3 Key Reasons To Hire A Business Attorney For Your New Startup

30 November 2021
 Categories: Law, Blog


Starting a business is a great idea, although it can also be a stressful and challenging endeavor. Many things are involved with this process, especially when you are just figuring out how to get everything set up. Hiring a business attorney is a wise decision if you want to give your idea the best chance at success. These lawyers will help you establish a solid foundation and guide you on doing things according to the law. Here are three key reasons to hire these professionals.

Protecting Intellectual Property

Intellectual property (IP) is the lifeblood of a startup. It includes patents, trademarks, and copyrights. It also includes trade secrets, such as customer lists or supplier contacts. When you spend years developing an invention or unique business model that no one has ever seen, it's essential to protect it from infringement.

Business lawyers understand patent laws and can help you navigate them. If someone infringes on your IP, these attorneys will help you take immediate legal action against them. They can also draft important documents that protect this intellectual property, such as a confidentiality agreement with an employee or contractor and a non-disclosure agreement (NDA) with a vendor. If you don't hire an attorney to protect your IP from infringement, your startup may suffer.

Preventing Lawsuits

Most new business owners are focused on being ethical and doing things the right way. They treat their employees well, follow all the rules, and avoid conflicts with customers or other businesses in their industry. Despite this, conflicts that lead to lawsuits may still arise. Luckily, an attorney can help you avoid these issues.

Commercial lawyers know how to draft contracts that will protect your business and help you avoid potential lawsuits. They'll ensure your employees understand the rules they must follow. If any of them decide to sue your company for whatever reason, they'll help you resolve the issue quickly and efficiently. This way, you won't have to worry about the cost or time involved with litigating a lawsuit.

Selecting the Right Business Structure

Choosing the right structure for your startup is a crucial decision. It will affect how your business is taxed, who controls its affairs, and whether you are personally liable for its debts or losses. If you select the wrong structure, you may end up paying hefty tax penalties and facing other consequences that may put your startup out of business before it even gets started. Working with a commercial lawyer will help you choose an appropriate type of entity based on state requirements, anticipated growth plans, desired management control over operations, and protection against liabilities.

Hiring a business attorney for your new startup is a smart move. They'll help you avoid costly mistakes that could set back your company and damage your reputation.