Do I need a lawyer to open a small business?

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asked Nov 17, 2023 in Law & Legal by LucyVialli (3,180 points)
Do I need a lawyer to open a small business?

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answered Jan 22 by lowerkoker (2,240 points)

I have no experience in starting a business, but why not? Perhaps consulting a lawyer will help you avoid some ridiculous problems or immediately be aware of the various intricacies of the process. Well, in general, I think that working with professionals will never be superfluous. This also applies to advertising and Online Sales Attribution. Instead of trying to figure it out, you can contact experienced specialists and trust them to optimize your promotion.

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answered Jan 22 by 1961waggy (27,370 points)
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.

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