The business world has so much to offer—and that goes both ways as you may find myriad benefits from the experience, as well as creating products and services that help or please your targeted base of consumers in some way. As a new business owner, there is probably a huge learning curve involved as you create the foundation for your company, begin hiring, assessing your capital and budget, and manufacturing or producing whatever is responsible for profits. This usually includes purchasing inventory, meeting with vendors, working with other related businesses—and most of all, opening your doors to the public and catering to your customers.
All this activity means contact with many other individuals and communication with other commercial entities. Over the years, it is inevitable that some unpleasant issues may arise and even develop into legal disputes. Protect your business by consulting with a skilled business attorney like Shane Coons from the beginning. While it is important to have legal help during a dispute later, creating a good foundation for your business is critical too. Your business attorney will advise you on how to structure your company, and in working with an accountant too, tax implications can be considered. There are numerous different ways to set up your business, and an experienced attorney can explain whether a sole proprietorship would be your best option, or whether you should set up a corporate entity, partnership, limited partnership, or more.
Legal assistance may be required to for creating a wide range of different business contracts. Whether you are starting out with business partners or bringing in one or more later, comprehensive contracts can prevent major problems later as titles and duties are outlined, profit distribution details agreed on, and exit strategies established so there are no surprises at the end. And although in the beginning you may not be able to imagine having a dispute with your partner(s), adding a dispute resolution clause makes it clear to everyone how you would proceed in the event of a legal issue amongst each other (whether in using litigation, arbitration, or mediation), what county or city it would be resolved in, and who would be responsible for any attorney’s fees. There will be many other contracts to deal with too, from employee contracts to independent contractor contracts to agreements between vendors and other businesses.
Make sure you find a business attorney who you are comfortable discussing your business needs and any current issues with. This may be a relationship that lasts as long as your business does—and your lawyer may see you through purchases of real estate, acquisitions of other businesses, reallocations of profits, protection of intellectual property, and so much more.
If you have concerns about business or partnership issues, consult with Attorney Shane Coons. Our law office represents clients involved in a wide range of businesses and legal issues, and we would be glad to review your case and help you explore your options. Call now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com.