Marketing. Recruitment. Stock.
You’ve got countless things on your mind as a small business. Chances are, the last one on your mind is getting yourself a lawyer.
The value of a small business lawyer however, is that spending money now prevents spending more in the future. We’ll highlight key areas where hiring a small business lawyer is a smart business decision.
Let’s say you run a tutoring business. We’ll be going through this guide explaining how you can hire a small business lawyer, before any legal dispute, to keep you on the right track in the italicised sections below.
Inspired? Search LawPath’s lawyer directory for a small business lawyer to get legal advice for your future success.
Business Structure
A business or corporation? There are three types of structures for your business, each with their advantages and disadvantages:
- Sole trader;
- Partnership, and;
- Company.
As a tutoring business, a lawyer may inform that it is best run as a sole trader rather than a partnership. The easier initial requirements and convenience that suit your personal circumstances make it the best way of running the business.
You can read more here on how to structure your business. You can also contact a business lawyer on LawPath’s lawyer marketplace.
Operational Plans
You’ve got an amazing vision for your business over the next few years. However, getting a lawyer early on can really align your personal goals with legal requirements in the future. Assistance with your operational plan will give you targets to reach and guidelines on what other legal advice you may need later on.
Your lawyer has requested to view your tutoring business. After analysing your plan, your lawyer suggests that you should incorporate after three years of being a sole trader to get the most benefit.
Leaving Partners
In the excitement of starting a business, it can be difficult to think about what would happen if your partnership ended, or your shareholders withdrew their investment. It’s too late for legal advice at that stage, so getting advice from a lawyer early on will save you worrying about that situation in the future.
You’ve decided to go ahead with your lawyers suggestions and restructure your business. Your lawyer can ensure that your partnership agreements and other legal documentation allow you to smoothly transition to the next stage of your business.
You can create a partnership agreement for free on LawPath.
Intellectual Property
Your business works because of your assets. From names and logos, to original products, you need to ensure that they are protected through trademarks, copyright and patents.
You want to protect your brand name and logo from being used by others. Your lawyer begins filling in trademark forms.
You can read more here on different types of intellectual property and how trademarks can help your business. You can also search for trademark lawyers using LawPath’s lawyer directory.
Information Protection
Your employees will have access to some of your sensitive information. It is important to take the steps to protect your business from that information spreading to your competitors if your employees leave. Some methods include Non Disclosure Agreements (NDA’s) to protect confidential information, and non-compete clauses in employee contracts to prevent them working for your competitors.
Your lawyer has advised you on creating non-compete agreements so employees cannot use your teaching methods elsewhere in the future.
You can create a free NDA on LawPath. For more legal advice on how to protect your business information, you can contact an employment lawyer on LawPath’s lawyer marketplace.
Conclusion
Lawyers are often seen as an expense only valuable if you are in legal trouble. However, consulting them in the early stages of your business can save you a world of hassle and costs down the line by preparing for the future. You can search LawPath’s lawyer directory for a small business lawyer so they can align your personal goals with your business goals.
Stuck on how to find the right one? Here’s our guide for five questions you can ask them to land at the perfect lawyer.
Looking for ways that lawyers can improve your small business? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from our lawyer marketplace or any other legal needs.
