March 27th, 2014
Starting a new business can be daunting. You already have a great idea, but now you’re making that idea a reality. You’re meeting with financial backers, signing a lease, hiring employees – and everywhere you turn, you’re spending more money. With so many expenses to juggle, many new entrepreneurs ask themselves: Do I really need a lawyer?
Although many people dread hiring a lawyer, investing a small amount of time with a lawyer at the beginning can help save you a huge amount of money and difficulty later on. There are several ways a lawyer can help your new business succeed:
Forming Your Business Entity
Corporation, partnership, LLC – what do they all mean, and how do I go about setting one up? A lawyer can help you navigate the intricacies of Nevada business formation and make sure that you are protecting yourself from personal liability. Do you have partners or investors? A lawyer will make sure your corporate documents clearly reflect exactly what your agreement with those partners or investors is so there’s no question about who is responsible for what. Even better, a lawyer can also help you anticipate the problems you never considered – so if those problems arise down the road, you’re already covered. Hiring a lawyer to form your company generally costs about the same as getting the documents from an online source, but with a lawyer you’ll know that you are getting a customized business entity designed just for you.
Negotiating and Reviewing Contracts:
Starting a new business involves a huge amount of paperwork. Everyone wants you to sign a contract, from your investors to your vendors and your new landlord. Are these terms normal, or are they asking you to sign something totally over-the-top? Which terms are negotiable, and what does all this legalese really mean? A lawyer can help make sense of these contracts and can step in to negotiate on your behalf if you’d prefer to stay out of it. Need a release for your customers to sign? How about a non-compete agreement with your new employees? Your lawyer can draw up these contracts for you to make sure they say exactly what you need them to say – and that they comply with Nevada law.
Everyday Business Needs
Can I ask my employees to wear a specific uniform? What kind of work can I have an intern perform? Should I trademark my company name? Once your business is up and running, there are plenty of small questions that will pop up from time to time. Trying to research these questions on your own can be tricky, but hiring a new lawyer just to ask a small question can seem like overkill. This is where having a relationship with a lawyer can be a huge asset. Since she already helped set up your business, your lawyer knows you and your business’s needs. With only a quick call or email, your lawyer will be able to answer any questions that may come up. This will let you focus on running your business without having to worry about these minor legal issues.
For additional information and to learn more about Gunderson Law Firm www.gundersonlaw.com or call (775) 829-1222
Article published in the Reno Tahoe YPN newsletter.