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Starting a business is both an exciting and daunting prospect, full of new possibilities and plenty of legal-, financial-, and tax-related issues to make sense of. A business lawyer can help you better navigate this process and get your business launched with a minimum of stress and hassle. Here are a few ways a lawyer will assist you in starting up your new enterprise.

How a Business Lawyer Will Help a Startup

1. Choosing & Forming a Business Entity

A business entity is the type of legal structure the business uses to pay taxes and protect themselves from liability. A lawyer will work with you to determine the best structure for your business's goals, assets, and projected growth. A limited liability company, for instance, shields the owners from personal liability in the event of a lawsuit, while all income is claimed on the owners' personal tax returns. A corporation also limits liability, but income is claimed on the tax returns of the corporation itself, which minimizes personal taxes. A lawyer will explore these options and more and identify the ones most suitable for your startup.

2. Designing Contracts

business lawyerContracts are essential to any business. They define the terms of working relationships, let each party know what is expected of them, and outline in detail the services or products to be provided. Contracts must be legally sound to best safeguard the interests of all parties involved. A business lawyer will write, review, and negotiate contracts as necessary to look out for your startup and its success.

3. Hiring Employees

If you plan on hiring employees, you must adhere to employment laws and sound hiring practices. A lawyer will draw up employment agreements, ensure that you have all the necessary tax and reporting paperwork, establish benefit programs, and review legal-related employee materials like nondisclosure agreements. Complying with employment law is a crucial component of retaining workers, carrying out your business's mission, and charting a course for success.

 

Business lawyer W. Randall Holcomb of The Law Office of W. Randall Holcomb is here to help launch your startup on solid legal footing. Since 2016, he has been working with clients in the Guilford County, NC, area. He offers representation in business law, civil litigation, and estate planning issues. Call (336) 888-8760 or visit his website to schedule a consultation with a startup attorney today.

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