It’s safe to say that without a great business lawyer, a small business is sure to run into legal issues. Navigating the law as a small business owner can be confusing and expensive if you don’t have a great legal mind guiding you. A great business lawyer doesn’t necessarily make your legal business decisions for you. The best business attorneys help their clients fully understand the legal ramifications of each decision so that they can make educated choices that allow them to get closer to achieving their goals. There are plenty of small business owners that skip out on hiring a great business lawyer like those at Derryberry & Associates LLP. It’s a decision that often times come back to haunt them. Below, you will learn why all small businesses need great attorneys to truly succeed.
1. Business Lawyers Can Help You Choose the Right Business Structure
You should be looking for a great business lawyer before you even legally start your business. Business attorneys are experts in the different business structures you can form and will help you determine which option is best for your business. Choosing between a corporation, partnership, LLC, or sole proprietorship each has its own set of advantages and disadvantages. If you aren’t sure which option is best for your small business or would like to talk it over with an expert, reaching out to a business lawyer is a fantastic idea.
2. Help You Get Financing
A key component to starting any business is finding the financing to help you get started. Obtaining financing has its own legal process and can get confusing quickly if you aren’t experienced in business law. Tiny details can have huge ramifications when it comes to financing, so you certainly want to have a great business lawyer to help you understand what you are signing up for. Business attorneys will help you locate and negotiate the right financing for your business while also ensuring that you don’t fall victim to common small business financing pitfalls.
3. Safeguard Your Intellectual Property
If you are the inventor of an amazing new product or simply have a great idea, you can rely on a business lawyer to help you legally protect your intellectual property from competitors. If you don’t take certain steps to safeguard your intellectual property, you could end up losing out to people who steal your idea. Business lawyers like the great attorneys at Derryberry & Associates LLP can help you make sure your ideas and proprietary information are safe from a legal standpoint.
4. Contracts Will Be Flawless
The last great reason why small businesses should always hire a great business lawyer is that they will ensure that contracts are always flawless. If you are the one drafting the contract, you can ensure that everything you need is in the fine print. On the other hand, business lawyers can help you review any contracts you are considering signing to help you avoid making expensive mistakes.