Starting a business is admirable and exciting but it is certainly not easy look at more info. Obviously, there are many variables up in the air, many things you have to learn as you emerge in this new world. One of the things you will have to start learning about is the legal side of owning and managing a company. Of course, this is why many would recommend hiring a business lawyer in Montreal, Qc if that is where you plan to operate your company.
Things That Do Not Require a Lawyer
There are many legal requirements to business ownership and management that do not require a lawyer. Besides, if you are smart and committed enough to succeed in your business, you will find there are many things you can figure out on your own. This means you won’t have to pay a lawyer to do it for you and this can save you some money—something that is very important as you get started. Here are some things you should be able to handle without a lawyer.
- Formulate and draft your business plan
- researching and choosing the name of your business
- reserving/buying your website’s domain name
- Researching and choosing the legal structure of your business (legal partnership or limited liability company, etc)
- Applying for your Employment Identification Number (EIN), something important for tax purposes
- Applying for other licenses and permits as required by your business
- Interviewing potential employees, management team, etc
- Documenting meetings and hearings
- Drafting contracts for use with your clients or customers
Things that Will Require a Lawyer
Now, as you start to deal with certain business characteristics on your own you will, no doubt, encounter many instances that will require the assistance of a lawyer. For example:
- Complaints from local and federal governments
- investigations into potential business law violations
- Suits from former, current, or prospective employees over discrimination, hiring or firing practices, etc
- Negotiating the sale of your company or the acquisition of another company
- environmental issues involving your business
- Want to make a new and special allocation of profits and losses or if you want to contribute some appreciated property to your partnership agreement or LLC
Obviously these are only a handful of instances where you may need (or not need) a lawyer. As such it is often a good idea to consult one early on or as you investigate the ins and outs of your business.
