It is important to organize the right help when getting your business off the ground.
Key Points In many cases, you don’t need a lawyer to start a small business. You could benefit from hiring an accountant to start your business and you may need a lawyer once you start hiring.
A record 10 million Americans applied to start new businesses in the past two years, according to President Biden in his recent State of the Union address. And if you’re looking to start your own business, you might be really excited to bring a great idea of yours to life.
Starting a small business can take time and there can be various complexities and costs to manage early in the process. But do you need to hire a lawyer to start a small business?
The quick answer is, not necessarily. But you may need to hire a lawyer later. And you may also need the help of another type of professionals to start your business.
Get the guidance you need
You may not need to hire a lawyer to start your business, but at this stage of the game you may want to hire an accountant. An accountant can help you determine which structure is best for your business (such as whether you should be an S-Corp or an LLC). They can also help you manage tax laws and financial obligations for your business.
An accountant may also recommend a small business bank account to deposit your seed capital. From there, they can help you manage your initial cash flow and determine how much you can afford to pay for various expenses, from staff to equipment to a lease you sign for your office or business.
You may need a lawyer down the line
In many cases, an accountant is all you need to start a business. But once you start hiring, a lawyer could come in handy.
When you hire workers, you enter into a contractual agreement. And any time you do something like this, it’s a good idea to consult a professional so your rights and those of your company are protected.
An attorney can help you create a standard employment contract that future hires will need to sign so you don’t have to use their services every time you need to expand your staff. But it’s worth making that initial investment, especially if you’re new to running the business and have never had to hire anyone.
It also doesn’t hurt to have an attorney review other contracts you may be signing, such as B. a shop or office lease. However, you may want an attorney who focuses on leases and real estate contracts to help you set up your lease, and you may want an employment lawyer to help you put together your standard employment contract.
Don’t go alone
Perhaps you are prepared to take on a world of responsibility as a small business owner. But that doesn’t mean you shouldn’t pay early for some of the help you need.
Hiring an accountant to start your business could help you find the most cost-effective structure, resulting in numerous savings over time. And hiring an attorney to review or advise on various contracts could save you a world of financial pain, too.
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