Starting a Business? Read This and Then Call Your Attorney
Brian T. Boyd, a business lawyer in Brentwood, Tennessee, explains that starting a business is a complicated process. But it is even more challenging for those who do not implement a proper structure prior to getting started. The good news is, however, that with a little legwork and a quick consultation with your attorney, you can lay a solid foundation upon which to build your company.
One of the first steps many business owners wish to take is to name their business. But before you start branding, Brian Boyd recommends a thorough search to ensure your business name is legal. In Brentwood, the business lawyer suggests beginning your research by taking a look at the local Chamber of Commerce website and the Business Services Online – Check Name Availability section of the Tennessee Secretary of State website. You can also Google the proposed name of your business. Even if you do find another company with a similar name, you may still be able to use it, but there are potential issues to consider, such as trademark infringement. Keep in mind that business litigation in Brentwood may be a lengthy process, so it is best to avoid issues from the start.
Once you have determined what your company will be called, you should decide how it will be structured. If you are a one-person business, you may remain a sole proprietorship, which Brian Boyd says, in Brentwood, means you are not a formal business entity. It also means that you and your business are one and the same, and your personal finances are not safeguarded against professional losses. You may also form a limited liability partnership, corporation, or limited liability company. These options may protect you against financial devastation should your company fail to become profitable.
As your business grows, it may be necessary to employ others. Speak to your attorney about this possibility early so that you understand employment laws in your area. According to the business lawyer, Brentwood and surrounding areas, including Davidson and Williamson Counties, are subject to both state and federal employment laws. An infraction here may lead to legal action, and you may find yourself in the middle of unwelcome — and expensive — business litigation. In Brentwood, you will need a lawyer experienced in federal and state regulations to help you navigate the ins and outs of employment laws.
In addition to complying with employment requirements, you can further protect your business by ensuring that you have well-written contracts in place. To do this, start by drafting your initial agreement. A business lawyer in Brentwood can help you refine your wording so that your contract is beneficial to both you and your clients, subcontractors, or suppliers.
Business lawyer, Brian T. Boyd explains that each business and industry has a unique set of factors that determine how they are structured and what risk they might incur. He suggests examining these carefully before launching your business. He further reminds that it is much easier — and less costly – to prevent messy legal issues than it is to rectify them once your business gets going.