3 Reasons to Hire a Denver Business Attorney When Starting a Company
Hiring a lawyer when you’re launching a company is more than a good idea. The Daily Muse, a company that specializes in offering expert business advice, actually calls it “crucial” in an article for Forbes Magazine. Moreover, The Unites States Small Business Administration (SBA) took a snapshot at a single year and found that there were more than 302,000 court cases filed involving small businesses. It’s difficult to narrow it down to just three reasons why a Denver business attorney is necessary during the formation of a company, but these reasons certainly rank among the most important.
1. It Can Be Costly to Wait Until a Lawsuit is Filed
Entrepreneur Magazine’s Cliff Ennico says that it’s too late to obtain a lawyer if litigation has already begun. While the premise is somewhat correct, it’s never too late to retain a Denver business attorney. However, the outcome is generally better if a business owner has representation before an issue occurs. Lawyers can spot trouble before it begins so that it never results in legal filings. It also takes time to get to know the intricacies of a business and how it operates. If a problem should arise, this is time much better spent directly on finding solutions rather than handling backend information. A lot of the time, problems can be resolved quickly and more cost-effectively if a legal expert is working on them from the start. Bear in mind, you don’t need to be at-fault to be sued.
2. Setting Up a Business in a Manner that Protects the Owner is Difficult
Many start-ups don’t realize that, unless they’ve taken legal steps to protect their assets, they’re on the hook for any business-related matters. Take for example, a recent case in Oregon in which a judge recommended that a business be fined $135,000. However, it seems that the business owners did not take the initial steps necessary to protect their personal assets from business matters before there was an issue. Regardless of opinion on the case, there is no doubt that kind of money is near-impossible for a family to come up with, and still, that is exactly what this particular family must do. The SBA recommends that, at the very least, legal advice be obtained when creating an LLC. When forming a corporation, a Denver business attorney should work with the business owner every step of the way.
3. Unique Company Identifiers and Products Need to Be Protected
A huge part of whether a business succeeds or fails is dependent on what it does to stand out from a crowd. Unique products, logos, designs, phrases, and other company identifiers have to be legally protected so that others can’t copy or steal them. The various methods to safeguard intellectual property can be incredibly difficult to navigate and, in some cases, can take years. A Denver business attorney can help a business owner learn which branding items must be protected and streamline the process so it’s not a hassle.
If you have questions or would like to schedule a consultation with a Denver business attorney, please send us a message online or call our office at 303-798-2525.
