5 Ways Lawyers Can Help Entrepreneurs

5 Ways Lawyers Can Help Entrepreneurs

Monzerrath Ortiz

Whether you are in the process of starting a business or already have one, hiring a lawyer is important to the success of your business. 

By offering their business expertise, an attorney can ensure your company is complying with the law and reduce the risk of legal trouble. 

Here are a 5 ways lawyers can help entrepreneurs: 

1. Launching your business 

If you’re just getting started, an attorney can help you navigate the legal requirements of establishing your business, which will often vary by state. 

Some important steps a lawyer can guide you through include: 

  • Deciding a business structure
  • Registering your business 
  • Applying for a Federal Tax ID 
  • Obtaining business permits and licenses 
  • Obtaining your employer identification number (EIN) 
  • Insuring your business 
  • Patenting your business idea 

2. Writing contracts 

Drafting contracts can be tricky, yet they are crucial to building solid business relationships. 

Contracts are not limited to employee and client agreements, however. There are many types of contracts you can expect to encounter as a business owner. 

This might include: 

  • Terms of service contracts 
  • Independent contractor agreements 
  • Equipment lease contract 
  • Non-disclosure agreements 
  • Noncompete agreements 
  • Employee contracts 
  • Loan agreements 

An attorney can help draft and file strong contracts that will ensure the protection of all parties involved and reduce the risk of contractual disputes. 

3. Navigating taxes 

For many business owners, sorting out taxes and other financial issues is a complicated and daunting task. 

One of the reasons is that there is no single small business tax or tax rate. 

Often, the amount and type of taxes you are subject to will vary depending on your business structure and products/services. 

An experienced business tax attorney will have comprehensive knowledge of tax laws at the federal, state, and local levels for different business structures.

Thus, they are equipped to help prevent your business from facing penalties, high interest rates, and other filing mistakes-- which can be very costly in the long run. 

In 2018, the IRS reported that approximately 40% of small businesses faced an average of $845 each year in penalties as a result of errors made while filing payroll taxes on their own. 

An attorney can help you understand tax laws, deductions, and incentives-- reducing the possibility of penalties. 

4. Applying for a Patent 

A patent is an intellectual property right granted to business owners and inventors that prevents others from making, using, or profiting from their invention for a period of time. 

Patents allow people to take legal action against anyone who uses or makes their invention without permission. 

Not all patents are the same. In fact, there are three types of patents: utility patents, design patents, and plant patents. 

There are also different types of patent applications, each type having its own criteria, application, and fees. 

If you are interested in applying for a patent, it is highly recommended that you consult with an attorney first. 

Not only can an intellectual property or patent attorney assist you with the application process, they can conduct comprehensive research of current patents and verify your eligibility. 

5. Everyday advising 

It is important to note that you shouldn’t wait until you have a legal issue to hire a lawyer. 

Working with an attorney throughout your journey as an entrepreneur can help you avoid legal issues in the first place.

Outside of specialized legal issues, general business lawyers can also provide advising on a wide variety of matters, including but not limited to: 

  • Changing organizational structure 
  • Settling general business disputes 
  • Mergers and acquisitions 
  • Adhering to city and county compliance codes 

This article is intended to convey generally useful information only and does not constitute legal advice. Any opinions expressed are solely those of the author, not LawChamps.

Monzerrath Ortiz

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