Do You Need a Lawyer When Starting a Business?

For many entrepreneurs deciding whether to hire a lawyer is similar to a visit to a doctor. If you have a big medical problem, chances are you won’t hesitate to call a physician or run to the nearest hospital emergency room. But if you simply have a bad cold, you’ll normally wait for a couple of days or until things get bad before you go to a doctor.

In business, however, it’s difficult to take chances. You should get a lawyer when dealing with a serious legal problem. Obviously, this holds true if you’re being investigated for securities fraud by the Securities and Exchange Commission or a client has been seriously injured by one of your products.Starting a business without any legal counsel can be a huge mistake. If you don’t have a lawyer representing your interests, you should hire a business lawyer experienced in corporate matters and start-up ventures. One good place to start your search is the Internet. Your search will give you plenty of choices to make a good decision.

There are two kinds of business lawyers: those that handle lawsuits or business litigators and those that handle corporate and contract matters or transactional lawyers. Some lawyers can do both but most concentrate in one area or another. If you’re starting a new business, a lawyer who handles business transactions is a good choice.

Anticipate your future needs as your business grows. For instance, retain a lawyer or a law firm that specializes in areas that affect your anticipated business needs. It may be wise to get a “full service” firm that does both transactions and litigation. It’s also good to have access to lawyers experienced in other legal areas affecting your business like labor or employment law, tax law, real estate law, banking, and finance or intellectual property.

Dealing business with a lawyer on your side will always stay out of trouble. Don’t just hire a lawyer because it’s your kin or introduced by a friend, rely on their ability how it can help your business grow.