When a friend heard that you were starting a business, they suggested you see an attorney. You walked away, wondering what they knew that you don’t. After all, surely you only need an attorney when you have a problem?
As a soon-to-be small business owner, it is almost inevitable that you will need legal help at some point. By getting some now, you make it less likely that you will need it later. Preventing issues is simpler than trying to resolve them.
What legal issues do I need to consider when launching a start-up?
Setting up a business does not need to be complicated, but there is more to it than you might realize. Here are some things to consider:
- Registering your business: Setting up as a sole trader is the simplest option. However, it leaves you exposed if things go wrong. It may be better to set up the company as a separate legal entity.
- Drafting contracts: Contracts are the sword by which your business can live or die. Get them right, and they will cut clean through any confusion or disputes. Get them wrong, and they could leave your business bleeding.
- Rules and regulations: Despite striking out alone, you are not free to do as you wish. There is a myriad of federal and local standards to meet. Failing to comply with any one of these could set your business back years.
- Protecting your property: It would be a shame to see someone with more money and contacts take your business concept and replicate it at a cost to you.
Does that sound like a lot to take in? We have compiled a handy guide to help you when starting your first small business.