Starting  a  business  can  be  both  exciting  and  overwhelming.  It  requires  a  significant  amount  of planning, preparation, and decision-making. One of the most important steps in the process is seeking legal advice to ensure that you are aware of all the legal requirements and regulations that apply to your business. This is especially true of small businesses and finding the right small business lawyers to support you.

When starting a new business planning is crucial. However, most small business owners only plan for the  next  12  months  and  focus  only  on  the  operation  of  the  business  such  as  finding  suppliers  and marketing  to  potential  customers.  The  failure  of  90%  of  businesses  which  end  up  in  litigation  or liquidation  is  the  lack  of  planning  for  the  longer  term,  whether  for  success  or  failure  i.e.  the  exit strategy.  

Here  are  just  some  of  the  questions  that  good  small  business  lawyers  will  help  their  clients  work through when starting up a business.

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What type of business structure should I choose?There are several business structures to choose from, including sole proprietorship, partnership, limited liability company (LLC), corporation, joint venture and trusts. Each structure has its own advantages and disadvantages, and the right choice will depend on your specific business needs and goals. A lawyer can help you weigh the pros and cons of each structure and choose the one that is right for your business.

What permits and licenses do I need to obtain?Different businesses may require different permits and licenses, depending on the type of business, location, and industry. A lawyer can help you determine which permits and licenses you need to obtain and guide you through the process of obtaining them

How should I handle contracts and agreements?Contracts and agreements are critical to the success of a business. They establish the terms of a business relationship and set out the responsibilities and obligations of each party including with your investors, partners, clients and suppliers. A lawyer can help you draft contracts and agreements that protect your interests and ensure that your business is operating within the bounds of the law.

What should I do to protect my intellectual property?Intellectual property, such as trademarks, copyrights, and patents, is an important asset for many businesses. A lawyer can help you understand the different types of intellectual property protection available and assist you in registering your intellectual property and protecting it from infringement.

What do I need to know about tax laws and regulations?Tax laws and regulations can be complex and confusing, especially for new businesses. A lawyer can help you understand the tax obligations of your business and ensure you can maximise the tax outcome for you and your business.

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How can I minimize my liability and protect my personal assets?As a business owner, you are vulnerable to a range of claims, from your investors, partners, customer and suppliers. A lawyer can help you understand the steps you can take to minimise your liability and protect your personal assets.

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What other legal issues should I be aware of?Starting a business involves a variety of legal issues, including employment law and consumer protection laws, among others. A lawyer can help you understand the legal requirements and regulations that apply to your business and advise you on how to comply with these requirements.

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A good lawyer is critical to the process of setting up a business –without having the support of someone that understands liability and risk, a small business owner very often ends up losing more money than they have to. But by asking the right questions and finding the right team of small business lawyers that have experience in helping businesses like yours work through the process, you can ensure that your business is properly structured, compliant with all relevant laws and regulations, and protected from potential legal issues.

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