I’m under no illusion that people enjoy hiring an attorney. Especially in the penny-pinched early stages of starting a small business, legal counsel is rarely made much of a priority. And I get it. We’re expensive and time consuming.
What many entrepreneurs fail to appreciate, however, is the legal minefield through which they traverse. The case law books would be far smaller if every new owner consulted with a small business attorney at the outset. Untold legal expenses incur from waiting until problems arise. Because preventing problems requires far fewer hours than resolving them, a visit with a small business attorney is to your business what a checkup with your doctor is to your health: preventative care.
But a small few of the legal issues to consider at the outset include the following:
- Choosing the most appropriate entity;
- Drafting the company documents necessary to form the entity and define each owner’s rights and responsibilities within the company;
- Drafting and negotiating commercial leases;
- Drafting and negotiating business purchase agreements;
- Deciding whether to hire employees or independent contractors and drafting their contracts;
- Drafting employee manuals;
- Drafting the contracts that govern your day-to-day business with your clients and customers;
- Legally soliciting investors and drafting their agreements;
- Obtaining and negotiating intellectual property protections;
- Planning the distribution of your ownership interest upon your death; and
- Drafting and negotiating security agreements
I’m passionate about serving entrepreneurs, particularly in Arkansas. As this blog develops, I hope to give readers a deeper appreciation and understanding of the legal issues that affect them, plus other miscellaneous legal discussions. To follow, you can like my Facebook page, or put my Google+ page in your circles.