You’ve got a great business idea, and you’re ready to get started. But before you take the plunge, you might be wondering: do I need an attorney to start a business?
The answer, unfortunately, is not as straightforward as you might hope. While there are some businesses that can get by without legal assistance, in general, it’s a good idea to consult with an experienced business attorney before taking the first steps towards starting your company.
Our Idaho Falls business attorneys can get you on the path to success, but before contacting us for a consultation, here’s a look at a few of the key factors you should consider.
The Type of Business You’re Starting
One of the first things you’ll need to consider when deciding whether or not to hire an attorney is the type of business you’re starting.
If you’re launching a relatively simple business, such as a sole proprietorship or partnership, you may be able to get by without legal assistance.
However, if you’re starting a more complex business structure, such as a corporation or LLC, it’s generally a good idea to have an attorney on hand to help you navigate the process.
Where You’re Starting Your Business
Another factor to consider is where you’re starting your business.
Different states have different regulations, incentives and business climates, so it’s important to research what kind of legal environment you’ll be operating in.
If you’re starting a business in a state with particularly complex laws, or if you plan to do business in multiple states, it’s generally a good idea to have an attorney on your team.
The Amount of Money You’re Investing
Another important factor to consider is the amount of money you’re planning on investing in your business.
If you’re only investing a small amount of money, it may not make sense to hire an attorney.
However, if you’re investing a significant amount of money or taking on debt to finance your business, it’s generally a good idea to have legal assistance to help protect your investment.
Your Experience in Business Matters Too
In addition to the type of business you’re starting and the amount of money you’re investing, your experience in business will also play a role in deciding whether or not to hire an attorney.
If you have significant experience starting and running businesses, you may feel confident enough to handle the process on your own.
However, if this is your first time starting a business, it’s usually best to seek out legal assistance to avoid making any costly mistakes.
There’s no easy answer when it comes to deciding whether or not to hire an attorney when starting a business.
However, by considering the type of business you’re launching, how much money you’re investing, and your own experience level, you should be able to make an informed decision about whether or not hiring an attorney is right for you and your new business venture.
MZJ are the business attorneys you can rely on for efficient and effective legal services. We will work with you to help you choose the business entity that’s right for you and your business goals.