Hiring and working with a lawyer can be complex and daunting, especially if you are commencing a new business. However, you should never overlook the role of a reputed lawyer in supporting and flourishing your business in the long run. Hiring the right expertise by your side can make you feel confident as you proceed with your business.
Here we have some of the critical questions that every startup entrepreneur should consider while commencing their business.
What are the things you should look for when hiring a new lawyer?
While looking for a lawyer to support your startup, consider finding a well-experienced attorney who you can trust, get along with, enjoy working with, and who holds the best interests of your business. However, always consider taking referrals from your trusted sources to get in touch with the best lawyer in town. Look for someone who shows maximum responsiveness, competency, and significant work experience with similar legal issues that you may encounter while running your business.
Why do you need a lawyer?
At the primary level, you may need a well-experienced lawyer to help you deal with three groups:
Government
An experienced lawyer will help you and your business comply with all the mandatory laws and regulations. They will allow you to ensure that your business operations are not creating unnecessary tax liabilities and are fulfilling your tax obligations.
Third parties and the public
Your lawyer will take reasonable steps to control risks in your interactions with your suppliers, customers, employees, users, and the general public.
Each other
Suppose a company is formed by several people coming together to share similar interests. In that case, it is best to establish the founders’ rights, rules, and responsibilities upfront to prevent disagreements down the line.
Additionally, most new businesses reach out to lawyers during the following affairs:
- Hiring employees
- Incorporating or forming a new business entity
- Raising capital
- Obtaining patents
- Negotiating contracts with third parties
What will be the approximate cost to incorporate your new startup?
If you are working with a professional law firm, you can expect to pay anywhere between $2000 to $5000 without a discount. However, the fees may vary greatly depending on the complexity and expectations of the situation. For instance, the number of founders, bells and whistles, LLC or corporation, or how you handle a particular case can all affect your lawyer’s fees.
What are the legal priorities you should focus on if you are running on a small budget?
As a startup, certain matters will demand your attention at the earliest. These can include:
- Establishing a business entity to safeguard your personal assets from business liabilities.
- Establishing the ownership and equity rights of the company in the case of multiple founders.
- Ensuring the ownership and protection of your business’s intellectual property.
- Complying with the tax obligations and consequences, particularly while granting people equity.
About Wotitzky Law Firm
Are you looking for the assistance of reliable and cost-effective law firms in Port Charlotte, Florida? We are here to help! Our highly experienced and qualified legal experts are dedicated to offering quality services in contract law, corporate law, real estate law, personal injury, and family law. Call us at +1 941-639-2171 or write to info@wotitzkylaw.com for more details.
