A great business idea, expertise in the field, capital, and a solid plan are just a few of the things you need to start a company. There’s no shortage of entrepreneurial spirit with the 31.7 million small business owners in the U.S. Most business owners need more legal knowledge to start a business. Your firm’s guidance is required in order to help companies navigate legal issues, whether garage start-ups or well-funded enterprises.

Forming a new entity

A business’s legal structure is decided when a company forms. The decision to form an LLC, sole proprietorship, or corporate network may have immediate and lasting implications for your client’s tax and liability obligations. You can describe the legal obligations for each structure and its framework. You can help the business register (if necessary) and obtain any licenses or approvals. Your advice as a legal expert can help new business owners feel confident that they are making the best decisions for their company’s health.

Employees vs. independent contractors

The workforce of a business is a critical asset. Your client must decide whether they want to hire independent contractors or employees. This is a legal distinction that dictates different relationships. Employees’ dedication and development are essential to a company’s growth, but they come at a cost, such as insurance, pension plans, paid leave, travel expenses, etc. Independent contractors do not qualify for these benefits but can charge more up front in terms of hourly rates or project fees. Your clients’ workforce can be put on the right path if you help them choose the correct option.

Contracts

You may find that customer and vendor agreements are standard for attorneys, but for new business owners they can be intimidating. You can customize a customer agreement to fit your client’s needs, rather than having them download a standard template from the internet. Once the arrangements are in place, they can be updated and trained on how to use them.

Vendor contracts designed to protect a vendor’s business can be intimidating for a business owner. You can give your clients peace of mind by reviewing these documents and even negotiating them on their behalf.

Employee issues and lawsuits

Your client may face many different types of lawsuits, depending on its function and industry. This could include:

Labor agreements

Working Hours and Conditions

Hiring and firing decisions

Workplace injuries

Any violation of these laws could have a devastating effect on your client. Remember that workers who bring lawsuits will often be represented by experts in the field, such as injury lawyers, with extensive experience. Your clients will require your expert advice to make sure that any compensation is justified, regardless of the level of fault in an accident. Your clients can benefit from your expertise in the complex field of employment laws.

Risk management

Start-ups are. . . risky business. The U.S. According to the U.S. By helping clients to understand possible legal obstacles, you can reduce those risks. Demonstrate to potential clients how you have helped businesses manage similar risks. Although solving legal issues will be a key part of your attorney-client relationship, it is more important to prevent those problems.

Tax compliance

Nobody expects business owners in the complex world of tax compliance to be experts. Even if they make unintentional mistakes, the government won’t be lenient. You can help your clients avoid legal and financial trouble by helping them comply with these laws. Your expertise in tax law will help them save money by guiding them to less-known tax provisions.

Mergers & acquisitions

Even though most small businesses will not face mergers and acquisitions, a good relationship with your firm is important in the event that they occur. Mergers and acquisitions, whether they are exciting or threatening require careful planning. The paperwork involved in contracts, ownership documents, and legal papers can be overwhelming. Having the expertise necessary to manage what might seem like a David and Goliath exchange is essential.

Business owners today need to be competitive to survive and prosper. A sound legal opinion is a valuable investment. You’ll want to demonstrate that you are a trusted, qualified attorney with experience in the area. The more you can show them, the better your chances of gaining a client. As their business grows, so can your relationship.