Celebrating National Small Business Week: May 4–10, 2025
Starting a business is more than just a dream—it’s a bold leap into building something of your own. At Stone Arch Law Office, we salute the hard work, creativity, and courage it takes to be a small business owner. That’s why National Small Business Week is a great time to recognize everything entrepreneurs do to strengthen their communities and the economy.
Whether you’re launching a one-person service company or building the next big startup, this is also a perfect time to make sure your legal foundation is strong. That’s where working with a Minneapolis business law lawyer can make all the difference.
Do I Need a Lawyer to Start My Business?
You might be able to take care of some early tasks on your own. But there are times when a lawyer’s help can save you from future stress and cost. Let’s break it down.
What Can I Handle Myself?
- Writing a Business Plan: You can usually handle this yourself using free templates and resources. But a lawyer can review your plan to make sure your ideas don’t conflict with legal rules.
- Getting an EIN: Applying for a federal Employer Identification Number (EIN) is free and easy on the IRS website.
- Registering a Business Name: You can file a “Doing Business As” (DBA) name on your own, but a lawyer can help you check trademarks to avoid conflicts.
When Should I Hire a Lawyer?
There are a few business decisions that are too important to leave to chance. Here’s when it’s smart to talk to a Minneapolis business law lawyer.
Choosing the Right Business Structure
LLC? Corporation? Sole proprietorship? The choice affects everything from taxes to personal liability. A lawyer can explain your options and help you choose the structure that fits your goals—and protects your personal assets.
Drafting Contracts
A handshake agreement isn’t enough. You’ll need clear contracts with partners, employees, or clients. A lawyer can draft or review these documents to make sure your interests are protected.
Reviewing Commercial Leases
Signing a lease for your office or storefront? Don’t skip the fine print. A lawyer can explain your rights and help you avoid hidden risks in your lease.
Protecting Your Intellectual Property
Your logo, your slogan, your product designs—they all deserve protection. A lawyer can help you register trademarks or copyrights so others can’t take what you’ve built.
Planning for the Future: What Happens if You’re Not Around?
Many business owners forget about one big issue: What happens to the business if something happens to you? Here are two crucial tips for new business owners:
1. Decide What Happens to the Business
Will the business be sold, passed on, or shut down? Whether you own a cleaning service or a growing company with real value, it’s important to be clear about what should happen next. If you want your family to benefit from your hard work—or avoid being burdened—you need a plan.
2. Put That Plan in Writing
This might involve:
- A Buy-Sell Agreement: This lets business partners or family members buy your share of the business if you pass away. It can be funded by life insurance so your family receives money for your stake.
- A Succession Plan: This lays out who takes over day-to-day operations and leadership if you’re gone.
- Wills and Trusts: These documents should match your business plan. Who inherits your business shares or LLC units? A trust or will can spell that out clearly.
Business Law Meets Estate Planning
At Stone Arch Law Office, we take a full-picture approach. We combine business law with estate planning, helping you protect your company today—and prepare it for tomorrow. That means fewer surprises and more peace of mind for your family, partners, and employees.
We regularly work with Minneapolis business owners on succession planning, buy-sell agreements, and estate planning strategies that fit their goals and protect their business and personal assets. Taking the time to secure your business legally is one more way to honor the effort you’ve already put in. It’s also a way to protect your investment for years to come.
If you’re starting a business—or already running one—it’s time to check in on your legal strategy. Whether you’re just getting off the ground or planning for long-term growth, our Minneapolis estate planning team can help you build smart, protect your assets, and prepare for the unexpected. Book a call to get started.
Key Takeaways:
- Save time and avoid mistakes: A lawyer can handle complex legal tasks, such as choosing the right business structure and drafting contracts.
- Protect your assets: Ensure that your personal property is shielded from business liabilities.
- Prevent future legal troubles: A business lawyer can help you to avoid costly lawsuits and ensure regulatory compliance.
- Protect your intellectual property: Secure trademarks, patents and copyrights with professional legal guidance.
- Gain peace of mind: With a lawyer’s help, you’ll have confidence that your business is legally sound from the start.
Reference: Find Law (May 23, 2024) “Do I Need a Lawyer To Start a Business?“
