It should come as no surprise to prospective entrepreneurs that starting your own business can come with some level of risk and seriously hard work, as a business lawyer New Haven, CT trusts from Eric Lindh Foster Law, LLC can attest. As a small business owner, there will be much to consider. You must take the time to plan the start of your business carefully. Not only will this help you lay the foundation for success, but you will also have a clear picture of how to navigate even the most challenging of situations.
Starting a business on your own can be incredibly overwhelming, which is why working with a business owner can play a crucial role in answering any questions you may have.
When an Idea Turns into a Business
At our law firm, we admire people who put in the work to start their own business. Businesses often begin with just a spark of an idea that eventually develops into something tangible and exciting! Once you have that idea, you may wonder what the steps are to making it come to fruition. Choosing and forming the entity of your business can be done on your own. However, once you get going and start hiring employees or start getting orders for goods or services, then you may want to consider speaking with a business lawyer for sound advice on how to protect what you have built thus far.
Choosing a Business Structure
Once your business idea has been formed, a lawyer from our team can help you choose which business structure is most ideal for your company. Most states have information online about the different kinds of business entities you can pick from, whether that be a sole proprietor, LLC, partnership, or corporation. Figuring out which structure will suit your needs depends on how many owners there are, financing, and what you are selling or services provided to consumers.
Business Name Availability
There may be nothing more disappointing than brainstorming about the perfect company name, only to find out it is already taken or your name is too close to another business that it would cause confusion. There are some legal steps in naming your business, but this can be quickly done with assistance from a lawyer. The initial thing you have to do is check whether your name is available in the state of Connecticut. There is a business name database online we can show you that lists business names already registered for the state. There are also instructions for how to check for the availability of a name and reserve your business name if you wish to do so right away.
Operating Your Business
After the business formation steps are complete, you can spend the energy getting your business running and strategizing the best ways to market your goods or services. We suggest browsing various online platforms to decide what kind of online presence you want to have. Some platforms are free, and others may charge a monthly fee. You can reach more people by having a website, Instagram, Facebook page, etc.
Depending on what your business does, we may need to help you draft contracts or agreements for the goods and services you provide. You may also need to obtain permits and licenses for your business. While there is information online about this, having a real person talk with you about your specific business circumstances can make all the difference in properly protecting your interests.
What is the best type of business structure for my business?
Choosing the structure of your business is the most important element in starting your own business. Your business lawyer can play a key role in helping you to choose the best business formation that works for you. Types of business structures include:
- Sole Proprietor
- Limited Liability Company (LLC)
What is a business plan, and what should be included in the plan?
When starting a business, you must develop a business plan. A business plan is a roadmap to your business. Not only does it help you to outline how you will start your business, but it will provide a roadmap for your future. A business plan should include:
- Executive Summary
- Description of Your Business
- Market Analysis
- Financial Plan
Why are business contracts necessary?
Business contracts are essential parts of any business. A business contract is an agreement that is made between two parties. Business contracts are incredibly important for several reasons:
- They offer both parties protection
- Clearly outline the terms of the agreement
- Help to prevent conflicts from arising
- They provide security to both parties
Should I hire employees, what do I need to know?
If your business is one that warrants employees, you will want to take the time to educate yourself on matters involving employment law. Managing employees can be challenging; if you do not have the proper understanding of employment laws, you could find yourself in hot water. In some situations, improper management of employees can be the downfall of your business. Working with a New Haven, CT business lawyer can assist you in understand the critical components of employment law, including:
- Family and Medical Leave
- Workers’ Compensation
- Labor Laws
- Workplace Safety
- Civil Rights Laws
How can a business lawyer assist me with my startup?
As you know, there will be a lot to consider when starting your own business. While owning a business is a significant undertaking, it’s important that you at least consider the guidance of a business lawyer. While you may not want to take on the expense of a lawyer’s services, they can come with exponential benefits. A lawyer can help you to form your business structure in a way that works to your advantage in addition to ensuring that no omissions are made.
Starting your own business can be incredibly rewarding. However, with this newfound sense of freedom and excitement to be your own boss, also comes incredible responsibility. As a small business owner, you must carry the financial burden of owning your own business all on your own. Working with a business lawyer can help in mitigating this burden. Take advantage of the guidance a business lawyer has to offer by contacting an experienced professional today.
Qualities to Look for in a Business Lawyer
If you’re starting your own business, one of your first steps should be to hire a business lawyer. He or she can help you with the legal aspects of your business and protect your best interests. Here are several qualities to look for in a lawyer:
- Experience: Different business lawyers specialize in different fields. Some have experience in the technology field, for example, while others specialize in the retail field. Although it’s not required, you should still try to find a business lawyer who specializes in your particular field. This way, he or she will be aware of all the changes in your industry and give you the proper legal advice.
- Communicative: When you have an important legal question for your lawyer, you should be able to reach him or her fairly quickly. If you have to play phone tag or wait days for your lawyer to call you back, he or she probably isn’t the right person to help you. Additionally, a business lawyer should take the time to explain any legal terms you might not be familiar with. Dealing with the legal aspects of a business can be overwhelming, so it’s important to have a lawyer who thoroughly explains everything.
- Problem Solver: A skilled business lawyer should have excellent problem-solving skills. Instead of offering you mere compromises, he or she should be able to come up with solutions. When you’re drafting a contract or facing litigation, for example, you need someone to guide you and protect your best interests.
- Assertive: When your business is facing serious matters, like contract disputes, it’s critical to have an assertive lawyer on your side. Your lawyer should be able to stand up for your rights and not be a pushover.
- Workable Fee Structure: Before you hire a business lawyer, you should first make sure that you’re comfortable with his or her fee structure. The majority of business lawyers work on a mixture or hourly and fixed fee billing. For example, if your business is dealing with a very complex issue, like contract negotiation, it can be tricky for a lawyer to determine how much time it will take, so hourly billing makes the most sense in this case.
- Good Rapport: A business lawyer could be very skilled in the field, but if you don’t feel any chemistry, it might not be wise to hire him or her. It’s important for you to be able to get along well with a business lawyer so you feel comfortable voicing your questions and concerns. The better your relationship is with your lawyer, the better off your business will be.
Contact Eric Lindh Foster Law, LLC today to learn more about how a business lawyer in New Haven, Connecticut can be of help to you and your business!