Small businesses are popping up everywhere. Maybe it started with a great idea. Maybe it was passed down from one generation to the next. Maybe it was the right place and the right time. Whatever the reasons your client began their small business, they took an opportunity, added a large dose of hustle, and committed themselves to building a sustainable enterprise.
That it’s a small business doesn’t mean that its legal and business challenges are small. Here’s where your role as a lawyer and business advisor comes in.
The legal needs of an entity evolve based on its point in the business life cycle. As their lawyer, you need to anticipate what issues lie ahead for your small business clients and prepare them (and yourself) accordingly.
It can be an exciting and inspiring time, but the startup phase is where most neophyte enterprises fail. Start by helping small-business clients determine how they structure their business – LLC, sole proprietorship, or corporation. Each option can vary by state, and each has different ramifications in terms of taxes, decision-making, and investments. At this point in the business lifecycle, your clients may need help registering their businesses or applying for licenses and approvals. When your clients ask, “What am I missing?” You should be there to help fill in the blanks.
Does this role take you into a practice area you’re less familiar with? You can lean on resources to help you get up to speed quickly in new areas of law to...
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