5 Reasons Why You Require a Lawyer when Starting a Business
If you intend to start a business, then you should consider consulting with a lawyer. A lawyer will evaluate your scale of operations to ensure that you abide by the law. Below are a few other compelling reasons why you should seek legal assistance.
1. Company policy.
The company policy highlights the organisation's relationship with its various publics. A lawyer will help you create an employee policy that conforms to the labour laws. He or she will advise you regarding worker's insurance, and benefits such as allowances, leave days and pensions. In such a way, you avoid infringing on your employees' rights. The lawyer will also help you formulate laws to avoid certain liabilities when dealing with clients. For instance, a "park at your own risk" policy can help you avoid claims of car theft or damage at the premises. Your business should also have a clear complaint and return policy.
2. Taxation and licences.
A lawyer will help you understand the various taxes that your business should remit to the taxman. He or she will show you how to file taxes, avoid double taxation and make tax savings. The lawyer will also assist you to secure business licences. Large businesses may require permits from local authorities and state bodies.
3. Property purchase.
If you intend to purchase or lease property, an experienced attorney will work with you to ensure that you get a good deal. The lawyer will conduct due diligence, negotiate on your behalf and help you secure bank finance. He or she will also investigate if there are zoning regulations that may restrict certain activities on the property. Your lawyer will evaluate the contract of sale to make sure that it reflects the agreement between the two parties.
4. Partnerships.
If you intend to bring in partners to the enterprise, you require a lawyer to draw a partnership agreement. The agreement spells out the role of each partner, the partners' stake in the business and the steps to take if a partner decides to pull out.
5. Trademarks and copyrights.
Your lawyer will ensure that you comply with intellectual property laws. For instance, you could get sued if your business uses a colour scheme that is identical to that of a competitor. If your business manufacturers unique items, the lawyer will help you secure patents and copyrights.
The main reasons why you need a lawyer when starting a business is to help you create a company policy, understand business taxes, secure licences, purchase property, draw partnership agreements and protect intellectual property.
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