Ways A Lawyer Can Be Of Assistance To You When Opening A New Business
If you are deliberating on becoming an entrepreneur, you may be exhilarated about the prospect of starting your first business. And if you have funding in place, you may be under the impression that getting the business up and running will be a walk in the park. The truth, however, is far from the preconceived reality you may have about your new endeavour. In fact, what a majority of people tend to take for granted the importance of having a business lawyer on their side when embarking on this new project. Before you start planning the logistics about opening your first business, read on for a couple of the ways that a business lawyer will be of assistance to you.
Determining the structure of your business
Irrespective of what line of work that you are planning to get into, one of the first things that you need to decide is what type of structure you want for your new business. If you are embarking on the endeavour on your own without any external help, you may choose a sole trader structure. Alternatively, you could opt for other structures such as getting into a partnership, a company or a discretionary trust.
Take note that your choice of business structure will be dependent on various factors including the projected income stream, the risk of liability, the size of your business, the established value of your assets and so on. A business attorney will be capable of advising on which structure suits you depending on the factors influencing your business.
Establishing your business' name
Another important aspect of starting a business that is usually taken for granted is choosing a name for your business. If you have never opened a new business before, you may be under the impressions that you have the flexibility to choose any name you want but this is not entirely true. If you decide to trade under your official name, then it is likely that you will not be expected to register the business' name. Nonetheless, if you add anything to your official name or choose another name of the business, then it is mandatory to have this name registered.
You should bear in mind that there are some factors that could cause your chosen business' name to not be registered officially. A few of the factors include the likelihood of your business being confused with an existing one, the name already belongs to another business or if the name suggests that your business is associated with the government, the religious entity or a charity. A business lawyer will help you navigate these obstacles by enabling you to establish an appropriate name for your business.