Interested in reclaiming control of or recession-proofing your career in 2021? Then, you might want to start a business.
Research shows that a whopping 40 million individuals ended up losing their jobs in the first few months following the arrival of COVID-19 in the United States. However, by starting your own company, you can essentially hire yourself and keep yourself employed no matter what the economy around you looks like.
Not so fast, though. Before you start your business, it may be in your best interest to hire a business lawyer.
So, what does a business lawyer do exactly? Here’s a rundown on everything you need to know about business lawyers.
Let’s jump in!
What Does a Business Lawyer Do?
One of the most important tasks of a business lawyer is to assist you in choosing the right legal structure for your new company. Your business structure options include the following:
- Sole proprietorship (you are operating a business by yourself)
- Partnership (you are operating a business with one other person)
- Limited liability company (you are operating a business by yourself or with others and want liability protection)
- Corporation (you are operating a business with shareholders and want liability protection)
In addition to considering your liability needs, an attorney, such as Hayes Hunter PC, will help you to pick the structure that will give you the best tax treatment. This lawyer will also go over each structure’s formation costs with you.
How Else Can a Business Lawyer Help You?
A business attorney will also help you to prepare the documents you need to successfully kickstart your company.
These documents include a partnership agreement if you are starting a partnership, for instance. In addition, if you’re starting a corporation, an attorney will help you to create bylaws and articles of incorporation.
Starting a new LLC? Then you’ll need an operating agreement and articles of organization.
An attorney can additionally help you to figure out what all of your startup costs will be. These may range from your utilities to your rent and office supplies. You’ll also be encouraged to create an accurate budget for your employee salaries and marketing costs, among other expenses.
Finally, a business lawyer will explain to you the tax forms that your staff will need to fill out (W-9 forms for independent contractors, and I-9 forms for employees).
How We Can Help
In addition to answering the question “What does a business lawyer do,” we offer a range of tips for starting and growing a business in 2021 and beyond.
For example, on our site, you can find out about how to tap into digital marketing to expand your company. In addition, we offer a rundown on what managed information technology services have to offer your company.
Take a glance at our site to learn more about how to take your business to the next level in the coming months.