Starting a new business is undoubtedly a stressful ordeal. As a budding entrepreneur, you want to ensure that you’re putting your best foot forward in setting up your business for success. One of the most common questions small business owners contend with is the decision on whether they need a business lawyer. Because some business owners are under the perception that attorneys charge high rates, they’ll only hire lawyers once they’re already facing a serious legal issue. The reality is that enlisting legal services early in your business venture can prove to be more beneficial in the long run. In this blog, our Chicago business lawyer explains why small business owners would need an attorney.
Structuring Your Business
As a small business owner, one of the first decisions you’ll have to make is deciding on a business structure. Whether you choose to structure your business as a sole proprietorship, partnership, LLC, or corporation, each structure comes with various tax obligations and expenses. A skilled and experienced business attorney can help give you the guidance you need and help you properly set up your business.
Drafting or Negotiating Contracts
Approving and putting together contracts is a large part of owning a small business, and it’s very likely you’ll have to deal with a number of contracts – most of which may be worded in legalese that may be difficult to understand. Under no circumstances should you be signing a contract without having it reviewed by an attorney. You don’t want to compromise the success of your business by signing a legally binding contract you don’t completely understand. If you’re drafting a contract, you should still have an attorney review it to ensure that it is enforceable.
Handling a Complaint Filed Against Your Business
If any individual or entity is filing an official complaint against your business, it’s imperative that you have a good attorney on your side. How you decide to respond to a complaint and any action you decide to take to fight the allegations brought against your business should be done with a legal professional by your side.
Our Chicago business lawyers have a deep understanding of both state and federal business laws. Regardless of where you are in your business endeavor, you can trust that The Prinz Law Firm is proud to stand by your side, no matter the obstacles you face.
Call The Prinz Law Firm today at (312) 212-4450 to learn more about our legal services!