Running a business is not simply hanging an “Open” sign in the door. You need a strong team of advisors and financial professionals to help you run a successful business. The two most important members on your team will be your accountant and your attorney. While your accountant will help with the bookkeeping and tax reporting, your attorney can help you with a broader range of services.
From zoning compliance to reviewing financial documents before you sign on the dotted line, your New York business attorney will be able to provide assistance in almost every aspect of your business. Read further for how to hire a good attorney before you even form your company.
Find a good fit
It is important to hire an attorney that is experienced in the services you need. For example, a commercial lawyer that handles business organization can help you decide if your company should be a corporation or a limited liability company. Furthermore, he or she can draw up the formation documents you need to get your business going.
Ask your prospective attorney if the firm has experience with other business owners operating in your industry. You will want your lawyer to be familiar with your industry and its practices. However, beware of hiring an attorney that has any of your competitors on his or her client list. While your attorney will be obligated to keep one’s dealing with you confidential, you do not want to risk an accidental leak of information to a competitor.
When you are shopping for a business lawyer, take into consideration communication skills. Your attorney should go beyond giving simple yes and no answers. Instead, when faced with a legal question, your lawyer should explain all of the options and tell you how other businesses in a similar situation usually handle the situation.
Discuss your potential attorney’s billing fees from the outset. Find out if the firms charges flat fess when they render services or if they operate on monthly retainers. Also, address the possibility of contingent fees for instances where you need help with a complex legal matter or lawsuit.
The success of your new business could hinge on whether or not you have found the right attorney to help you with the legal aspects. Since you will now be facing new challenges, such as a possible breach of contract from a vendor, dealing with transactions, and possibly taking on partners in the future, you will need someone on your team to assist you.