Many people have the dream of starting their own business, but may not know exactly how to go about it. All the experts will tell you that you should start a business doing something you are passionate about. Many successful businesses have been started from a hobby or idea that the founder is passionate about.
Starting a new business can be scary because there are a lot of risks involved. To reduce the risk of starting a new business, you should consider starting the business while you still have full-time employment if possible. Being able to maintain a consistent income can reduce the risk of not know if your business will generate enough revenue to support you and your family.
One of the first things to consider when starting a new business is what type of business entity to choose. Do you need to set up a Limited Liability Company (LLC), a corporation, or run the business as a sole proprietor? Selecting the proper business entity is very important and you should take the time and talk with an experienced business formation attorney to ensure you understand all of your options and select the best one for your specific needs.
There are a lot of things you will need to manage when starting your new business and depending on your type of business, entity and other factors, the complexity could become overwhelming. Utilizing the services of a small business lawyer will help ensure you and your business are protected from legal issues down the road.
Here are some services that business lawyers can help with:
- Registration of Fictitious Name with Required Published Notices
- Application for Business License
- Draft and File Statement of Information
- Assist in Applying for Federal Employer ID
- Register with State Employment Development Department (EDD)
- Dispute Resolution Services
- On-demand Corporate or General Counsel Services
- Draft Demand Letter and Follow-up
- Respond to Demand Letter and Follow-up
- Draft Contracts
- Annual Review of Legal Needs (A popular service for first-time clients)
- Review Current Employee Policies and make recommendations
- Draft Employee Policies and Procedures
- Draft employee or independent contractor agreement
- Review contracts and make recommendations
- Draft Employee Stock Option/Benefit Plan
- Employment termination and release agreement
- Draft Use or Licensing contract
- Negotiation of contract
- Draft Non-disclosure and confidentiality agreements
- Draft Purchase Agreement
- Draft Partnership agreement
- Draft Operating agreement
- Draft Website User Agreement/Term of Service
- Election to be treated as an S Corporation or Partnership