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NEW YORK - Among the most important advisers for many small company owners is an attorney, someone to help avoid costly legal mistakes in transacting business and dealing with employees.
Lawyers say it's a good idea to have that kind of help from the start, usually from a general practice business lawyer, an all-purpose practitioner.
"A general practice business lawyer is usually capable of creating the entity, giving advice on what type of business to set up, review leases and basis business contracts," said Fred Steingold, an attorney in Ann Arbor, Mich., and author of "Legal Guide for Starting & Running a Small Business."
Depending on your line of work, you might want an attorney who has similar clients - for example, if you have export business, an attorney who understands the issues you deal with.
A general practice lawyer might not be able to help you in a specialized area such as intellectual property or setting up a retirement plan. In that case, you should probably turn to a lawyer who focuses on that area - much as you would go to a doctor who's a specialist for a particular problem, even if you have a primary care physician.
If you're worried about running up bills with more than one lawyer, "the good thing is that a lot of the things you have to pay for are one-time things," said Barbara Weltman, an attorney in Millwood, Westchester County. "If you're paying a lawyer to incorporate and help you set up your minutes book and stock ledger, that's basically a one-time thing. It's the same thing with intellectual property."
Lawyers say there are ways you can keep your legal bills down. One avenue is to educate yourself as much as you can on a topic - you might find you don't need a lawyer's help after all. Or if you do, you'll take up less of his or her time because you'll already have an understanding of the basics of an issue.