As a dedicated Media Business Attorney, clients come to me all the time with questions about when to speak to a lawyer if you just started a business. If you’re starting a business I think the first professional you should retain, is actually your accountant. That will get you off on a good financial footing as far as your financial records are concerned, making sure you’re organized in regard to that aspect of your business. It also makes sure that you don’t get caught short in regard to your tax liabilities when the mistake we see new businesses make repetitively is that they will forget that the gross amount that they’re earning is all taxable and not make proper reservations for the tax they have to pay. I think the first thing you should do is get a competent accountant.
You should also, I think, start a relationship with an attorney at the point that you are dealing with, perhaps, legal considerations. That might be very early on because most businesses have to get the proper licensing plus like a business privilege license, for instance. In addition, you might have in your initial formation a lease or maybe a purchase contract where you’re buying space. When you’re looking at those types of legal documents or perhaps loan documents with a startup line of credit, you should have an attorney who will be in a position to give you advice and review those documents for you.
If you have any questions regarding when to speak to a lawyer when starting a business, please contact our Media Business Attorneys for a free case evaluation.
This educational blog was brought to you by experienced Media Business Attorney Edward L. Perkins. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, the greater Philadelphia area, Delaware and New Jersey.