When starting up a business there are many legal aspects that the business owners do not even know about or consider. A business lawyer is needed to make sure the company is following the law and everything they do is within the limits of the law. The lawyer will also help make sure the business is protected from customers and make sure all IRS requirements are met.
Reasons to Hire a Business Lawyer
Government Rules and Regulations
The business ha to make sure that no laws are being violated. They also need to make sure the tax documents are filed correctly and all rules and regulations are followed. The lawyer will make sure that the business is operating legally.
Third Parties
When dealing with the general public it is important that a lawyer developed methods to help control the risk. People are always looking for a reason to sue and the lawyer needs to make sure the business is protected. The Dallas business lawyer will need to make sure all employee relations are conducted lawfully from hiring employees to fair pay. They also need to make sure all interactions with suppliers and policies are legal.
Co-Owners
When people get together to form a business they are on great terms. Things do not always stay this way. The lawyer will help lay down the rights and expectations of each owner upfront. This legal work is needed in case of future disagreement. The lawyer will also help to make the business incorporated or a legal business entity. They will also help with contracts with suppliers and others. They will also write up responsibilities and expectations for each owner.
Cost of a Lawyer
Some lawyers will work on an hourly basis. The fees will run between $350 and $800 an hour. The lawyer will need to complete paperwork and that does take time so be prepared to pay the lawyer an upfront fee that can be hefty.
Incorporating a Startup
When a business is starting up there are additional fees that they need to pay in addition to supplies and other common expenses. They will need to pay a lawyer to incorporate the business. This fee will cost between $2,000 and $5,000 based on the complexity of the business and the number of owners. It will also depend on if the business is going to be an LLC or a corporation and how they are going to handle specific business items.
Things to Look for in a Business Lawyer
Answering Questions
When just opening a business the owners are going to have a lot of questions. The lawyer should take the time to answer them, even if they may seem basic. This will help the owners get to know and get to trust the lawyer. If they do not want to be bothered that lawyer may not be the best one to hire.
Hidden Cost
A lawyer needs to be upfront about the fees. They should put all of their fees and service charges in writing. If there are hidden cost the clients will not be pleased and they will still have to pay this money. A good business lawyer is looking to offer services at a cost-effective price.
While hiring a lawyer for a startup business may seem expensive it is well worth this additional cost. The lawyer will make sure that the business is operating legally and have documents and policies set up to handle any problems down the road.