Every business needs an accountant and a lawyer early on in the life of the enterprise. The purpose of hiring an accountant is to provide assistance in setting up a chart of accounts, periodic review of the books, and preparing the necessary federal, state, and local tax returns. The reasons for hiring a business lawyer, however, may not be so obvious. Typically, a knowledgeable business attorney can provide assistance in all areas of the enterprise from basic zoning compliance to intellectual property issues to formal incorporation to litigation.
Factors to Consider
When seeking a business attorney for your California enterprise, there are several factors that should be considered, such as:
- Hire an Attorney at the Outset: Most small and medium sized businesses often wait until the company has been served with a summons before an attorney is contacted. A better time to hire a business attorney is before your business is sued. Waiting until a lawsuit is filed prohibits an attorney from being proactive and, instead, puts the business in the position of figuring out how expensive it will be to get the legal matter resolved. The upfront cost to retain a skilled California business attorney will be eclipsed by the legal fees required to defend the lawsuit.
- Big Firm versus Small Firm: Generally, the larger the law firm the higher the overhead and, consequently, the higher the attorney’s fees. Each type of law firm has its advantages and disadvantaged. Seeking out legal counsel that fits your business style, and your budget, is likely the best option.
- Type of Attorney Needed: A competent California business law attorney should be able to handle a wide array of your business needs. At the very minimum, the business law attorney that is used should have knowledge in contracts, business organizations, real estate, taxes and licensing, and intellectual property.
- Corporate Governance: not only is a business attorney important for the initial incorporation of a business entity, he or she will also ensure that the client does not neglect the need to keep up with the legal requirements to maintain the corporation status depending on the business entity. This typically includes annual shareholder, director, and partner meetings, as well as corporate minutes and election of officers. Failure to keep up with business formalities can lead to personal liability for members or officers.
- Exit Strategies: it is not uncommon for entrepreneurs to focus on starting a business and forget to consider what happens if one of the principals leaves the business. The exit of a major partner or shareholder can potentially threaten the continued existence of the business. A knowledgeable California business attorney can walk you through the available scenarios and provide the best legal options.
California Business Attorney Available
Starting and running a successful California enterprise requires not only business savvy, but also the guidance of a competent attorney. If you or someone you know is starting a California business, engaging the services of an experienced California corporate and business lawyer will help you better understand everything you need to do. The skilled attorney at Bassiri Law can guide you and provide the best legal options available to you and your company. Do not delay. Click here or call (888) 530-2001 today to schedule your initial case evaluation.