Most people assume that an attorney isn’t a requirement for an entrepreneur starting up his or her own business in Minnesota. They believe that there isn’t the need for an attorney until there is a problem that typically comes in the form of a lawsuit.
Unfortunately, what these business owners don’t realize is that by working with a business attorney when the company is being set up and formed, many of the issues that lead to legal problems in the future can be addressed. Too often entrepreneurs don’t know business law, which can create a very real risk of an error, omission or legal oversight that is going to be significantly more costly than hiring an attorney to consult at the early stages of the business formation.
Business Type
There are accounting, taxation and organizational considerations when choosing the type of business; you want to start. Knowing if it is in your best interests to set up as a non-profit, an LLC (limited liability company) or a corporation will be important before you make a decision.
Assistance with Contracts
Not only will an entrepreneur have to work with suppliers, vendors, commercial real estate agents and even distributors and manufacturing companies in their business, they will also need to work with customers and clients.
Contracts are used in all of these interactions. A business attorney can review contracts and make sure they are in your best interests and also develop contracts that contain the necessary clauses and language to protect your business and limit your liability.
Work with Your Budget
In Minnesota, there are many different fee structures charged by different law firms. Look for a business attorney that offers a fee structure that works with your budget, and that is reasonable given the scope of work you will need to attorney to complete.
Often an hourly rate or a per diem rate is the best option for a startup company. This allows the entrepreneur to plan the budget and to talk to the attorney in advance about how many hours of work are required for specific legal services.
