Though it’s not required in all states, if you’re thinking about starting a limited liability company (LLC), hiring a business lawyer can be beneficial in providing peace of mind and protection from personal liability.
There are a few things to consider when deciding whether or not to hire a business lawyer. The first is the cost, and how it factors into your budget. The second is the complexity of your business. If you have a simple business structure, you may not need a lawyer. However, if your business is more complex, it is worth considering hiring an attorney well versed in business law.
The third thing to contemplate is the level of risk you are willing to take. If you are starting a high-risk business, it is important to have a business lawyer on your side, ensuring your personal assets are protected in the event that your business is ever sued.
It is advised to have a business attorney help you draw up documents, such as your operating agreement. This document is important because it sets forth the rules and regulations of your LLC. It’s also a good idea to have an attorney review this document before you sign it.
Business lawyers assist you with the paperwork involved in setting up your LLC, including filing the necessary paperwork with the state and registering your business with the IRS.
Another area where a qualified lawyer can assist you with is that of negotiations. If you’re looking for a business loan, your lawyer can help you negotiate the terms of the loan. This includes the interest rate, repayment schedule, and other important details.
Unclear on which business structure is right for you? An adequate lawyer can help you choose the one that best suits your needs. There are a variety of business structures, such as sole proprietorships, partnerships, limited liability companies, and corporations. Each has its own advantages and disadvantages.
Hiring a business lawyer is not required, but worth examining for protection of your personal property. If you decide hiring a lawyer is right for you, be sure to shop around and find one that you feel comfortable with.
Organizing Annual Report
Your LLC’s annual report is another area where a trained and licensed professional can be helpful. This document is required in most states and it outlines the financial activity of your LLC. An attorney can help you make sure that this document is accurate and complete.
As your business grows, you may need to revise your LLC agreement. A knowledgeable lawyer will be sure to make the legal changes correctly and see to it that they do not conflict with the original agreement.
Having a lawyer for your LLC can also help you if you ever want to dissolve it. This process can be complicated and needs helpful navigation through it.
If your LLC is ever sued, an attorney can help you protect your personal assets. This is especially important if you have a high-risk business. An attorney can also help you negotiate a settlement that is fair to both sides.
Business lawyers help you with business contracts, such as reviewing contracts before you sign them and negotiating terms on your behalf. It’s wise to have an attorney review any contract before you sign it, as this can help you avoid legal problems down the road.
If you are dissolving your LLC, an attorney can help you with this process as well, filing the necessary paperwork and making sure that all of your assets are properly distributed.
There are a few times it’s imperative you should consult with a business lawyer. If you are unsure about whether or not your circumstances warrant the need for you to hire a lawyer, it’s advantageous to consult with one to help you understand the law and how it applies to your LLC. For more information, or to discuss what’s in the best interest for your business, contact the legal professionals at Foley Law Offices today.