If you’ve ever wanted to start your own business but you’re not sure of exactly where, you probably find yourself scratching your head. Most people don’t have a business degree or know the ins and outs of business law, but to start a business, you’ll have to face the legality of business if you choose to follow your dreams. As you begin to take the first step of starting your business, you’re going to have to consider the legality of your business and everything that involves it. This blog will cover some basic considerations that you need to ponder before you proceed forward with your business idea. If you need help navigating the legal waters of the business world, contact The Law Office of Brian Loomis for incredible and helpful advice. He’ll help you make the right business decisions to allow your idea to grow and succeed. If you’re in the Springfield, Missouri area and in need of a business attorney, call Brian now!
Check Your Business Name
You may have the perfect name for your business, but it could be trademarked by another company. The name of your company can truly make or break the success of the business, and if it encroaches on another business’ name, you could be in some deep legal trouble before your business has even gotten off of the ground. Before you decide on a name, any and all ideas need to be checked for availability with the United States Patent and Trademark Office. If you fail to do this, you could be sued by a business for business name infringement. You can conduct all searches on the United States Patent and Trademark Office’s website.
You also need to consider if the URL address is taken. You can buy the domain name, but it usually is extremely expensive. Conduct an internet search of the possible website name that you want, and also check all social media websites as well. You can never be too sure about a name or combination of names, so make sure that you conduct a thorough search before you settle on a name.
If you’re starting a business with a family member, best friend, or partner, it’s important to sit down and set the right expectations for how you would like your company to be run and what the goals of the business are. Define your business so that it can be marketed correctly. If you’re starting a paper goods store, for example, it should be categorized as a lifestyle business and marketed as such. You’ll also need to decide if the company will be self-funded or if you’ll need to raise venture capital or find investors. These decisions are essential for understanding how to form the company. Will the company be a sole proprietorship, partnership, LLC, non-profit, C corporation, S corporation, or another type of business? You have to decide the form of business you’re planning to start before you move forward. If you don’t correctly do this before you start the company, it can drastically affect your tax rates, personal liability, and multiple other important aspects.
Hire a Business Lawyer
This is where many budding companies experience their first hiccup. Because of the internet, inexperienced business owners believe they can learn everything on business law websites and forums. While these can be extremely helpful in assisting with questions and concerns, nothing can duplicate having an experienced and helpful business attorney close by to guide you through the process. Business law websites can also have misinformation or might not be updated regularly, so if you’re following the steps for registering a trademark or taking out a business loan from six months ago, the stipulations might have changed and you could experience some serious problems with your forum-fueled business plan.
The reasons for hiring a business attorney are abundant, but the biggest reason for hiring a trusted business lawyer is that any mistake or oversight that is made can cost you and your partners tons of money and can even cause your new company to go under. While you may feel like you can’t afford a business attorney in the beginning states, the amount of money that you’ll end up spending on lawyer’s fees will pale in comparison to the amount that will be spent to fix a mistake. You’ll also save time and stress by having someone who understands the ins and outs of your business and can alert you to any issues that you may have forgotten about and he or she will protect you if there is ever a lawsuit brought against you.
Starting your own business is the dream of many entrepreneurs and can be a hugely exciting venture, but it must be correctly done or the life savings that you’ve invested could be lost forever. Don’t try to pinch pennies and forgo hiring a business attorney. Protect yourself and your new dream and hire a trusted business lawyer who will guide your idea into reality correctly. If you’re in the Springfield area, Brian Loomis is the name for the job! Contact him now for more information and to get started today!