If you’re in the early stages of starting a business, hiring legal representation is a crucial first step. A business formation lawyer helps develop a solid foundation to protect your assets, mitigate risk and minimize company growing pains. And while forming an organization without representation is possible, the benefits of using an attorney far outweigh any costs. Let’s examine why even the smallest Collin County enterprises can benefit from the help provided by a business formation attorney.
Why Should You Hire a Business Formation Lawyer?
Business lawyers tailor their services to the particular needs of each client. Here are just some of the common services business clients require.
Choosing the Right Business Entity
While you’re fully able to take care of the establishment of a company without legal support, forming a corporation with shareholders and partnerships is a more complicated process. Articles of incorporation may be filed without a lawyer, but the administrative portion of managing tax and legal requirements benefits from a business attorney’s knowledge.
Drafting Legal Documents
Business startups in Texas may require various legal documents, such as articles of incorporation, partnership agreements, operating agreements and so on. A business lawyer can help draft these documents, ensuring that they meet all legal requirements and protect the interests of the business owner or owners.
Patents and Intellectual Property
If your business relies on a product you’ve created, obtaining a patent is crucial – though it may take years for one to be approved. Licenses are also expensive and time-consuming. Consult an attorney early to evaluate the product and move forward, while also creating a structure for enforcing the intellectual property rights of the business.
Compliance With State and Federal Laws
The number of United States and Texas laws a business must comply with is substantial – tax law, labor law, environmental regulations and more. Consulting with a business formation attorney ensures you observe the appropriate rules, thereby protecting the company from liability.
Preventing Legal Disputes
When starting a business, your emphasis should be placed on prevention. Prevention does not necessarily mean you require an attorney, though consulting with one may prove beneficial. For example, should a prospective employee sue for discrimination, you’ll have a lawyer ready on retainer. To alleviate unnecessary costs early-on, consider setting up a consulting agreement with a business attorney.
Closing or Selling a Business
Having a solid legal framework can prove invaluable when you decide to close or sell your business. Not only will you likely be protected from lawsuits, your assets will be structured in the most beneficial way. And with the help of a mergers and acquisitions lawyer, you can move forward without friction or legal holdups.
Experienced Business Formation Law Firm Serving McKinney and Beyond
At Lucé Law, PC, we work with business clients to develop a robust legal foundation for new startups. If you need legal assistance with business formation, document drafting, entity selection, asset protection and other essential elements, contact us today. Call (972) 632-1300 or request a free legal consultation.