To many people, the need to be their own boss to make their own schedules, and be in charge of every aspect of their business, is the key drive to starting up a business. The promise of great growth and huge returns by the business, after some time, seems too enticing to let go of the idea.
However, the reality is that it is not really a walk in the park, and this calls for one to be ready to take on different roles and responsibilities, and especially during the early stages of operation. Most people come to realize that even the process of starting up is not as easy as it seems, due to the complexities and government regulations involved, depending on the type of business being started.
This calls for a skilled party to guide and help in the startup process, and thus the need for an attorney/lawyer. He may be helpful in almost all stages of business startup, with his major roles being;
1. Drawing a business plan
Out of experience, he will be able to draw for you a top-selling business plan for your business that will capture all aspects of the business and any required areas of a business plan. In the business plan, the layer will be able to outline a clear and yet elaborate structure of your business in relation to the business type being started. This will be helpful in building customer and investor confidence.
Such a quality business plan can then be used as a tool for sourcing for capital from institutions like banks by people who need help forming a business.
2. Business registration
He will also help you in gathering all the necessary requirements for starting the business, and the legal documents needed. He will go ahead to help you in registering the business with the relevant government departments as required by law.
In this registration, he will register your business for the various and appropriate tax regimes that the business will be filing.
3. Drawing up of agreements
As the business is registered and starts trading, it will be necessary to draw agreements and contracts that will be the legally binding documents for certain transactions and undertakings. These agreement and contract documents will be drawn by the lawyer so that he is able to clearly outline any clauses that need attention and eliminate any loopholes that may expose your business to losses, litigation or malpractices from other parties involved in the agreements.
So, in the event of litigation against the business, or the business needing to file a suit in court, he would be the one to represent the business throughout the process in its best interest.
5. Trademark registration& patenting
He will be extensively involved in drafting and filing the request documents for patents, copyrights and trademark awards for products and services that the business develops to give them a competitive edge.
The role of an attorney/lawyer in a business startup cannot be understated. However, it is important to know how to go about hiring a qualified one, who will not charge an arm and a leg for his services.