Have you decided to invest in a small business as a way to secure your financial future? If you don't make sure all the legal aspects of your business are properly handled, you might end up in a bad situation later on. Find out in this article why you should seek help from an attorney when starting a small business.
What Can an Attorney Do For a New Small Business Owner?
The first thing that an attorney can do is make sure that you are forming your small business in the correct way. For instance, he or she will help you determine if the business should be started as a sole proprietorship, partnership, or a corporation. If you will be the only owner, you don't want to form a business as a partnership just because a friend will be working for you. The attorney will help you create a sole proprietorship as the owner, while also helping you handle the legal aspects of hiring employees. If legal terms are not in place before hiring employees, you can find yourself in a lawsuit that might put your business in a bad predicament.
How Can an Attorney Help with Setting Legal Terms for a Small Business?
One service that the attorney will assist with is a workers compensation plan that can benefit injured employees. Workers compensation is a type of financial security for employees that can keep you out of a personal injury lawsuit, and it is mandatory for certain business owners to invest in it in some states. An attorney can also assist with things that include:
- Non-compete agreements
- Incorporating your small business
- Creating agreements for contractors
- Drafting up a handbook for new employees
- Determining when an employee can be terminated
What Does a Business Attorney Charge?
A small business attorney might charge a flat rate if you don't need a lot of assistance. The flat rate can vary depending on what exactly the attorney will be assisting with. If you are charged by the hour, you should be prepared to pay the estimated minimum rate of $90. If the attorney will be helping you with all legal aspects of getting your small business started, the hourly rate can be as much as $500 or more. The exact rate that you are charged is at the discretion of the attorney and will be based on complexity. Speak to a business attorney as soon as possible!
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