BETHESDA, MD. If you are planning on running a new start-up or are establishing a new business, one of the most important, and possibly money-saving, calls you will make is to hire a lawyer. Why? The Law Offices of Michael E. Gross, business lawyers in Bethesda, Maryland note that the choices you make in establishing your business in terms of legal structure can make an immense difference in your business operations. Most small business owners don’t know the difference between an L.L.C. or a partnership. Not knowing the difference can cost you. A business attorney can also evaluate your hiring practices, contracts, and other agreements so that they protect your interests and rights. Contracts will only be as strong as their enforceability in court. You’ll want contracts and agreements that can stand in court, if necessary.
According to Forbes, start-ups need business attorneys to help them navigate local and federal laws and maintain compliance. A lawyer can also evaluate your contracts and interactions with clients and contractors to best protect your interests and legal rights. Finally, if you are establishing your business with a partner or another person, you’ll want to ensure that your contracts protect your interests and your rights. A lawyer can clearly delineate each party’s responsibilities and entitlements. The cost of failing to dot your I’s and cross your t’s can come back to haunt a small business, especially in the start-up phase when most businesses cannot afford the cost of a legal mistake. Businesses that fail to abide by federal and local laws may find themselves facing tax fines, or other unexpected fines and fees. Businesses that don’t have sound contracts run the risk of losing intellectual property or facing pushback from clients and others. Finally, businesses that fail to properly establish ownership boundaries and structure may face trouble in the future if disagreements arise between business partners.
If your business is incorporating, is considering hiring employees, is establishing contracts with clients, or needs assistance raising capital, a business lawyer like the Law Offices of Michael E. Gross in Bethesda, MD may be able to help. An attorney can also help you understand possible tax consequences for business decisions you make.
What should start-ups look for when looking for a business attorney? According to Entrepreneur, different lawyers specialize in different business areas. For instance, there are lawyers that specialize in contracts, others who specialize in real estate law, and others who specialize in intellectual property law. The kind of lawyer you will need depends highly on the nature of your business. Visit the lawyer’s website and see what kind of businesses they seem to serve. You’ll want to find a lawyer who works in your industry, but probably not one who works with your competitors. While lawyers are required to keep information you provide confidential, you probably won’t want to have your lawyer face a conflict of interest. In most cases, you can get a referral.