When you are finally ready to set up your small business, there are three necessary members you need on your team. And that is a lawyer, a financial advisor, and an accountant. Unfortunately, people tend to overlook hiring a lawyer because they think they can handle all the legalities independently, but more times than not, they are mistaken. A lawyer is very important when setting up a new business and providing you with the necessary legal advice.

SETTING UP YOUR COMPANY. Not all companies are the same. Options to create a company can include sole proprietorships, general partnerships, joint ventures, limited partnerships, limited liability companies, and corporations. Each type of company has pros and cons, rules, and terms that a lawyer will know, and can streamline the process for you.

TAX COMPLIANCE. All businesses, big or small, must pay taxes. A lawyer will know the tax advantages and disadvantages for each type of company. They will be able to help the owners pay their dues on time and avoid unnecessary tax fines.

CONTRACTS. If you plan to hire employees for your business or provide services to customers, you must formulate solid contracts. A lawyer can help create contracts that will protect your company and avoid unnecessary problems down the road. Contracts can also help protect a company’s business, including confidential information, formulas, recipes, etc.

AVOIDING LAWSUITS. Through drafting contracts and adhering to state requirements, lawyers help your company avoid potential lawsuits. Your lawyer is the voice of reason that knows the law and does their research to ensure every decision reached stays on the lawful side of things.

FIGHTING LAWSUITS. Let’s say that you are already in a legal fix; what do you do? You get a lawyer ASAP! If you do not have one already, they are your best bet to beat the system and regain control. Even if you are the one in the wrong, a lawyer helps you negotiate your way to fixing things within reasonable constraints.

You need a lawyer if you want your company to grow, flourish, and be protected. A lawyer is an asset for your small enterprise. Contact us today at 253.858.5434 to get more information! We represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.