Many people dream of of setting up their own business without really looking into it. While you may have special skills that would make a great business, you also need to know a lot about setting up and running it. In fact, you really need an experienced commercial lawyer to help you set the company up in the first place. Why?
For a start, there are four different business models, so which one is best for your business? What you choose can have a big impact on things like insurance, tax, asset protection and even legal costs. Rather than choose a model that suits you at the moment, you have to include your future vision for the business and ensure the model you choose will still be right for it when you expand.
Your business may even take a different track that you hadn’t thought of, into the future. If the business model is inflexible, you face all the costs and hassle of changing over to one that suits your plans better. It is a wiser course of action to be guided by a property lawyer, who will ask the right questions to get you thinking about the future of your business.
What your corporate lawyer will discuss with you
A business lawyer will not only explain the differences between the four business models and how they can affect your business, he will explain the key issues you need to consider, such as: –
- The cost of setting up and maintaining each type of business structure.
- The potential for growth each allows
- The tax advantages of each
- Personal liability and asset protection and which business model makes getting a loan easier
- What documents are needed for setting up a business
- Whether you will need to raise capital and how each business model will affect this
- What your goals and aims are for your business and how you see it 5 and 10 years into the future.
A corporate lawyer will probably advise you on the best structure for your business model and they will then draw up all the deeds or other official documents that you need to get your dream up and running. You can be sure that there will be no setbacks or problems once you have the expertise of a professional lawyer to draw on and to support you in all legal decisions. A lawyer will also explain which structure allows you to easily sell or dissolve it if the time should come that you want out.
It can give you a great peace of mind when you have someone with legal and business expertise that you know is trustworthy to help and advise you.