Despite the size of your business, the legal challenges can be as daunting as those of a major corporation. Applicable local, state, and federal regulations cut you little, if any, slack based solely upon the number of persons you employ.
An attorney can assist you with three factors central to the growth and sustainability of your business. I like to refer to those factors as creation, content, and compliance.
If you are new to business or a self-starting entrepreneur intent on growth, it is critical that you select the right business model to launch your business. Those models can include a sole proprietorship, a partnership, the formation of a separate corporate entity, or a limited liability company known commonly as an LLC. Whatever the model, an attorney can assist you with selecting the framework that will best serve your goals for the business, and the initial filing of documents necessary to launch the business or change your existing model.
Once your business is created, you will have additional challenges in terms of legal documents designed to govern transactions for the business. What types of contracts will govern the product or service I am providing? If I am hiring employees, do I need employment contracts? Should my company have an employee handbook? An attorney can assist you with the answers to these questions and the creation of the business documents necessary to sustain operations and manage risk.
Whether you are intent on providing a product or service, it is certain local ordinances, state codes, and federal regulations will impact the operation of your business. A failure to comply can, in some instances, lead to costly penalties or litigation. An attorney will assist you with understanding applicable regulations and implementing internal mechanisms to maintain compliance. In the unfortunate instance your business is the subject of a regulatory inquiry, an attorney can provide you critical support in responding to things such as on-site inspections, document demands, or requests to interview persons.
In sum, an attorney can help a small business from inception to sale, and provide support necessary for the success of your endeavors.
If you have any questions about the topic discussed in this article, please give us a call at Bononi & Company 724-832-2499.