Why an attorney is needed when starting a new business
When setting up a new business, obtaining proper legal advice is important. This can help businesses create the right operational model and understand potential issues.
The energy industry is a highly regulated one and anyone wishing to establish a new business in and around Oklahoma City, Oklahoma, should work with an experienced energy law attorney. From laws established by the Federal Energy Regulatory to municipal laws and more, there are many areas in which a lawyer’s input can be beneficial in the creation of a new company.
Naming a company
The U.S. Small Business Administration explains that a new business name must be registered. Deciding on a name should also involve time spent ensuring that the name is legally able to be used and is not trademarked or used by another company. An attorney will have the experience necessary to know how to perform the proper searches efficiently.
Deciding upon a business structure
As reported by Business News Daily, companies can be set up under varying operational models, each with their own set of advantages or potential disadvantages to a business. An LLC, for example, offers protections from personal liability like a corporation but with taxation models more akin to that of a partnership. That, however, does not mean an LLC is ideal for all companies.
A lawyer can help entrepreneurs understand the legal implications of each company structure to find the one that best fits a company’s goals and market. And, if the development of a corporation, LLC, or partnership agreement is warranted, the attorney can handle all matters related to those needs.
Business registration for taxes and licensing
Taxes are not always just a federal or even state issue. There can be special taxes at the municipal level as well that must be understood. Licensing a business and ensuring it is properly zoned for the location desired is another area that can open up legal questions and needs. The time it can take for a business owner to search for this information often interferes with time needed for other pertinent business functions. Additionally, someone without the right knowledge of tax and licensing laws may unknowingly miss important information that could affect the business financially. Delegating these tasks to an attorney can keep the creation of a business on track while ensuring all details are properly identified and followed.
Employment law and contracts
Energy companies may engage in contracts with employees, other vendors or subcontractors. This opens up another area of law that, if not properly addressed, can expose a business to potential liability. Working with an attorney who understands the governance of these areas can help to protect a business and make sure that contracts are properly worded.
Get the attorney involved at the outset
Reaching out to an attorney as soon as a new business venture is identified, is recommended. Knowing about potential legal issues early in the process can help to avoid costly errors later on.