More than half a million new businesses are started each month, but as this number rises, so does the number of businesses that fail. Proper legal guidance is key to any successful new business venture. A solid legal foundation can help business owners avoid liability from the beginning and protect their employees and assets through employee contracts.
Laying a Legal Foundation at the Start
Determining the structure of a new business is vital to its successful operation. Law firms can help new business owners determine the company’s correct business entity from the start to avoid tax penalties and other liabilities down the road. A legal advisor can guide business owners to determine whether to operate as a sole proprietorship, general partnership, S or C corporation, limited liability company (LLC), or limited partnership.
A Need for Employment Lawyers
Finding and retaining quality employees is key for all businesses, old and new. Hiring a lawyer can be beneficial to help employers outline contract terms that are mutually beneficial for all parties and to provide guidance on policies, such as employment terms, benefits, paid-time-off policies, non-compete and confidentiality clauses, and termination grounds are just a few of the issues that arise in which legal guidance is critical.
Lawyers can also assist with an employee contract which will spell out the terms by which an employee can quit or be terminated, describing penalties if either side violates these terms, and can offer added protection of trade secrets and patents, limiting what an employee can share with others and prohibit them from working with competitors for a specified amount of time.
The right law firm can help businesses not just survive, but thrive in a corporate jungle, by determining the best legal solutions to attract and maintain a loyal employee base while feeling secure knowing that their physical and intellectual assets are protected.
This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.