Common Issues for Entrepreneurs and How a Business Attorney Can Help
Being a successful entrepreneur requires many things – hard work, courage, and resourcefulness, to name but a few of the necessary traits. With the expertise of a Business Attorney, you will be able to navigate today’s complex business environment and make your vision a reality.
Choosing the Right Business StructureHaving a vision is one thing - making it a reality is another. Before any enterprise can get off the ground, you must decide how to structure it. There are several kinds of business entities available in Florida, each offering a unique set of characteristics, benefits, and disadvantages. Choosing the right one depends on the sort of entrepreneur you want to be and what you have in mind for your business.
A sole proprietorship is the simplest way of doing business, making you and your business one and the same. However, this lack of separation makes it risky, as your personal assets will thus be open to any lawsuit or liability incurred by your business. By contrast, a limited liability company (LLC) provides far more legal protection, as well as a pass-through structure for earnings and losses that can provide tax savings. The lack of any stock options - as offered by a corporation - will make it difficult to raise private funds, which may be important to your growing business.
In short, finding the right business structure is a big decision that should be considered with the help and expertise of a Business Attorney, who will take the time to know what you need and which business entity is most suitable.
Drafting, Reviewing and Negotiating ContractsFrom acquiring a commercial space to hiring employees, every activity or decision pertinent to your business will require you to establish professional relationships that must be governed by a contract. The right contract will ensure that both parties clearly understand their duties and obligations, as well as provide for a remedy if there is a dispute. You should never sign a contract without knowing its contents or legal implications. Even the savviest entrepreneur will not be familiar with the legal terms and requirements of an effective contract, which is where your Business Attorney comes in.
The attorney will thoroughly review every contract that comes your way and seek out any terms and conditions that may be detrimental to your interests. The team has experience negotiating contracts to the satisfaction of both parties, ensuring that your vital business relationships - whether with vendors, distributors, employees, or clients - go smoothly without jeopardizing your interests. They can also write contracts that take into account the special circumstances, duties, and other factors governing the business relationship.
Navigating Rules and RegulationsBusinesses of all shapes and sizes must contend with a complex layer of local, state, and federal rules and regulations. These will further vary depending on the type of business you run - for example; restaurants have a myriad of health codes and licenses that are unique to the industry. Moreover, these regulations and requirements must often be updated or complied with on a regular basis (usually annually), to say nothing of the fact that their guidelines and qualifications can change frequently.
As an entrepreneur, you are putting enough time and energy into your business without having to contend with onerous regulations. A Business Attorney will help you ensure your enterprise is compliant with all legal and regulatory requirement, saving you time, money, and legal liability. From squaring away all the permits and licenses that may be required at the start, to making sure all your compliances are up to date year-to-year, they are always on standby to keep your business running smoothly.