Many people wonder when they should seek the help of a lawyer, an accountant, and get liability insurance for their business. Let’s examine when you should begin exploring your options with each of these.
It is best if you consult with a lawyer before you start your business. Lawyers tend to give free initial consultations, and they understand that in the beginning, you simply need advice. In your initial conversations, you can talk to an intellectual property lawyer to help you understand whether patents, trademarks, or any other legal options may be right for you. You can also talk to a general business lawyer to help you understand what kind of a business entity (LLC, S corp, C corp, or any other type of business entity) may be right for you.
You should also consult with an accountant who specializes in working with businesses. The accountant can also advise you on the type of business entity you should choose. Additionally, the accountant can help you understand the tax implications of your decisions.
When it comes to getting business insurance, things vary depending on the industry in which you are in. If you are in the construction or trucking industries, or any industry where the rate of accidents is high, you should definitely look to get liability insurance for your business. And if you are in industries where there is less of a chance of you getting sued, your insurance costs may be lower. If you can afford it, it is typically a good idea to buy insurance for your business. You never know what can happen, and it is a good idea to protect the business which you worked so hard to build. Ultimately, whether you do or do not get business insurance, it is a business decision that is up to you depending on how much risk you.
Keep in mind that you have options for whatever your budget allows. Once you get advice from a lawyer and an accountant for what you need to do, you have a few options for how to accomplish the things they advise you to do. If you can afford it, you can simply pay the lawyer and the accountant to help you with your legal and tax issues. That is the expensive option, but it is also the option with which you are most likely to get highest quality service. If you don’t have the money to pay for everything, there are
DIY (Do It Yourself) options through things like legalzoom.com and various tax software. There will be a learning curve for you using those DIY tools, and chances are that what you will be able to accomplish will not be equally as good as a lawyer and an accountant would accomplish, but the costs will be orders of magnitude lower than hiring a lawyer and an accountant. The option you choose depends largely on the financial resources you have available to you. When your business grows, and you can afford to pay the lawyer and the accountant, you can reach out to those professionals who originally helped you, and finally hire them to help your business.
Further Business Resources
For more business-starting resources, please take a look at our business planning mobile apps. Here is the iOS business plan app and here is the Android business plan app. Additionally, here is the iOS marketing app. And here is the Android marketing app. And here are our business apps on the Kindle. And here is an article where I give the argument that our Android apps are the best business apps on Android.
And please check out and subscribe to my YouTube channel where we cover many marketing topics.
Author: Alex Genadinikby