Among the countless worries for entrepreneurs and small businesses who are starting or are already running a small business is the question of whether they need a lawyer.
There are two professionals every business will need early on: an Accountant and a Lawyer. The reasons for hiring an Accountant are pretty obvious–you need someone to help you set up your accounts, review your numbers periodically, and prepare all of your necessary tax returns.
On the other hand, a Startup Lawyer will provide vital assistance in almost every aspect of your business, from basic choosing the right business structure, protecting your intellectual property to ongoing legal advisory.
The first rule about dealing with Lawyers:
If you are being sued, it’s too late.
Never wait till trouble is looming to get a Lawyer.
Engaging a Business Savvy Lawyer often saves you money and helps your business in the long run.
While you certainly don’t need a Lawyer for every step of running your business, an ounce of prevention is worth a pound of cure.
When Do You Need A Lawyer?
1. Researching and picking a name for your business (previously trademarked business names can be researched online)
2. Choosing a Legal Structure
3. Applying for a Tax Identification Number (TIN), which you will need for employee tax purposes
4. Applying for any licenses and permits the business requires from Federal, State or Local Government authorities.
5. Documenting Board Meetings
6. Creating contracts for use with partners, customers or clients
7. Negotiating for the sale or your company or for the acquisition of another company or its assets
An Ounce of Prevention
While you certainly need to retain a Business Savvy Lawyer for the issues above, your emphasis should be placed on prevention. By the time you or your business is sued, the preventable damage has been done and the only question that remains is how much you’ll be paying in Lawyer’s fees, court fees, and damages.
Prepaid Legal Service Model
Businesses put off hiring a Lawyer for their business simply because ‘legal advice cost too much’.
This myth has hindered Entrepreneurs and Businesses owners from getting adequate protection for their businesses for decades and traditional law firms have not bothered to dispel this myth.
The last decade has witnessed a disruption of the Legal Industry by technology. The advent of the Alternative Legal Services. These tech-enabled model offers Prepaid Legal Services to businesses for a fraction of the cost charged by traditional law firms.
Prepaid Legal Plans have been compared to HMOs because they offer certain basic Legal Services for a yearly fee. This is a gamechanger indeed. Just like your Cable, Electricity and Data Subscriptions you can now access Prepaid Affordable Legal Solutions to help you avoid costly legal mistakes.
Advantages of Prepaid Legal Services
1. Save time and resources
On-Demand Legal advice when you need it. No panic engagement.
2. Peace of mind
Prepaid Legal Services would ensure that you are always connected to your service provider as you have already paid for the service beforehand.
3. Fixed Services
You know what services are paid for plus you get discounts on other services not covered by your plan.
4. Preventative Law
An ounce of prevention to help you avoid costly mistakes.
Cost effective pricing that is a fraction of what traditional law firms charge.
Need consistent, tailor made (prepaid) legal services with all the advantages listed above?
View our Legal Plans or Get a free legal audit of your business to know your legal needs.