Can a Business Lawyer Help Build a Startup?
Starting your own business can be hard to do on your own. Hiring a business formation lawyer in Virginia from Dale Jensen, PLC can help guide you through each step of the process and make it run more smoothly and efficiently. Here’s where a business formation lawyer can help you out along the way of creating a startup and ensuring that it is most prosperous and successful.
Select a Business Structure
There are four main types of business structures:
- Sole Proprietorship
- Limited Liability Company or LLC
It can be difficult to select the best structure for your business’s needs, which is where a lawyer comes in. They can help you analyze your business plan and understand the various components that go into choosing the best structure, such as setup costs and tax obligations. For example, you may be exposed to more liability if you go with a sole proprietorship or partnership instead of a corporation or LLC. Your business lawyer can fill you in more on all of the different facets in detail regarding each type of business structure.
Create a Financial Plan
If you’re starting your own business, you have to make an initial investment before you begin to earn a profit. Some of the costs you’ll have to cover include utilities, insurance, licenses, rent and more. There are also other unforeseen costs that will be associated with creating a business that should be planned for.
One of the most common reasons why small businesses fail so early on is because they run out of money before they’ve earned a profit. A business formation lawyer can help you draft a financial plan and ensure that you have enough money to keep things running smoothly for the first few months of your launch.
Look Over Real Estate Agreements
Unless you’re running your business out of your home, you’ll need to lease or purchase a building or other commercial space. In this case, a business formation lawyer can help you read through the fine print on various contracts and agreements you’ll have to sign before being granted access to this space.
Write Up Contracts
Contracts can be confusing, which is why it’s a good idea to hire legal counsel to help you make sense of them. No matter what type of contract is being drawn up, your lawyer should review it to make sure that all of the required information is included. Furthermore, if you’re not sure whether a specific event requires a contract, your lawyer can advise you and ensure that the correct type of contract is created.
It can be difficult to start a business without any help due to all of the different facets that come with starting a business. Consider contacting a business formation lawyer today from Dale Jensen, PLC to help guide you through each step of the process and ensure that your business is on the path to prosperity.