Why You Need a Lawyer for Your Startup Business
Startup Business Lawyer
If you run a quick Google search for “lawyer for business startup near me,” you’ll find dozens of pages of results. As a new startup in Chicago, hiring law firms for startups is a great idea, in nearly any industry you’re planning on opening your business. But why do you need to hire a startup business attorney Chicago when you’re opening a new business in the city? There are many reasons. Here we’ll highlight some of the primary reasons you’ll want to consider retaining the top venture lawyers in Chicago, before opening your doors for business.
Why Startups Need Lawyers Early on in the Company’s Formation
Startup Business Lawyer’s know that a new organization requires the assistance of a startup law firm for many reasons. For starters, companies want to avoid violating laws which are in place to govern businesses. A startup lawyer will help ensure you’re not violating laws, ordinances, that your abiding by tax laws, and minimizing tax implications, when opening up a new business.
Some additional ways law firms for startups are beneficial include
- Assistance in protecting rights and minimizing risks when starting a new business
- Limiting exposure with third parties and the public
- Assistance in hiring employees, onboarding, paperwork, and dealing with certain legal requirements (ie immigration, age, gender, etc) when hiring new employees
- Assistance in writing contracts, negotiations, and other business transactions
- Assistance in raising capital for new ventures, office space, supplies, etc
There are many legal implications, questions, and regulations which are in place which businesses must abide by, when starting a new company. Most business professionals aren’t aware of the legalities behind opening a business. They manage the business, and should let the top startup lawyer Chicago handle the legal issues for them, to minimize risks associated with starting a new organization.
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Tom Howard started his first techology company in 2014, this website was built by his current one, Stumari – ask him about your company’s technology today.
Chicago Startup Lawyers Offer Assistance with Startup Protocols
There are certain protocols which are in place in every state, as it pertains to opening a new business. The best startup business attorney Chicago will guide and inform new startup business owners of those requirements. For example, in most states, new businesses are required to file paperwork with the Secretary of State. All businesses are also required to obtain a business license and register with local municipalities where they plan on operating/conducting business.
If it is an online business, there are other legal requirements in place for setting up an e-commerce site, especially if goods/services are sold outside of the state (interstate commerce laws, tax codes, regulations, etc). Additionally, some new startups must provide notice to the public (which might involve publishing a news article that they’re opening a new business). For a majority of business owners who are starting a new startup, it’s impossible that you’ll know all legal requirements of incorporating, opening your new business, and being able to operate it legally in the state.
Good corporate counsel will not only help inform you of all the requirements which are in place for you to abide by (before you can start your business), but will also assist you in applying for required licenses, and providing notice to the public, in the event it is required for the type of business you plan on opening and operating in the City or elsewhere in Illinois.
There are many protocols in place, which a majority of new business owners, and startup owners, aren’t aware of. A good startup attorney in Chicago will help guide you through the process.
Intellectual Property Issues/Concerns: How a Startup Chicago Lawyer can Help
In cases where you’re dealing with intellectual property, Chicago tech law firms might be of service to helping you get your company up and running. IP firms can help
- Safeguarding inventions
- Applying for patents, trademarks, and copyrights
- Help companies secure intellectual property and protect it from risk
A good idea doesn’t go unnoticed. If you have one, the best startup attorneys in Chicago will help you protect those rights, protect your invention, and prevent others from trying to steal or use your ideas, without your permission.
Help Setting up the Proper Business Entity
Sole proprietor, C Corp, LLP, Joint Venture, Partnership, and the list goes on (and on). Which one is right for your new startup? Are you a sole proprietor or do you have investors backing your capital venture? Do you have shareholders funding your new business? How much liability are you personally vesting in the business? Most individuals who are starting a new business, even if they have experience in the business world, often get crossed between the lines. The best startup attorneys will help you figure things out, while limiting your liability if things don’t go exactly as planned, especially early on in the life of your business.
Good counsel Chicago will help you limit expenses, losses, and minimize risk when you’re starting up your new business. Furthermore, they’ll help you with filing paperwork, tax documents, establishing bylaws (in the event you have shareholders), determining what stock options to offer, and helping you establish company policies from the onset. These are complex issues.
A startup business attorney near Chicago will answer your questions, properly guide you, and help you establish policies which will dictate business practices from the get go.
Banking, Tax, Insurance Questions
When starting a business, you might be required to open several lines of credit, apply for loans, and open separate accounts for business purposes. There are tax questions at the state, federal, and local levels you’ll need to have answered. And, as a new startup, if you offer a service, you might be required to obtain insurance to protect yourself from liabilities in the event a customer is injured or major loss occurs.
If you aren’t sure where to begin, and have a plethora of questions, a startup lawyer Chicago can answer these, and any other questions you might have, regarding your new business venture.
Although it’s a major investment to hire the top law firms for startups in Chicago or elsewhere in Illinois, it’s a worthwhile investment. And, many top firms off a startup lawyer package, based upon your company’s needs, and the legal services you’ll require when opening a new business. If you’re not sure where to start, or even if you have a good idea of the legalities surrounding your new business, it’s worth hiring the best Chicago startup law firms to assist you in setting up your new business as a local business owner.
These are just a few of the many ways the top firms can assist you, and help prevent major costs and potential legal concerns for your business down the road.
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