Entrepreneurs should consider legal fees at various stages of their business journey:
Business Formation: Legal fees are necessary for drafting and filing incorporation documents and creating partnership agreements. Contracts and Agreements: Entrepreneurs need legal assistance to draft, review, and negotiate contracts with suppliers, clients, and employees. Intellectual Property: Legal fees are required for protecting intellectual property through trademarks, patents, and copyrights. Compliance and Regulation: Regular legal consultation can help ensure ongoing compliance with changing laws and regulations. Dispute Resolution: Legal fees are often needed for resolving disputes either through negotiation, mediation, or litigation.