business law attorney

 

5 Tips from a Business Law Attorney to Help Your Business Thrive

A business law attorney can be an invaluable asset to any business owner, but their expertise does not come without its price tag. 

 

If you’re looking to grow your business but don’t want to break the bank on legal fees, there are some ways you can learn from a business lawyer and apply them to your own practices in order to build and maintain a successful business on your own. 

 

Here are 5 tips from a business law attorney that will help make sure your small business thrives without sacrificing quality legal representation.

 

 

1) Don’t go into debt-law attorney

 

One of the most important things you can do for your business is stay out of debt. Debt will not only make it difficult to make your monthly payments, but will also limit what you can invest in your company. 

 

Instead of going into debt, focus on finding investors or revenue streams that will provide you with the funding you need.

 

2) Protect your ideas-law attorney

1. Protect your ideas. Ideas are often the most valuable assets a company has, and it is important that you have some form of protection in place before they are shared with the world. 2. Consider incorporating as early as possible. 

 

If you have an idea and want to be able to protect it, making sure that you incorporate early on can help make sure that the company is appropriately protected and doesn't violate any federal laws. 3. Make sure your paperwork is current.

 

3) Develop a niche

 

One of the most important decisions you'll make as a small business owner is which legal structure your company should have. 

 

In the United States, there are four types of legal structures for businesses: sole proprietorship, partnership, corporation and limited liability company.

 

4) Get the legal advice you need-law attorney

 

1. Know the difference between a sole proprietorship and an LLC. A sole proprietor is an individual who operates as his or her own business, while an LLC will have at least one member and may be taxed as either a corporation or partnership. 

 

An attorney can help you determine which structure is best for your business so you can avoid costly mistakes in the future.
2. Get properly licensed.

 

5) Keep good records

 

It's important for business owners to keep good records of their finances and key interactions with customers, vendors and partners. 

 

These records will be helpful in the event of an audit or lawsuit, as well as when you are trying to learn more about your business's growth. 

 

The type of records you should keep will depend on your industry and what is required by law.