Start-ups should seek legal advice when the value of a lawyer’s help outweighs the potential time and effort spent on the issue. It is far better to seek legal advice while your business idea is in the planning stage than to seek legal advice after a complaint or lawsuit has been filed against your business.
By seeking the help of a lawyer to set up your business correctly, you will avoid commissions or penalties that may result from a mistake or misunderstanding.
A lawyer will also be able to suggest other professionals that may help your business, for example, insurance, bank accounts and accountants.
If you are unsure of which legal practice to work with, ask for recommendations from other start-ups or new businesses, as they will be able to provide you with recommendations.
