Four Reasons to Hire a Legal Advisor Before Your Business Even Opens
If you’re thinking about starting your own business, you’re probably very excited about the prospect. You probably can’t wait to open your doors, and you assume all the pieces will fall into place as you get into the swing of things.
That’s rarely the case.
Instead, it’s important to curb your expectations and make sure you get off on the right foot by hiring a legal advisor before your business even opens. They can provide you with expert legal advice that will set your new company up for success the very first day you’re in business.
Create the Right Business Structure
One of the most important things a legal advisor can do is help you settle on the right business structure. Options include:
- Limited Liability Partnership (LLP)
- S Corporation
- C Corporation
- Nonprofit Corporation
- And more
Once you choose the right formation, an advisor can help you file the appropriate paperwork. For example, if you were to settle on an S corporation, Anderson Advisors would, “Prepare your articles of incorporation and submit them to the state. After it is filed, we obtain your EIN from the IRS and prepare any additional election forms, for example, if you are forming an S-Corporation, as needed. Once we have the filed articles and an EIN, we will draft your documents to suit your specific needs and business type.”
You go into business wanting to provide the very best services and products for your customers and clients. Unfortunately, accidents happen, and you could find yourself on the receiving end of a lawsuit.
An advisor is a must if you have to deal with a lawsuit down the road, but why deal with it at all if you can use an advisor to avoid the lawsuit in the first place? An advisor will make sure your business is legal in regards to state and federal laws and they can help you reduce the exposure of your business, thereby reducing the likelihood of lawsuits.
Less Complicated Taxes
If you thought personal taxes were complicated, wait until you open your own business! Get ahead of your taxes by speaking with an advisor who can prevent you from making mistakes when you file your taxes. They can also help you identify which taxes and credits will apply to your business, and they can identify ways for you to reduce your tax burden.
Help with Online and Leased Spaces
Whether you want to move into an office space you plan on working out of your garage, it’s important to consult an advisor before you get started. Not only can they help you deal with the paperwork when leasing a space, they can also ensure your online business follows federal regulations.
If you make the mistake of waiting to hire an advisor, your business will undoubtedly suffer. Get ahead of potential pitfalls by hiring an advisor from the very beginning and you can make sure your business lasts for the long haul.