Business4Moms

Starting a small business can be an overwhelming task. The Internet is a powerful ally to help us get things done which we previously were unable to do on our own. When is it time to call in the big guns? When do you need a lawyer?

Situations which may require an Attorney

• Start up work. In this day and age, forming a company simply requires paperwork. Deciding what type of company will work best for your situation usually only requires research. The documents and forms you need, in most cases, can be downloaded for free. Of course, it is always best to seek legal assistance if you do not understand what you are agreeing to. Usually the process is straightforward and easy to complete on your own.

• Operating and Employee Agreements can be tricky, however. For basic agreements there is a bounty of samples available online. If your company has unique needs or unusual circumstances, especially during a period of rapid growth, utilizing an attorney can be invaluable.

• Trademarks and Patents can be a complicated maze to wade through. While specific systems have been put in place, often times the path is not straightforward. To avoid costly mistakes and better utilize your time and energy it is recommended to have a lawyer involved. The benefit is having an expert tell you not only what you can do, but what you can’t. An idea is only viable when it is feasible.

• Investments and Financial Partnerships. If your business will be seeking investments or financial partnerships it is essential to retain the services of an attorney – preferably one with a fair amount of experience and a solid track record. The language of finance is complex, especially from a business standpoint. The process and eventual outcome can be dire if you don’t have knowledge on your side.

When an attorney becomes part of your business team it is important to remember they are working for your business, not you. The basic philosophies and principles usually do align, but flexibility is crucial as the company grows.

Finding an Attorney

If legal assistance becomes necessary, the best way to source an attorney is to simply ask around. Networking with other small business owners is a terrific way to find referrals. Like any new business partnership, the initial consultation is important and quite often free. As an entrepreneur you have the power to build your team. It isn’t unusual to inquire about fee structure, experience, case history and how the lawyer communicates with their clients. Conflict of interest can be vague. Query point blank if the attorney currently works with any of your competitors.

The small business owner is the employer. When hiring somebody new, check and double check references. If you are not convinced, it is advisable to keep looking.

Hiring an attorney isn’t a need for all small business owners. The best way to proceed is slowly and well armed with research. Weighing the pros and cons with your legal needs is an important part of the decision-making process.