So you have decided to be your own boss and start your own business. Next comes the less fun stuff: the legal work. Whether you need an attorney to start your business depends mostly on the type of business you are starting; the simpler it is, the less likely you will need an attorney. There is also no legal requirement to complete tasks such as drafting contracts or filing trademark applications with a lawyer present. So, if you are willing to navigate through all the forms and paperwork, there is no problem with going ahead by yourself! However, many small business owners can attest that many benefits come with hiring a lawyer when you are just getting started on your business. Here are some of them:
Many people have the preconceived notion that lawyers are an expensive burden, but you may be surprised that a lawyer can actually save you some money in the long run. Having a lawyer is like a form of insurance. You can rest assured that all your paperwork and contracts are drafted properly and clearly, saving you from future expensive contract disputes and court time.
Tasks such as setting up structures for tax planning, liability protection and accounting can be more complicated and out of your skillset. You will probably want to hire other professionals like accountants, insurance brokers, real estate agents as your business grows and what better way to know who you can trust than asking your lawyer for connections?
Nothing raises red flags more than sloppy legal work for your business. Incomplete or messy corporate records can make a routine business loan application more difficult, preventing you from getting the capital you need to grow your business. Similarly, if you decide to sell your business later down the line, a lack of privacy policies, unregistered trademarks or sloppy contracts can make your business less marketable. You can be sure that your potential buyer would want to inspect all aspects of your business to protect themselves from future liability, so make sure to do all the legal work correctly from the get-go.
Aside from the potential money and future headaches you will save by paying for a lawyer when starting your business, you will also be saving yourself a lot of precious time. The law is often overwhelming and confusing unless you have had specialized education and training. Instead of spending weeks trying to understand and learn the law, focus on building your business and leave the legal work to the lawyers!
ME Law is your number one source for all your legal needs in Toronto. From civil litigation and criminal defence to wills and real estate, our professional lawyers at ME Law are here to help. Do not hesitate to get in touch today!