When you start a business, it becomes your baby. You’d do just about anything to protect it, and you want it to grow and prosper. In Texas, the best way to protect your business is to hire a lawyer to help guide you through the business loan process as well as offer advice on zoning compliances, copyright and trademarks, and liabilities.
Thinking about hiring a lawyer to help you with your business loan? Here are a few why you should and how to do it.
How to Get a Business Loan
Like most states, Texas has a number of laws to regulate how business loans are given out. The process to get a loan is quite long.
- Outline a business plan, which must include accurate research on your market.
- Register your business and receive an Employer Identification Number. You can apply for one through the U.S. Internal Revenue Service.
- Apply for a DUNS number through Dun & Bradstreet, Inc.
- Register with the federal Central Contractor Registration website.
- Search and apply for loans and grants through grants.gov as well as your local government agency.
- Turn in all documents in a timely fashion.
As you can see, this is an intricate process. If something isn’t right on your business plan, then you may have trouble getting loans and grants.
Why You Need a Business Lawyer
Navigating this process can be difficult, especially if it’s your first time. If you’re working with a business lawyer, then he or she will be able to walk you through each step of the process. If you don’t understand something, all you need to do is ask.
Your business lawyer will review all of your work and make suggestions and changes. Your business plan will look cleaner and more appealing, and you’ll be in a better position to land a loan that you can pay back. If your business needs help with other contracts and litigations down the line, your business lawyer will already know your business and be better equipped to assist you.