If you’re starting a small business and watching every penny, it’s tempting to try to do everything on your own to save as much capital as possible for key expenditures. However, consulting a business attorney now can help you save money in the future by creating a firm legal foundation for your business.
How an Attorney Can Help
Depending on your needs and the type of business you are forming, a business law attorney can help with:
- Choosing a business structure and drafting partnership agreements to protect the interests of everyone involved
- Drafting contracts with suppliers or reviewing contracts you’ve been asked to sign
- Finding sources of additional small business funding
- Assisting with specific legal requirements such as registering your business name and obtaining the appropriate permits and licenses
- Evaluating potential risks and obtaining the correct liability insurance to make sure you’re not vulnerable to lawsuits from customers, suppliers, or associates
- Obtaining intellectual property that is crucial to the formation of your business or applying for the necessary trademarks and patents for your own original ideas
Beware of the DIY Approach
Although it’s true that there are a number of online resources devoted to the legal aspects of starting a business, the specific issues you will encounter vary according to your location and industry. Online resources offering one-size-fits-all advice can’t take into account your unique needs—even if they appear to have been created by a trustworthy source.
It’s also important to remember that your time is valuable. The DIY approach requires extensive research that can take your focus away from your most important goal—making the strategic decisions that will set your new business up for success. Consulting an expert will let you rest easy knowing your business is prepared for any legal challenges it may encounter while providing you with more time to attend to the key operational functions of your new endeavor.
Do You Need To Speak With An Experienced Business Law And Succession Planning Attorney?
If you need to speak with an experienced business law and succession planning lawyer please feel free to contact us online or call our Virginia Beach office directly at 757.490.3500 to schedule your free consultation. We have offices throughout Virginia including Chesapeake, Newport News, Norfolk, Suffolk as well as north eastern North Carolina.