Coming up with a new business idea is an exciting time. From concept to target market identification, from message creation to brand building, it’s all fun and games-;until it’s not. While business owners can do many things themselves, a business’ legal underpinnings should be handled by a professional. Below are several ways a Business Lawyer in Green Bay WI can help a new entrepreneur start off on the right foot.
Assigning the Right Entity Structure
Sole proprietorships are simple, but they offer hardly any liability protection. Partnerships offer joint ownership, but that is a double-edged sword as it makes the client responsible for partners’ losses. C Corporations are easy to start, but can bring complexity to tax filing. LLCs, LLPs and S Corporations are viable choices in some situations. The team at visit us website can work with the client to select the right structure for the greatest chance at profitability.
Avoidance of Early Delays
Most new business owners want to dive right in, but that can be impossible when the owner is encumbered by officer naming, documentation filings, bylaws and other legal considerations. A business lawyer can handle these details, leaving the client more time to run the company.
Prevention of Early Mistakes
It is common for new business owners to sign leases and other important documents in their own name without realizing the tax consequences. An experienced attorney can prevent these mistakes from happening, thereby minimizing the potential tax and legal ramifications.
Protection of Intellectual Property and Sensitive Information
Unless a client takes early steps to protect materials such as production secrets, concepts, customer information and marketing language, they may find it in the competition’s hands. Once a business owner loses control of such information, it cannot be regained. A business attorney can protect this sensitive information and keep it where it belongs.
Avoid Government Challenges
Businesses are under tremendous regulation from all sides, and it can be distracting, expensive and dangerous to remain in compliance. Mistakes can lead to steep fines and even jail time, but a Business Lawyer in Green Bay WI can help clients anticipate these issues before they become major problems.
