You don't need a lawyer to open a small business although having a small business lawyer can be helpful for some small businesses.
A startup lawyer can provide valuable guidance throughout the fundraising process, helping to structure investment deals, review term sheets, prepare and maintain capitalization tables, assist with the due diligence review process, and prepare and negotiate angel and venture-capital investment agreements.
All business relationships with your customers and suppliers are governed by contracts.
Your lawyer can make sure that such agreements provide your company with the highest degree of protection.
They can also check over suppliers' contracts and give you advice on whether or not you should sign them.
Considered by some to be the best of both worlds, the limited liability company shares key advantages of both corporations and partnerships.
If you form an LLC, you can take advantage of the liability protection of a corporation along with the pass-through tax treatment of a partnership.
An LLC has distinct advantages in the areas of legal protection and liability.
While there are filing fees for setting up an LLC, that cost can be well worth it when compared to the thousands of dollars you could be liable for as a sole proprietor.
On the other hand, it costs no money to start a sole proprietorship.
A sole proprietorship is the simplest kind of business.
Most sole proprietorships are small businesses that have one employee — the owner.
Forming a sole proprietorship is usually easy.