, that’s just a one-line suggestion, and it doesn’t apply to every business out there. Only by consulting with a business lawyer can you actually hope to know the ideal business structure that will suit the operations and nature of your business. Then, of course, there is the actual paperwork, which only experienced business lawyers have the knowhow to draft properly.

You are entering into a Legal Agreement with Another Business

Legal contracts are a regular affair to deal with, but when you are trying to draft one without a business lawyer by your side, you just need to have a legal degree yourself.

As that’s most often not the case, consultation from a specialized, corporate law firm, such as the Beress&Zalkind Law Firm is highly recommended. You need experienced attorneys in business and tax law by your side before you sign any contract with another business.

They will not only be able to detect any clauses in the contract that might compromise your company’s position but could even be able to negotiate the other party into drafting a more beneficial contract for your business deal.

You are Not Sure About How to Proceed with Patenting Your Intellectual Property

If you have an excellent business idea, it needs to be protected legally or someone else will copy the idea and then register it as their own instead. This happens far too often in business as it is, and without patents and copyright protection in place, the original innovators would never get the credit or success they deserved.

From setting up and drafting the initial documents to making sure that your accountancy is up to date with the complex federal tax laws, legal assistance is an important part of modern business itself. It’s just that some SMEs fail to give that fact the credibility it deserves.