Maybe you are the owner of a small business and you're thinking about taking your business to the next level? Perhaps you are looking to expand your business so that you can take on more clients and work with customers in an expanded geographic footprint?
It's great to grow your business, but keep in mind that you're taking on a great deal more risk and responsibility. You might be wondering if you'd benefit from hiring a business lawyer.
In most cases, it is wise to hire a business lawyer when expanding a small business. Here's why.
Reasons to Hire a Business Lawyer When Expanding Your Small Business
1. Understand the Benefits of Different Business Structures
One of the key aspects of expanding your business is choosing the right business structure for your purposes. The business structure you choose for your business will affect everything from the taxes you pay, to your legal liability and more.
Each and every business structure offers something a little different, with some structures varying just slightly from each other, and others varying radically.
Having a business lawyer on your side will allow you to make the right decision when trying to choose from all of the different business structures available.
2. Gain a Better Understanding of Your Taxes
When your business is new and on the smaller side, your taxes are fairly easy to understand. But when you expand your business, you open yourself up to entirely new tax rules which are complicated and not always easy to follow.
Failure to follow these tax rules can have some dire consequences, and can even result in some unpleasant dealings with the IRS.
This is why you need a lawyer on your side when expanding your small business. A small business lawyer can give you detailed and accurate counsel on your tax liability, ensuring that you're paying no more than your fair share and avoiding potential fines or penalties.
3. Properly Manage State-to-State Business
Do you plan on dealing with businesses outside of your home state when expanding your business? If so, you'll be opening your business up to some complex issues involving everything from taxes to state business laws.
If you don't know the ins and outs of the business laws of each state, it can be difficult to properly navigate the regulations of state-to-state business.
With a small business lawyer on your side, you can ensure that every transaction your business makes is properly categorized and accounted for. This will allow you to engage in state-to-state business with few reservations or worries.
4. Properly Register Your Intellectual Property
The larger your business becomes, the more recognized it will become by the public and by other businesses. While this is generally a good thing, it also leaves your business vulnerable to those who might try and steal your intellectual property.
Your business's intellectual property includes everything from your logo, your proprietary strategies and ideas, and your specific innovations and inventions. Essentially anything that's original and proprietary to your business, and not public information, is considered intellectual property.
Fortunately, you can legally protect the intellectual property of your business by treating it as confidential in your day-to-day business, and having it properly registered so no competitors can benefit from your work. In order to register your intellectual property correctly, you consult with a small business lawyer, who may then advise you to hire a special zed patent and/or trademark lawyer.
Hire a Business Lawyer to Help You Expand Your Small Business
The benefits of hiring a business lawyer as you expand your business are clear. If you live and work in the Chicago area, the experts at John J. Pembroke & Associates are just the people to see.
Our team has decades of experience and have helped many businesses navigate the complex waters of business law. We are ready to provide you counsel on business designations, tax strategies, intellectual property and more.
Contact us today to schedule an appointment!