When you are just starting out, running a small business can seem like an endless stream of to-do items, and there is never enough time to get all of them checked off before adding a few more. From ordering supplies to determining shipping options to hiring employees, there are crucial tasks that must be completed to ensure that your new business remains full speed ahead. Before you sail too far into uncharted waters, it is important to be certain that your small business has the legal foundation it needs to stay afloat.
Safeguard the Future of Your Business
Hiring and working with an attorney can seem overwhelming, daunting, and—let’s be honest—expensive. However, setting up the right legal framework today can save you substantial time and money down the road. At the most basic level, small businesses need to make sure that they are adequately prepared to deal with three major entities:
- The government: Laws are there for a reason. You don’t want to violate them, and they were created to offer protection for your business. Make sure your business is set up in a way that you can take advantage of the laws in place. It is also important to be set up legally in a way that doesn’t create unnecessary tax liability, and make sure you are paying the taxes you owe.
- The public: whether it is your customers, your employees, or your competitors, it is critical that you take the steps necessary early on to reduce your risk and liability should a situation arise.
- Your partners: the more founders in a company, the more likelihood for disagreements and differing opinions as the business grows. Make sure you have the proper documents in place for how you will deal with dissention.
Risk vs. Cost
When every expense requires careful scrutiny, as is the case in most small businesses, attorney fees can seem like an extraneous expense. Some lawyers will charge anywhere from $350-$500+ per hour, and you can pay $1,000+ to set up an LLC. However, there are options beyond private attorney fees that can be less expensive for businesses on a budget.
While online legal document download websites promise ‘legal help’ at a fraction of the cost, they can’t ‘help’ you know what you might be missing. Only actual attorneys can provide you with real legal advice and options based on your specific needs. In our experience, very few new business owners will know how to edit on-line forms to maximize small business legal protections from one state to the next.
At LexLaunch.com, we have created a product in which the small business owner can get personalized business legal advice at a fraction of the cost of our hourly fees. We can provide the basic framework to protect your business, while attending to any specific needs you may have. Got questions? Call the team at LexLaunch.com at (816) 434-6610 or click here for more information.