You have probably heard of a business startup lawyer and wondered when and why a business would need one. Some people may ask, do I need an attorney to start a business? It is not always that you need such a lawyer. A startup lawyer makes sure that your business is running in line with all the legal requirements. They ensure every aspect of your business including the contracts you get into are profitable and safe. You can get a lawyer at australia's most innovative law firm.
When to hire a business startup lawyer
- When you need funding to start your business
Lawyers are used to reading such lengthy texts and technical wordings which you would find difficult to read and understand.
Obviously, lenders come with a lot of terms and conditions. Lawyers are used to reading such lengthy texts and technical wordings which you would find difficult to read and understand. They can deduce phrases and catch line that would otherwise choke you in the future. Better yet, they can negotiate better terms. In this case, you definitely need to engage a lawyer to cut your risks and ease the process of acquiring funding.
- When forming your company
When all the founders and shareholders meet at the onset of the company to determine equity rights, the presence of a lawyer could be necessary. A lawyer can also be hired to advise on other issues such as the structure of the company. They will tell you whether to go for a Limited Liability Company or a corporation and make ready all the paperwork you need. A lawyer may also advise you on the best place to put your firm up.
- When drafting employment contracts
Startups begin by employing staff on contract terms as opposed to long-term basis. Contractor and employee agreements are significantly different. Involving a lawyer will help you put down an agreement that will not cause you future litigations in case things go south.
- When you need to streamline potential disagreements among founders
Where startups have many founders, it could be essential to hire a startup lawyer who will advise on how they will operate. When one founder is a majority shareholder, he or she holds the majority of power and the rest who hold lesser shares may need legal counsel. Even when they hold equal shares, it is prudent to include a lawyer who will give the way forward in case one or more of the members dies, is absent for whatever reason, stops to or can no longer contribute, is difficult to get along with, or wants out.
- When your type of business is highly regulated
An example is a financial technology business. Fintech businesses are budding up fast thanks to the increased demand for financial services. This sector is highly regulated and there is, therefore, need for legal advice.
- When intellectual property is at the core of your business
If you have an IP, most definitely get an experienced lawyer to help you register and protect your intellectual property. Your IP is an asset that can appreciate, and even create new sources of income for you. Its value must be well represented in your business.
Consult a lawyer at australia's most innovative law firm when you are unsure whether legal counsel applies to your startup. Legal counsel cost may be high at times, but a startup lawyer could save you significant amounts of resources.