Value of an Attorney When Business Planning
You have an amazing business idea, and now is the best time to launch. Perhaps you understand the industry and see exactly where your new company will fit in the current market.
The question is whether you know how to properly structure your business and protect your company’s assets now and in the future. Not working with a business lawyer to create a solid plan that covers everything from the initial launch to the exit strategy is wise. Consulting with a business lawyer in Utah may seem like just an extra expense at the least convenient time, but for most businesses, it’s money well spent.
At Weber Law Group, we believe in maximizing value for every client. We take the time to understand the business you want to create. Then we apply our business planning expertise to ensure your interests are protected in every way possible. Let’s look at some of the biggest benefits of working with our experienced business law group.
The Right Business Structure
Selecting the right business structure is important, but it can get a little confusing if you are not clear on the legal and tax advantages and disadvantages. Some of your options include:
- Sole Proprietorship
- S Corporation
- C Corporation
- Limited Liability Corporation (LLC)
- General Partnership
- Limited Partnership
Within those business structures, you have further divisions that can get become quite complicated. Working with an experienced business lawyer in Utah will save you from hours of researching the various options. You will receive expert insight into the right structure for the business you want to build.
Once you make a decision, your business attorney can help you file the proper paperwork in a timely manner. You can focus on building your business and bringing in your first clients while your lawyer focuses on applications and other important paperwork.
Maximum Asset Protection
Do you think you have no assets to protect right now? For most businesses, there is some type of intellectual property to protect before the business even launches. If you work with contractors or consultants to solidify your idea and bring products or services to the market, you likely have some proprietary information that you want to keep under lock and key.
As your business grows, you will have many types of assets that you need to protect. The best way to do that is to work with a business law group from the early stages of creating a business plan. Asset management and protection is something many small business startups do not think about until much later, but that could lead to big losses down the road.
Solid Contracts – Eliminate Liabilities & Loopholes
There are so many contracts that you may need to develop and sign in the business planning process. It may start with securing the real estate you need to open your business and then continue with contracts for employees or independent contractors that help you bring your products or services to the market. You may need a contract with your business partner and a variety of vendors that work with your new company.
The days of shaking hands and trusting everyone you meet are over. Without solid contracts that eliminate loopholes and liabilities, your business interests are not well protected.
You may find business planning contract templates online, but they are not tailored to the specific needs of your new company. Working with a business lawyer in Utah to create customized business contracts is the only way to ensure your company is fully protected. Your business lawyer will see the small details and potential problems that you are not aware of due to a lack of legal expertise.
Smooth Entrance With a Profitable Exit
What is your exit strategy? You may think you do not need one, or you will figure all that out later, but there are some big advantages to thinking about your exit as you first make an entrance. The exit strategy can help you make critical business decisions as your company grows. You may also need an exit strategy in place if you want to convince investors to fund your business ventures.
Creating a business plan is a detailed process that requires you to think about all aspects of your business before you even launch. You will have a stronger, more profitable business that is well protected if you work with a trust lawyer experienced in business planning.
Business Planning With a Business Lawyer
It may seem simple to launch a new business when you have a profitable idea and a thorough understanding of the market. What you may not anticipate from the start are the many small details that could lead to trouble in the future. Working with a business lawyer ensures you are not surprised by tax bills, lawsuits, and other problems down the road.
The first step to launching a profitable business is to contact Weber Law Group at (801) 753-8084. You are one call away from working with a reputable, dependable business lawyer in Utah.