Starting a company may seem simple, but it requires proper plans to get it off the right way. A lot is usually involved when starting one. Usually, a slight mistake at the initial stage could cost you a lot later. Remember that you have products to develop, employees to hire, and other legal requirements to abide by. Handling everything yourself might, therefore, not be a good move because you could easily overlook the risks involved. For this reason, you need a lawyer who understands business law to help you when starting your company. Actually, a business formation lawyer will help you in the following three ways.
They Help You Choose the Right Structure
Is structure a critical requirement when starting a company or business? Yes, it is. Unfortunately, most people don't initially think about it and only do it when a legal dispute or issue arises. That's why you should always figure out how your business or company will be structured before the formation phase starts. You may opt to start a sole proprietorship business. But you need to consider the liabilities associated with it and if you would want to limit them. If you do, you should choose a more suitable business structure like a limited liability partnership, limited liability company, or corporation. The structure you choose determines how you effectively limit liabilities when your business when debts accumulate.
They Help You Get the Right Name
Choosing a name for your company or business may seem easy, but you need to know a few things before you do it. Most people already know the name they should pick for their new business, but they hardly consider the legal implications that name could have. Where possible, you should consult with a business formation lawyer when choosing a business name to ensure you get it right from the beginning. Remember that the company name will appear on your business cards and signage. Also, legal issues could arise if your business name infringes on the registered trademark of other businesses. However, the lawyer will help you choose a name that won't compromise your company's trademark protection.
They Help You Protect Your Intellectual Property
Almost every business, including the small ones, has a trademark. Usually, most potential customers identify your business by its trademark. Without a trademark, they may be unable to distinguish it from your competitors or other businesses. A trademark requires proper protection because it's intellectual property. Your packaging, slogans, labels, and logo could serve as a trademark, so they need maximum protection. For this reason, a business formation lawyer helps you apply for a patent to protect your intellectual property.
For more information, contact a business formation lawyer near you.Share