The Wisdom of Hiring a Lawyer When Establishing a Business

Many entrepreneurs skip the all-important step of consulting with a qualified lawyer before opening for business. While there are online services and DIY guides to assist in establishing a business, there is wisdom in hiring a lawyer when establishing your business.

Registering your business entity with the proper state authorities may seem easy enough, but the analysis behind determining what type of entity you wish to form, selecting a jurisdiction for incorporation, drafting operating agreements or bylaws, getting a registered agent, setting up a physical address for the corporation, holding the initial meetings of the incorporator, shareholders, and board of directors, filing the proper paperwork with the State Department of Labor, securing a local business license, setting up payroll, and completing all the necessary filings. A competent lawyer will also be able to advise business owners of the implications of business ownership with respect to estate planning, issues of divorce and remarriage, and continuity planning. As you begin operating your business, additional issues may arise, such as copyright issues, trademark registration, establishing privacy policies, employment issues, etc. Having an attorney already familiar with your business will make management of these issues easier for you as they arise.

For those establishing a business for the first time, this process can be both time consuming and full of obstacles. It is recommended that you employ an attorney to assist you in establishing and managing your business.