Starting a small business or acquiring one is a major accomplishment. The rewards are great, but matters such as preparing a purchase agreement, incorporating a new company and other issues can be tedious. This gives rise to the question of whether you need a lawyer and if so, when?
Here are some ways that consulting a lawyer for small business can help you properly prepare to start or buy your new venture:
1. Ensure you have done a realistic business plan
Enthusiasm and optimism can get in the way of a realistic business plan. Working with a lawyer will, however, help you avoid this pitfall.
Whether you’re planning to go into the service industry, retail business, or a home services business, a lawyer can help you understand all the risks you are confronting and help you plan for them. You will also be able to better understand what your projected revenues and expected expenses should be and how much business is necessary to break even.
2. Investigate licensing and zoning issues
Municipalities have different zoning regulations and licenses differ from business to business. Without requisite licences you cannot legally operate your business and zoning laws will affect your ability to develop, build, renovate, sell or lease your existing or newly acquired properties. A lawyer will ensure these zoning issues are properly investigated and that you have the relevant licences to prevent expensive surprises later on.
3. Review your business proposal
Do not cast your business proposal in stone. Be committed to seeing it through but be prepared to tweak your project if your small business lawyer identifies room for improvement. You may even want to abandon the project if you run into licensing or zoning issues. For example, if you are planning to sell liquor, but you can’t get a liquor license, you may need to find a new business idea.
4. Help you decide if you should incorporate
Many new business owners skip incorporation, due to its costs. But the benefits of incorporation may outweigh the costs depending on the business. For example, if your particular business is prone to litigation, the protection that incorporation provides from personal liability may be worth the expense of incorporation. A small business lawyer can help you to explore the pros and cons.
5. Provide legal advice on documentation, liabilities and partnerships
Contract drafting, leases, personal exposure to liability, partnerships and other legal matters may not be issues you regularly discuss or understand. And businesses aren’t one-size-fits-all, so blanket legal documents don’t always work. It is therefore important that you get legal advice on these issues from a small business lawyer.
Are you searching for a small business lawyer to help you set up or buy a business in Toronto?
If you are starting or buying a business in Toronto and need a small business lawyer to guide you through the process, contact us at Samuel Osei Law Corporation.
At Samuel Osei Law Corporation, our small business lawyer is committed to effectively advocating for you during business negotiations and competently drafting and reviewing business agreements to ensure your interests are protected.
It is important that you consult a small business lawyer, early in the process, so you don’t have to spend time learning about legal matters, allowing you to focus on other aspects of the business. So, give us a call today to schedule a legal consultation. Let’s work together to help you position your business as best as possible from the outset.