Hiring a lawyer can be a daunting task. Especially if you have never done it before, fear about the pay and confusion as to how would start it can immediately set in. But when you are planning to start a business, a commercial lawyer is very important.
Preparing to hire a commercial lawyer? In this article, you will learn some of the most important things that you should know as a business startup.
Look for a lawyer who is fit to perform the duties required for your business success. This includes checking the lawyer’s eligibility and experience in a specific field that your business will be focusing. As a startup you also want to hire a lawyer who is trustworthy, reliable, and always available in case you have questions.
There are three things where a commercial lawyer can be of great help: government, third party dealings, and legality of the business. If you want a legit and successful business, you need to make sure that all legal requirements are fulfilled. Apparently the only way to do this is to have a commercial lawyer on your side to help you make sure the government checklist for business are done – such as taxes, permits, and business licenses. You will also need a lawyer in making sure the agreements you entered with third parties or partners are legal and binding, and are free from fraud.
You will need a lawyer to give you legal advice about business technicalities. Say for example, lawyers can help you make sure that your business is legit in times incorporation or forming an entity. With a lawyer on your side, it would be easy to delegate tasks, prepare agreements, draft corporation contracts, create terms and conditions, and communicate to all incorporators. Lawyers can also help in hiring employees, negotiating contracts, raising capital, and obtaining patents.
Commercial lawyers can advice you about the pros and cons of the different business formats. By elaborating more on their legal implications, you can be enlightened whether your choice is right or wrong. Say for example, they can apprise you if an LLC, sole proprietor, or general corporation would be right for you by assessing factual information.
Lawyers can see business red flags which you can’t. Despite the fact that you have earned a degree in business management, it is not a guarantee that you can get through all the red flags of starting a business. Legally speaking, laws can be tricky when it comes to business establishments and you could be a victim in its complex world.
Lawyers are billed hourly. Hiring a lawyer can be expensive but it is worth the price. Generally commercial lawyers can charge up to $350-$800 an hour range for their service but some can be negotiated. You can call for a fixed-price job depending on how you would negotiate with your lawyer. In this case, you need explain fully and specify the things that you want to achieve in your business and the kind of service that you are expecting to receive.
A commercial lawyer can definitely help you in starting up your business. When you hire a lawyer, do not focus too much on the cost. Instead, try to think of how much you can save by avoiding legal complexities that you can avoid at the earliest point.