Laying the foundation is almost as important as the ground it’s placed on. In the case of starting a business in Minnesota, partnering with an experienced attorney (with expertise in business law) will ensure a quality foundation is built. Here are three reasons startup businesses need legal counsel in Minnesota:
- Avoiding Risk and Ensuring Compliance
- Guidance in Forming a Business Structure (Legal Entity)
- Defense in Litigation Disputes with Partners, Employees, or Customers
Avoiding Risk and Ensuring Compliance
The last thing an honest business wants to find out is: they’ve been out of compliance with some regulation or tax liability for some long period of time; this is that nightmare scenario of the honest successful business owner running into some back payments and liability issues, simply because of their unawareness of the ever-changing: laws, regulations, statutes, ordinances, licensing, tax liability, insurances, bonds, etc.
This is a good reason to partner with a local Minnesota business law attorney, so state and federal laws can be understood and complied with, to ensure avoidance of future risk. Ongoing oversight of risk and compliance issues for startup businesses ensures the most affordable and compliant paths are taken – instead of putting your business and potentially yourself at risk with noncompliance.
Guidance in Forming a Business Structure
Partnering with a business law attorney in Minnesota from the beginning, helps startups understand: the different forms, filing costs, insurances needed, procedures, and other different options to take. The legal status of a business has long-term tax and regulatory implications. The attributes relating to the business such as the industry, number of employees, number of owners, etc., should be properly understood before forming a legal business entity (or structure).
Defense In Litigation Disputes with Partners, Employees, or Customers
Businesses regularly contact their business attorneys regarding acquiring legal counsel and business litigation defense from a potentially devastating lawsuit. This is a common occurrence in American business, unfortunately, yet can be properly guarded against with a quality defense and even more importantly: preventative counsel.
Basically, preventative counsel is having guidance when starting and developing a business to avoid legal liability; best practices from expertise in business law are used to avoid mistakes and develop safe pathways. Many times the safe pathways are just as profitable as any other way, yet owners simply weren’t aware of the better way.
Retaining a Minnesota Business Attorney
Starting a business gives entrepreneurs a way to develop and test their ideas on the market place. There are many different types of businesses and industries, yet all are subject to: laws, regulations, and taxes – determined by their location. In any successful business, it is critically important for business owners to retain legal counsel. A business attorney provides tremendous value to a business which includes but is not limited to: risk avoidance, government compliance, preventative counsel, proactive offense/defense in litigation, proper paths of licensing, etc.
Gilbert Alden PLLC is a business focused law firm based in Burnsville, Minnesota, and serves the entire Minneapolis and St. Paul area. Our experienced and proven attorneys are retained on an on-call basis for consultation and litigation. In the case of business litigation; the costs are affordable and are paid back (and then some), with long-term business sustainability and success. To learn more contact us today.