So you’ve saved up some money, developed your own market strategy and created a business plan. Congratulations on your primary steps in the direction of entrepreneurship! It might have been your childhood dream, or a spontaneous decision, but now you’re finally ready to get the ball rolling. But wait!
Have you contacted a Chattanooga Business Lawyer?
It’s usual to think people only require a lawyer when something is going wrong. This is a common misunderstanding! You don’t have to wait for a catastrophe to strike to hire a lawyer. This will benefit you both in the beginning stages and also before finding yourself in an urgent state. Below is a list of reasons why every business needs a lawyer.
1. Business Entity Formation
Your business structure will determine what liabilities you deal with, just how your entity is taxed, as well as how your profits are split. Right here is a brief checklist of the various types of business structures:
- Sole Proprietorship
- S- Corporation
- Limited Liability Company (LLC)
To learn more about this aspect, contact Mckoon, Williams, Atchley & Stulce for a free legal consultation.
2. Trademark and Intellectual Property
You can have a wonderful product or service, but get lost it comes to picking the name. Did you know that Starbucks was nearly called “Pequod’s”? Or that Pepsi was first released as “Brad’s Drink”? However, a dull or ordinary name may just be the least of your concerns if you receive a cease and desist notice for unconsciously using somebody’s trademark.
Consulting with a lawyer first, can help you avoid this issue altogether.
At Mckoon, Williams, Atchley & Stulce, we understand that this is our work to research trademarks to make sure that you prevent infringement and to search any kind of potential issues. When your brand is developed, we will additionally assist in protecting your business’s name. Developing a trademark can be time-consuming. Having a lawyer take care of these matters can let you completely dedicate yourself to getting your new business started.
3. Contracts, Contracts, Contracts
- Bill of Sale – Formally specifies a property’s transfer of ownership
- Warranty – As you may already know, a warranty compensates a customer if s/he receives a product that is defective or breaks down during its expected lifetime.
- Employment Agreement – Though you may have discussed working conditions with an employee at the interview, this is not enough. You should have a legal document that outlines responsibilities and methods of payment to an employee.
- Commercial Property Lease Agreement – One of the most crucial contracts you will have to sign. It’s the terms and conditions that you have with a property owner when renting out a space for your business. This concerns offices, stores, restaurants, and etc.
An experienced lawyer at your side can assist you in creating contracts to avoid potential legal issues. Mckoon, Williams, Atchley & Stulce, PLLC will additionally lobby for your benefits in the contracts you make or enter into with the third parties.
4. Exit Strategy
Individuals most likely to have attorneys prepare a will to ensure that when the day comes, any type of disputes including the succession of their properties can be avoided. A Chattanooga business lawyer can help establish an exit strategy for your business as you expand, ensuring it will continue (or dissolve) in whatever manner you choose.
In an ideal world, business partners stick together, nobody generates terrible ideas, and contracts are always upheld.
Yet, this is not always the case.
If there is anything lawyers are best at, it’s settling disputes. Nevertheless, when these problems do emerge, wouldn’t you want to have a lawyer that knows you personally and understands the aspects of your business?
When things fail, you’ll already have a legal team to lobby for your best interests. Contact McKoon, Williams, Atchley & Stulce – Chattanooga lawyers experienced in business law matters, large and small. (Please do not include any confidential information in your inquiry.)