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Why you need a business lawyer when starting a business

| Jul 28, 2020 | Uncategorized

“Castles made of sand fall in the sea eventually.” If you are starting a new business, you would be wise to listen to Jimi Hendrix’s advice. You need to build your company upon solid foundations and a robust legal framework. A business attorney can help you avoid mistakes that prove costly in the long term.

According to the Bureau of Labor Statistics, a third of small businesses fail within two years, and half within five years. While hiring a business attorney has a cost, it is insignificant compared to the money you will lose if your business fails.

  • Registering your business: There are pros and cons to the different forms of business entity available. An attorney can help you understand the differences.
  • Employment law: Hiring and firing in the wrong manner can land you in court as can errors in wages, holiday entitlement or sick-leave.
  • Licenses and permits: Failure to have the correct permissions could lead to hefty fines and result in your business being closed down.
  • Intellectual property: There is no point in making a fantastic product if someone can copy your idea, undersell you and knock you out of the market. You need to protect what is yours. You also need to ensure that you are not infringing anyone else’s copyrights or patents, leaving yourself open to accusations of stealing their rights or knowledge.

If you have an idea for a business, consult a Mount Kisco business attorney. They can help you understand the legal steps you need to take to set up your business and increase your company’s chances of not dying before its time.