Starting a business is a big deal. There are a number of pieces at play, all of which need your attention. One of the best things you can do is consult with a business law attorney for your business start-up. While you technically do not need an attorney to start a business in Wisconsin, having an experienced and knowledgeable attorney on your team will help prevent future issues. Below are four reasons why you need an attorney for your business start-up.
Identify Potential Risks
With any business start-up, there are a number of risks at play. Legal risks, however, are something that you do not want to mess around with. The type of your business will determine what your business will be liable for if any kind of incident occurs.
For instance, if you are opening a coffee shop, there will health and safety regulations you need to abide by plus the issue of premise liability as you will have customers coming in and out of your business. Having an attorney for your business start-up is the best way to prevent a future lawsuit. Also, an attorney will be able to advise you on not only what you are liable for but also how to protect your company.
Advise You on Your Business Structure
If you are planning on having multiple owners or partners for your business start-up, having an attorney will also be beneficial in helping you determine how your business should be structured. This will help you later on in case a partner leaves or someone takes full ownership of the business. There are a number of ways you can structure your business, and by hiring an attorney, you will be advised on which best suits your situation.
If you are the sole owner of your business, you can have a sole proprietorship, corporation or single-member LLC. For more than one owner, your choices of business structure are a corporation, LLC or partnership. The type of business structure you choose will also impact your business’ financing. Therefore, having an attorney for your business start-up who understands what each type of business structure is and implies, along with your situation, will be crucial to your success.
Protect Your Finances
Having an attorney for your business start-up will also help protect your finances. Knowing your business tax obligations while also avoiding unnecessary tax liability is one of the areas in which an attorney can help you.
An attorney can also assist you with your financing. From business grants and loans to equity financing, an attorney will be able to offer you advice on how best to proceed in procuring those funds. Also, an attorney can help you in the negotiating and contract writing processes.
Write and Review Contracts
There are a number of steps that need to be taken to write a legal contract. In order to create a contract that will not only fully convey what you need but will also be enforced, you need an attorney. Having an attorney who can assist you through the whole process of drafting, reviewing, finalizing and enforcing the contract will make the process go more smoothly for you and your business.
All in all, hiring an attorney for your business start-up is one of the best things you can do for your business. Having an experienced attorney who knows the ins and outs of Wisconsin business law will help you start your business the right way while also working to prevent potential problems in the future.
Hire Business Law Attorney John D. Dries for Your Business Start-up
Business law attorney John D. Dries has been representing clients in Milwaukee and throughout Wisconsin for 40 years. He has the experience and passion necessary to help you with your business start-up. Connect with John today by setting up a consultation.