Becoming an entrepreneur is exciting. To be able to be our own boss while successfully providing for our family is the American dream. However, first time entrepreneurialism can be stressful if a new business owner does not have experienced advisors. Multiple situations may arise quickly, or down the road, that a business owner failed to address at start-up.
One of the smartest moves a new business owner can make is to retain the services of an experienced business attorney for any number of reasons. The value in a great business attorney will not be hard, nor will it take long, to recognize. First, without proper guidance it is easy to become overwhelmed by the mountain of required paperwork. An attorney will draft these documents for you, making sure that no stone has been left unturned. This gives a business owner the peace of knowing their legal interests are adequately protected, and all operations will be compliant with state and local laws, rules, or regulations. There is immense value in getting this right from the very first day of operation. This step alone is reason enough to consult legal counsel prior to opening for business.
Often, business attorneys will work with other tax attorneys or accountants to ensure your business entity is formed for your greatest benefit. There are several differing types of business entities, each with its own set of tax ramifications. If not formed properly, a business may end up with a large, unexpected tax debt. Since no one want that to happen, speaking with a business attorney is definitely in your best interests.
Finally, we can count on one bottom line, which is that unexpected things are always going to happen. Oftentimes, new business owners have no idea what to do in a good amount of the situations that can arise. Therein lies the value in having an expert to call for back-up. Correct advice is invaluable. In some business situations, it can even mean something as serious as making a wrong decision and having to serve jail time. This is the reason taking the time to properly set up a business from the start is so important.