Consult an Attorney About These Subjects Before Opening a New Business

If you plan on starting a new business in Texas, it’s crucial to get in touch with an attorney first. Starting a new company is exciting, but it could lead to serious issues if you\’re too hasty. Some areas new business owners commonly make mistakes in include employee rights, liability, taxes, compliance, and copyright law. 

A new business legal consultation will minimize risk in the future– saving you from financial troubles and even help you improve various aspects of your business. 

New Business Structure

One of the first things a lawyer should do is consult you about your company\’s vision and structure. An attorney will be able to explain details regarding various types of businesses. That includes sole proprietorships, partnerships, limited liability companies, corporations, and more. 

Protection

Before you start a new company, you will also need to consult a lawyer regarding your assets. In addition to helping you choose a business structure, an attorney can advise you on how to refine it and limit personal liability. Moreover, a legal expert can also help you protect your non-business assets. 

Intellectual Property

Copyright is an issue that could easily jeopardize your endeavors. For example, picking a name for your company may seem simple, but you will have to consult a business litigation lawyer about it. 

In Texas (and most U.S. states), name selection could be a long process. For instance, a lawyer can instruct you on how to fill out a Certificate of Formation correctly and reserve your company name in advance. 

Additionally, an attorney can ensure you are not violating copyright laws or using any existing trademarks. If you seek legal advice, you’ll also be able to protect your name, logo, slogans, products, and other types of intellectual property. 

Compliance Practices

Running a company is a major responsibility. As a result, you may not have the ability to deal with complex compliance laws. An attorney can help you regarding state and federal laws. That includes requirements for safety practices, record keeping, and many other business processes. A lawyer could keep you in the loop with everything that’s required to meet those regulations. 

Ownership of the New Business

Company ownership, mergers, and acquisitions should also be a topic of discussion. If your company has multiple business owners, an attorney could help you to determine clear agreements. Therefore, talking about the necessary paperwork (signed documents or contracts) is essential before you get started. That way, you and your partners will be on the same page. What’s more, you’ll avoid potential legal issues in the future.

Investors

Discussing outside investors is also extremely important. Generally, legal experts can advise you on how outside investors can impact your business structure. They can help you create a system that protects you as well as your investors. 

Taxes

CPAs usually handle tax issues, but it’s still advisable to discuss your taxes with an attorney. If you set up a new business and cover the points we’ve mentioned previously, you will most likely experience some tax ramifications. The best tip here is to find a skilled CPA, and your business lawyer could probably help you with that. It’s vital to establish a healthy relationship between your legal counsel and CPA. That way, they can work on critical tax issues together. 

Bylaws

Your lawyer can help specify operating agreements or corporate bylaws, as these documents are crucial because they outline various critical details regarding your business operations. That includes decision-making, shareholder meetings, ownership changes, management rules, etc. That could help you facilitate corporate formalities as well as pass regular audits. 

Other Risks

Finally, a skilled lawyer should know what types of unique risks your business is up against. Some of the other potential issues you should cover are entity formation, employee contracts, insurance, real estate, the protection of confidential information, business transactions, employment relationships, and more.

How We Can Help Set Your New Business Up For Success

Davis, Ermis & Roberts is one of the top business law firms in Dallas, Texas. We offer legal consultations and will help you navigate the potential business and commercial issues of forming a new company. Together we can establish smooth and successful operations. Contact us today to learn more about your options.