Unfortunately, research suggests that over 80% of entrepreneurs fail within their first year. Starting a new business is far from easy, and entrepreneurs have a lot to deal with. Not only do they have responsibilities like taking care of their employees, but they also have to ensure they follow business laws. Thankfully, they do not have to do it alone. They can hire a business lawyer to help them. To find out why all entrepreneurs should hire a business lawyer, keep reading below:
1. They Ensure You Stay Within the Law
There’s so much to think about when starting a new business. As well as thinking about who to hire and what products or services to sell, you must also think about how you will market your new business. On top of this, you must ensure you follow business laws. This can be extremely challenging for new business owners.
The great news is a business lawyer can help. Having a law firm with a business specialism involved in your business means you needn’t worry about staying compliant in areas like employment law, data protection, etc. For more information on how a business lawyer can help, contact a lawyer specialising in commercial and business law.
2. They Can Give Your Business Advice
Most entrepreneurs have minimal experience in building or running a successful business. This is where a business lawyer comes in. They can help you with a considerable number of business concerns, including things like contract information, hiring a new employee, taxes, mergers and much more. They can advise you on the best business structure to help you minimise your tax liabilities, and also help you plan for the future of the business, such as handing over responsibility to other people.
3. They Can Help You Gain Investors’ Trust
Hiring a business lawyer can help entrepreneurs gain investors’ trust. Most stakeholders, clients and investors look for security in a business before investing their hard-earned money. And that’s what you have when you hire a lawyer to back your business.
4. They Can Help You Protect Your Intellectual Assets
A business lawyer can help ensure your intellectual property is adequately protected, with trademark protections and copyright applications. It is a specialist area of the law, whereby digital products and websites, etc, are at risk if not protected.
5. They Can Give You Bankruptcy Guidance
While it would be nice to think your business will succeed, many fail. Unforeseen circumstances or sharp downturns in the economy can put your business in a position from which it cannot recover. However, this doesn’t have to be the end for your company. A business lawyer can guide you through the bankruptcy process so it can recover and hopefully flourish once more.
Hiring a solicitor specialising in business law is essential no matter what business you decide to create. They will not only ensure you comply with relevant laws, but they can also help make your business a success.