This is Why Voyde Legal Should Be Your Legal Assistance Firm for your New Business
Any new business initiative needs legal representation and hiring a law firm can be quite troublesome for many new entrepreneurs if they don’t know what they are doing. The hard facts are that you need legal expertise every step of the road otherwise you run the risk of doing something to piss off the law. At Voyde Legal we are sure that alawyer is the best way to protect your investment and make sure you comply with all the legal regulations of your field. If you genuinely are considering about embracing the path of being your own boss, even with a small business, there is a lot of stuff you need to know to pick the right attorney or the best law firm.
Here at Voyde Legal, we have collected some insight from a few sources on the internet in this the best resume we can offer for you to hire the best law firm for your business:
The Main Features You Need to Notice on Any Law Firm
This first step certainly feels like an oxymoron, but it’s also essential. You need to work with someone that shows full synergy with your intentions. Hunting for the right fit usually works best when a third party recommends you a lawyer, so a referral is the best place to start. After you get to sit down with the candidate you need to pick on a few traits: Does this lawyer seems competent, responsive, and experienced with the types of legal issues that you will need? Does he have the knowledge to handle the legal matters of your business niche? Finally, you might also want to check for his credentials, but that’s something that you need to do on your own.
You Need to have Clear Idea of What You Need in a Lawyer and the Services He Will Provide for You
Here at Voyde Legal our business lawyers have their sights centered on dealing will all the legal matters of your business regarding the following:
- Government Regulations: Since you don’t want to start in the wrong foot and violate any laws. Our lawyer has to deal with all the legal issues that could create unnecessary tax liabilities and make sure that you pay the taxes you owe to the state.
- Outside Partners and Public Engagement: No one will tell you this first hand, but you should never talk business without your lawyer present. He’s essential to make sure you handle business within reasonable limits and controlled risks regarding all your interactions with clients, suppliers, employees, and the public (should you need to make a public statement).
- Inside Partners: If you are building your business with side partners or capital partners it would be much better if a team of lawyers establishes the boundaries of the partnership in writing to make sure that everyone gets what they seek from the venture and to deal with any issues in case any disagreements appear down the line.
At Voyde Legal we believe that the attorney or the law firm of your choice should also take the lead. When it comes to dealing with the incorporation or formation of a business entity, the writing on the contracts of your employees, the contracts that will be signed with customers and suppliers, that include the terms of the services that will be provided, the rise of capital, and the fill of patents if they are needed.
Make Sure You Know How Much Your Law Firm or your Attorney Charge by the Hour
Take an in-depth look at your capital for your new startup. For a mid-level experienced lawyer the cost of handling all matters related to your paperwork can cost in the range of $400 to $800 an hour depending on the seniority of the lawyer handling your business. A junior lawyer on a small firm in a small town can charge $200 an hour. Senior partners in big firms in a big city can cost over $1,000 an hour. For example, the Injury Attorneys Philadelphia charge on contingency basis. If you are sweating bricks already, take a deep breath. At Voyde Legal we understand that the hourly rate is a crucial part of the costs, but you need to consider how many people will be doing the work and how much time they will take to do so. It’s true that a high profile firm will bleed you out with an expensive hourly rate, but the senior lawyer handling your tasks is probably six times more efficient than any first-year lawyer and can handle any problem in a fraction of the time.
The Actual Cost of Setting up Your Business
It’s not a bad plan to work with a law firm by requesting a work package. Many firms can offer you a good deal to get everything done on your end and have it ready to set up your business. The only need you will have to do is go to their office and sign the paperwork with everything related to it. Again your choice of a law firm is the one that determines the costs here, but you can expect to pay between $2,000 and $5,000, though some firms will give a discount if you become an ongoing client of them. One example of a personal injury lawyer we assisted in setting up is Philadelphia Injury Attorneys. Keep in mind that all businesses have different levels of complexity. The cost of setting up the paperwork of a restaurant is not the same one as the paperwork required to set up a retail store.
If you are Short on Money these are the Most Important Legalities, you Need to Address for Your New Business
Even with the best intentions, sometimes we can’t pay for everything, but we still need help. Some law firms charge by a service provider, go through this checklist and make sure to run it down with your attorney to make sure that you have the necessary grounds covered as your business picks up.
- Create an establishment or a business entity such as an LLC or a Corporation to protect your personal assets from any business liabilities.
- Establish the ownership of said entity and set the equity rights of the company if you are working with another partner.
- Ensure all the intellectual property created within your business to protect your intellectual rights and creations with copyright and trademarks. This is especially desirable when independent contractors create your company logo or any outstanding features of your brand.
- Keep tabs on your taxes at least twice a year to make sure that the revenue generated by your business is handled correctly, especially if you have to grant equity to your partners.
These are the Red Flags You Should Take Notice as a new Entrepreneur if you are Hiring a Lawyer
For closure, here at Voyde Legal we bring awareness on the red flags you may encounter as you hunt for a law firm. First thing, don’t trust a lawyer who doesn’t speak the language of your business. If you are dealing with someone who doesn’t understand the niche or the market you are intent on operating, he will be hardly the best fit to represent you. Next, you need to avoid any lawyer who seems to be learning how to do something taking advantage of your time and money. This is why we told you earlier to check for his credentials and his expertise on the field you need to work with. Last, but not least, never trust a lawyer who charges you extra out of the blue. You need someone who can provide cost-effective solutions and understand your needs and limitation when it comes to money.