You've been dreaming of this day since you started college. It's finally time to open your own business. You're ready to rent the building, hire employees and get started with your life. Not so fast. If you've started on this adventure without legal representation, you might be setting yourself up for failure – and litigation. Before you open your own business, you need to sit down with an attorney and make sure you're on solid ground. Here are four reasons why you need to consult with an attorney before you open your business.
Reduce Contract Conflict
Before you open your business, you need to make sure that the contracts you're going to be entering into are beneficial to you. Not only that, but you need to make sure that the ones you're having people sign are legally binding and don't have any language that might come back to bite you later. For instance, are you asking employees to sign contracts that will not be legally binding later? Before you sign any contracts, or require your employees to sign contracts, make sure they're legally enforceable and beneficial for you.
If you're trying to purchase a pre-existing business, you want to make sure that you don't take any missteps during the negotiations. Whether you're trying to purchase a small business, or a larger corporate endeavor, don't take the chance that negotiations fall through and you lose out on a good deal. Before you negotiate the purchase of a business, make sure you have legal representation.
Protect Your Intellectual Rights
Your intellectual rights are important. They're the mass collection of your business ideas, plans and products. Don't take chances that someone comes along and steals them from you. Before you start your business, make sure you have a plan in place that will protect all of your intellectual property.
Plan for Growth and Expansion
You probably don't plan on staying the same size forever. In fact, even if your business is a small startup, you're probably already planning for future growth and expansion. Make sure your business plan is prepared for that growth. Before you open your new business, sit down with an attorney and discuss options for growth and expansion. With the proper planning, you'll avoid missteps that can undermine your ability to expand.
If you're going to be opening a business, make sure build it on a firm foundation. For more information, contact Patrick D. Brown, P.C. or a similar legal professional.