When they’re first starting out, many entrepreneurs are hesitant to hire an attorney, believing this expense is necessary only for larger companies. In fact, a small business lawyer can play a pivotal role in a startup’s initial success. With their knowledge of corporate and tax law, they can support positive growth—meaning bigger profits for you. 

Top Advantages of a Small Business Lawyer for Your Startup

1. Check the Legality of Your Idea

Ensure your business idea is legally viable and not infringing on any trademark or intellectual property issues before you start investing time and money in making it a reality. For instance, if your enterprise centers around what you think is a unique invention, you need to make sure it isn’t already patented. 

2. Choose the Best Structure

The corporate structure of your enterprise—such as an LLC or S-Corp—will have implications for how you file your taxes going forward. It also separates your business liability from your personal liability, protecting your private assets. A small business lawyer can help you choose the right model and formally create the entity by filing the correct documentation. 

3. Integrate Your Partners

If you are creating a business with one or more other people, you need legal paperwork defining each person’s role and responsibilities, percentages of shares, and voting rights. This should also include exit details regarding how partners can leave the company; this can spare you costly business litigation down the line.

4. Draw Up Employee Contracts Correctly

Employment laws can quickly get your young company into hot water if not adhered to. Employees need to be classified properly—i.e., are they freelancers or salaried—and receive the according wages and benefits. Their contracts need to be drawn up based on these factors. 

5. Protect Your Idea

If you have a unique idea, you want to corner the market for maximum success. Protecting your intellectual property and trade secrets is paramount because of this. In addition to filing relevant trademarks, this means drawing up so-called restrictive covenants like non-disclosure and non-solicitation agreements for employees. 

For a small business lawyer in Greensboro, NC, look to The Law Office of W. Randall Holcomb. These attorneys pride themselves on the personalized approach they take to their work, getting to know each client individually. If you are undertaking an entrepreneurial endeavor, they will give you the time and attention you need. Learn more about their business lawyer services online. For an appointment, call (336) 888-8760.