Starting A Small Business: How A Lawyer Can Help
So you want to start a small business. Before you take on your first client you need to make sure you are following all the legalities of your field and the community you live in. A business lawyer can help you in many ways to get your business off the ground in all the right ways. Here are things a business lawyer can assist you with.
Zoning laws pertain to your business if you are leasing a building or plan on running your business out of your home. Your community may have stipulations on the type of business you can have from your home, which you want to know before you move forward. For example, it may be against zoning laws to run a pet grooming facility from your home since you are in a neighborhood setting, but a hair salon may be allowed. A business lawyer can help make sure you meet all zoning requirements in your area so you aren't held up in trying to license your business later.
Many small business owners have what is called 'umbrella insurance', or insurance that covers the necessities your business may have that your current insurance doesn't cover. You will want to make sure your business is insured so in the event of a faulty service, product, or accidental injury to a client while on your premises, you have the coverage you need. After all, a top expense for a small business is product liability, which can cost an average of $35,000 in the event of a claim. A business lawyer can go over your current insurance policy and guide you to upgraded insurance options if they don't feel you have the coverage your business needs.
Is your business going to be a sole proprietorship, or are you going to file for an LLC? Have you considered an S Corp? The type of entity you assign your business can either increase or decrease your personal liability in the event of monetary loss or getting sued. For example, if you are a sole proprietor your personal assets and your business assets are considered the same, so if you get sued you could have your personal belongings at stake. Under an LLC, however, only your business is at risk if you enter into financial issues. How you file your taxes is also affected by the type of entity you choose. Your business lawyer will assist you in choosing the right type of entity for your business so you can enjoy all the perks it can bring you.
If you are starting a small business, it doesn't matter if you plan on working from home or renting a storefront when it comes to the legalities of your career. A business lawyer can help you with all the things you need to help make your career move a success.