Are Lawyers Necessary For Entrepreneurs?

Know When You Need A Lawyer

Entrepreneurs have plenty on their plate and the last thing we want to do is to learn the law. That being said, there are lots of things that entrepreneurs can do on their own without incurring the expense of a lawyer. However, with other more complicated matters, it is important to turn to professionals that have seen the issues you are facing many times. It’s on you to decide when you’re in over your head. Use your gut. If you’re unable to find an exact answer to a specific need, ask a trusted advisor if now’s the time to secure a lawyer. 

“Find a lawyer that understands what it’s like to sit in your shoes.”

Tasks You Can Take on Yourself

While you certainly don’t need an attorney for every step of running your business, there are certain issues that are better managed by a lawyer. We outline some of the items you should be able to take on on your own below. Keep in mind that for some of these, you may find as you start working on it that it’s too complicated. In those cases, don’t hesitate to go to a lawyer. In addition, there may be some tasks that you get started and then need a lawyer to finalize.

  • Writing a business plan
  • Researching and picking a name for your business (previously trademarked business names can be researched online)
  • Reserving a domain name for your website
  • Creating a legal partnership agreement, limited liability company (LLC) operating agreement, or shareholder’s agreement
  • Applying for an employer identification number (EIN), which you will need for employee tax purposes
  • Applying for any licenses and permits the business requires
  • Interviewing and hiring employees (there are federal and state anti-discrimination laws which regulate the hiring of employees)
  • Submitting necessary IRS forms
  • Hiring independent contractors and contracting with vendors
  • Creating contracts for use with customers or clients
  • Creating an employee handbook

The above is not a full list of legal tasks which small business owners can do on their own but should give you an idea where you can give it a go. Connect with us if we may be a resourceful asset!

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By | 2019-05-31T15:57:33-04:00 June 14th, 2019|Daily Perspective|0 Comments

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