Most small business owners consider getting the services of a lawyer only when a pressing problem arises. This is obviously a short-sighted approach. Building a good relationship with a lawyer right from the start will help prevent possible problems from arising in the future. Here are some functions of your business attorney in Colorado.
Choosing a Legal Structure
The appropriate structure to adopt varies from one business to another. While some business owners will benefit more from a sole proprietorship, others may be better off with an S-corporation or LLC. Your lawyer can discuss with you the different options you have, and which structure would best serve your interests. Once you have agreed on the structure, your lawyer will then draft the necessary paperwork.
If you become a party to a lawsuit, such as legal action by a vendor or customer, or a harassment suit from one of your employees, you must consult with your lawyer immediately. Your lawyer’s advice is likewise important if you are under investigation by a federal agency like OSHA or the IRS.
If you develop proprietary processes or products that need to be patented or copyrighted, your lawyer can help you with the necessary applications, contracts, and non-disclosure agreements to protect your intellectual or intangible properties.
If you decide on organizing a corporation, there are legal requirements that you have to comply with to maintain your status. These include creating by-laws, holding shareholders’ meetings, electing officers, and keeping records of minutes. Your lawyer can help keep you updated with these tasks, as well as with all related policies and paperwork.
While you may be too eager to get your business off the ground, you also have to think of the possibility of one of your partners to want to stop the business from operating and leave. Your lawyer can help assess the value of your company.
These are only a few of the reasons that make retaining the services of a lawyer necessary. This will help prevent legal problems from hounding your business in the future.