Small Business Short: How an Attorney at Formation Can Help Long Term.
When starting a new business, it can feel overwhelming. Not only do you have to think of ways to market your product, and actually make some money in return for your hard work, you also have to run your sales platform, deal with potential customer issues, and set yourself up for success in the future. These are in addition to what feels like 1000 different tasks that are all screaming for your attention at once. While spending more money at the outset isn’t ideal, hiring an attorney with expertise in small business can save you money and aggravation down the line, and even sometimes immediately. Here are a couple of ways that hiring an attorney can optimize your small business.
Contracts
When setting up your business, you often sign a number of contracts: contracts for rental space, contracts for websites, contracts for shipping services, etc. The list goes on and on. By hiring an attorney, you can ensure that you are not signing anything that could be a pain down the line, such as a rental agreement that leaves you in a rental space in a Texas summer with no working air conditioner and no recourse like rent abatement. A good small business attorney can ensure you know what you’re signing, when you sign it.
Taxes and Formation
Did you know there are benefits to knowing what kind of structure your business can and should take? An attorney can make sure your business is formed correctly from the start, allowing you to take advantage of any tax benefits. They also can explain to you how to optimize your business in order to make it the most efficient legally, and prevent headaches later on.
Eventualities
You may be starting your small business on your own, but your whole family and support system is cheering you on, sometimes showing their support by investing in your dream. By working with an attorney to set up a system where the business pays for a life insurance policy that benefits your chosen beneficiary, you can ensure that the people that are showing you support are protected themselves.
A new business is a lot of work, but it is often worth it when you realize your dream. Newton Law PLLC would love to be a part of making it happen. Contact us today for a free consultation on how your small business would benefit from working with us.
