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A business lawyer Memphis, TN clients recommend knows that making the decision to start your own company or small business will require you to come up with a clear course of action. You will want to be sure that you have all of your bases covered when it comes to developing a clear business plan. Starting a new business without consulting with the right people could land you in trouble down the road.
When forming a new business, consulting with a Memphis business lawyer will be important in making sure that you are putting the proper legal protections in place. Here are some common decisions people forming new businesses will need to take prior to opening up shop:
Put Together a Business Plan
You will want to have a clear plan in place before you start your business. The plan will outline the details of your business and should capture the initial starting phases and how you see it progressing or growing over time. Having a business plan is required if you are looking for financial backing from investors.
Choose a Business Type
There are primarily four types of businesses that a small business owner may choose from:
2. Limited Liability Company (LLC)
3. Sole Proprietor
This is where it may be beneficial to speak with a business lawyer Memphis, TN residents recommend. They will be able to help you by looking at your business and determining which business structure will fit best. They can also take into consideration the tax obligations, which can play a huge role depending on the one you choose.
Registering Your Business
You will want to take time in choosing the name of your business. This can be another area in which attorneys are helpful. You will want to make sure that the business name is not registered or trademarked by another person. This is a step people often miss when starting a small business. By failing to do so, you put yourself at risk of creating huge expenses down the road. This is especially true if you have gone through the process of purchasing items with your company logo.
If the name of your business is already in use, you risk the other business taking legal action. A business lawyer in Memphis, Tennessee can search trademarks to make sure that your logo and company name are not in use by another business. It will also be vital to make sure it is not similar to another person’s business as this could also land you in hot water. Once you are trademarked, an attorney can register your business.
Consider Hiring a Business Lawyer Memphis, TN CEOs Recommend
A number of business owners may circumvent using a business lawyer in Memphis, TN as a way to save money. Although avoiding the cost of attorney’s fees may seem attractive, by not hiring an attorney to advise you, you put yourself at risk for paying more money down the road.
The repercussions could be incredibly damaging for your business. Although there are a number of things you can do without an attorney, when starting a business, there are several key factors you should have them weigh in on:
Understanding the initial phases for getting your small business up and running will prove to be helpful. Contacting a business lawyer Memphis, TN offers with experience in business law will play a vital role in making sure that you have legally protected yourself along the way.