Attorney
Attorneys are professionals who have gained knowledge about starting and running a business through their experience. Attorneys and accountants often work closely with each other, as there are multiple points of overlap between the professions. Therefore, hiring an attorney who can have a strong working relationship with your accountant is an important factor to consider.
An attorney can assist with many aspects of starting your business such as:
01
Setting up the right structure for your business (such as sole proprietorship, corporation, partnership, etc.) with your accountant .
02
Creating agreements (such as an operating agreement for a limited liability company, shareholder's agreement for a corporation, etc.)
03
Applying for licenses and registrations that may be required in your state and / or type of your business
04
Forming your entity in the state you will be conducting business in.
05
Creating contracts (such as with your customers, suppliers, employees, etc.)
06
Writing a business plan (together with your accountant)
As your business grows, you may be faced with complex issues that may need the assistance of an attorney.
The following are examples that may require the use of an attorney:
01
Potential tax examinations by either the Federal, State or Local taxing authorities.
02
Guidance and negotiation when selling your company or buying another company.
03
Federal, State or local government agencies’ investigations into your business for potential violation of any laws
04
Potential penalties (such as environmental, tax underpayment, etc.)
05
Gift and estate planning
06
Potential lawsuits
Choosing a right law firm
Choosing a right law firm, therefore, is critical. Like many other professionals, attorneys have various specializations. A few examples of specialties are as follows: contracts, business organizations, tax, intellectual property, etc.
It is imperative that you choose a law firm that is tailored to your specific business needs. In addition, it is important that you find an attorney that understands your business and assists you in aligning your short and long term strategy to achieve your goals.