Uncategorized

Why You Need a Lawyer for Your Startup

Introduction

  • Are you a startup entrepreneur looking to delegate your legal and financial responsibilities to an expert attorney?
  • Do you know how an experienced attorney can help you focus on the core of growing your business and product?
  • Have you tried seeking out an expert who deals specifically with startups and help them grow at a rapid pace?

A startup entrepreneur wants to devote all his time and energy to improving his product or service, finding investors, looking for clients, and building a market. Imagine you are a startup owner who wants to do all that, but you receive several papers for compliances from the government. 

What are you going to do? There are two options in front of you-

  1. You can either run from pillar to post and ensure that you get all the paperwork done;
  2. You can hire an expert legal attorney to help you get everything done

In this article, we are going to state five reasons why your startup should hire a lawyer. This is going to help entrepreneurs understand the value a specialized lawyer can bring to your company. 

5 Reasons why a Startup should hire a Lawyer

Every startup has the same story to tell. Limited resources, multi-skilled employees manning different verticals, and an overworked entrepreneur whose sole mission in life is getting his new company of the ground. If you are looking for one, you can always get online and research the website of the best startup lawyers. 

  1. Incorporation and Agreements- 

A new startup should zero in on the best kind of structure, which can help startups with compliances and taxes. Some setups like LLCs or Sole Proprietorships can be better in terms of tax savings that a Private Limited. This is where a good lawyer can help you. a lawyer can also help in forming partnership agreements. 

  1. Employee Payroll- 

If you are under the impression that dealing with employee contracts, payroll. Deductions are all too easy, your dream is waiting to be shattered. As an entrepreneur, if you want to deal with all those issues, it is going to take a lot of your time. An expert attorney finds these things to be a piece of cake and can get it done for you without any trouble at all. 

  1. Copyrights and Business Interest Protection- 

Your idea might be worth multi-million dollars, which in turn means that a lot of people are going to be out there to steal it and make it better. A legal attorney can help protect your idea and ensure that it stays with you. Defending your business interest from predatory commercial practices is what a good lawyer always looks out for. 

  1. Overcoming Regulatory Hurdles- 

Running an independent business is not easy. You are dealing with so many different authorities and regulators at the same time. If your startup is catering to foreign markets or generating foreign exchange, you are going to extend the number of regulators you are going to deal with on a monthly basis. Lawyers can help you when it comes to regulatory issues. 

  1. Securing Finances and Investments- 

At some point or the other, a startup needs to raise finances to scale up operations. This can be either form investors or from banks and other lending institutions. Whatever be the case, there can be a lot of paperwork, which is going to be involved. You also need to ensure that your raising finances are also being done in a fair and transparent manner. 

The Final Word

If you are an entrepreneur, you would not like to be bothered by these issues. You might think that the expenditure for a lawyer is something, which can be avoided, especially for a startup. However, once you get into trouble and you will have to contact someone new, you will realize that having full-time legal help at your disposal is the best asset.