i am going to incorporate a business what questions should i ask a corporate lawyer

A good business lawyer is truly invaluable, and most will allow you to pay an annual fee so that you can contact them anytime you need them. You can ask them questions about employees, paperwork and documentation, risk-management issues, personnel issues, and even concerns about your board members.

Full Answer

What questions should I ask before incorporating my business?

The first question you should ask after deciding to incorporate, is whether you need a federal or provincial corporation. One of the most frequent mistakes we see being made by business owners that incorporate online is incorporating the wrong type of corporation for their circumstances.

Should you incorporate a business?

Here are some of the things to consider when deciding whether you should incorporate a business: Whether you'll be in business alone or with others - Although there are many benefits to incorporating a business with one owner, it becomes even more important if there are multiple owners.

What questions to ask a business lawyer before starting a business?

Here are the 5 top questions to ask a business lawyer before starting a business. Before you start your business, make sure yourself you ask the following… If you have any other questions about starting and growing your business, email me at sam@mollaeilaw.com Question #1: “Which Business Structure Should I Choose?”

How do I know if my business needs to be incorporated?

The amount of income expected to be generated - The greater the value of the business (current or expected), the more important it will be to incorporate. Whether the business brand is important to protect - Incorporation can provide some protection for your business name.

What are good questions to ask when starting a business?

17 Questions You Should Ask Yourself Before Starting A BusinessWhy do I want to start a business? ... Can this business idea make me money now and in the future? ... Who is my target audience for my business? ... Who are my competitors? ... What is your USP? ... How will I market my business? ... How will I price my products?More items...•

What are good questions to ask lawyers?

Questions to Ask Your Lawyer During a Consultation1) What kind of experience do you have with similar cases?2) What would be your strategy for my case?3) Are there any alternatives to going to court?4) What are my possible outcomes?5) Who will actually handle my case?6) What is my role in my case?More items...•

What are 3 questions you should ask a lawyer before hiring?

Below are ten questions to ask your potential lawyer.How long have you practiced law? ... What type of cases do you generally handle? ... Who is your typical client? ... How many cases have you represented that were similar to mine?More items...•

What tasks do corporate lawyers do?

Corporate lawyers structure transactions, draft documents, negotiate deals, attend meetings and make calls toward those ends. A corporate lawyer works to ensure that the provisions of an agreement are clear, unambiguous and won't cause problems for their client in the future.

What is the hardest question to ask a lawyer?

12 Tough Questions to Ask a LawyerWhat's your opinion of the probate process?Under what conditions do you recommend a Living Trust?How do I protect my children from abusive relatives if something happens to me?Can I keep my kids from controlling their entire inheritance at 18?More items...•

What you should know before you talk to a lawyer?

10 Things You Should Know Before Contacting a LawyerHave Your Documents Ready. ... Research the Elements of Your Case. ... Don't Call if You Just Have a Question. ... You May Not Speak to a Lawyer Right Away. ... Do Not Ask the Legal Support Staff for Advice. ... Don't Provide Too Much Information. ... Answer the Lawyer's Specific Questions.More items...•

How do I talk to my lawyer for the first time?

Tips for Talking to an AttorneyAlways be as honest and candid as possible about the facts of your case. ... Ask questions if you don't understand something that your attorney mentions or explains to you.Approach an attorney about your case as soon as you think you may need one.More items...•

What questions should I ask my lawyer mentor?

Questions to Ask Your Mentor How is what I am learning in school different from what it will be like practicing? How did you become a [insert practice area] attorney? What is a typical work day like for you? What types of cases/projects are you currently working on?

How do you answer a lawyer question?

Give positive, definite answers when at all possible. Avoid saying, “I think”, “I believe”, or “In my opinion” if you can answer positively. If you do know, then say so. You can be positive about important things which you would naturally remember.

What a corporate lawyer should know?

What does a corporate lawyer do?Assisting with the legal framework for restructuring or selling companies.Negotiating contracts and agreements.Listing companies on the stock markets.Providing general legal council.Selling shares and assets.Handling employment law issues.Collaborating on strategic legal decisions.

What is cooperative lawyer?

Cooperative Law, as defined by the ICA Cooperative Law Committee (CLC), includes all legal rules that shape a cooperative enterprise and regulate its operations, such as law on cooperatives, international law, national constitutions, administrative Acts, court decisions and jurisprudence, cooperative bylaws and ...

What does corporate law involve?

The practice of corporate law involves general corporate matters, such as the incorporation of companies, directors' and shareholders' rights, articles of association, board meetings, secretarial matters and the public listing or delisting of companies.

Why is contract important?

Contracts are important to businesses of all sizes and types, and checking them out with the right lawyer can make all the difference when it comes to the success of your business. This is definitely one of the very important questions to ask a lawyer when starting a business. 4.

Why is it important to have an immigration lawyer?

Immigration laws are also important to comply with, especially if you have employees who are not citizens . An experienced lawyer can help put you on the right track by educating you on the laws associated with your business. This is definitely one of the very important questions to ask a lawyer when starting a business.

What type of business has only one owner?

The main types of business structures include a sole proprietorship, which has only one owner, a general partnership, which has two or more owners, or one of the types of entities that allow you to limit the liability that the company itself is responsible for.

What is an LLC bylaw?

LLC operating agreements and corporate bylaws are crucial. They provide guidelines that make operating your business more efficient and legit. The documents explain all about shareholder meetings, LLC ownership changes, how shares of stock are issued, and how all major decisions will be made.

Do business owners have a full plate?

Business owners have a full plate day in and day out, but your legal concerns will not be insurmountable if you find the right lawyer. Take your time, make a list of questions, and, most of all, be prepared for the questions the lawyer might ask you.

Do business lawyers charge an annual fee?

A good business lawyer is truly invaluable, and most will allow you to pay an annual fee so that you can contact them anytime you need them. You can ask them questions about employees, paperwork and documentation, risk-management issues, personnel issues, and even concerns about your board members.

Can a lawyer write a summary of events?

Some lawyers even allow you to write a summary of events for a legal case or round up some documents yourself. This saves you some money that you can then use on other things. This is one of the great questions to ask a lawyer when starting a business. 12.

How Should I Structure My Business?

This seems like a basic question, but it’s actually one of the most important things you can ask when you sit down with a business attorney.

How Do I Protect My Personal Assets?

Regardless of the specific structure you choose for your business, you want to structure your business to protect your non-business assets.

How Do I Minimize My Risk?

Regardless of the type of business you own, there is a huge range of state and federal regulations that apply to you.

What Should Be in My Bylaws?

Part of this process of minimizing risk and protecting your assets involves writing your bylaws properly.

How Can I Protect My Intellectual Property?

All businesses, yours included, need certain trademarks to identify themselves from other businesses.

What Contracts Does My Business Need?

Contracts are one of the most basic things you deal with on a day-to-day basis in your business. But they’re central to successfully running a business, as they spell out your responsibilities and obligations in any agreement.

More Questions to Ask an Attorney

Now that you know what questions to ask an attorney, you need to find an attorney to answer them for you.

How much does extra provincial registration cost in Alberta?

An extra-provincial registration in Alberta for example typically costs between $500-$1,000 including agent and government fees. This is in addition to the federal incorporation costs. The primary exception to this rule is Ontario, where extra-provincial registration of a federal corporation is both easy and inexpensive.

Why is incorporation important?

Incorporation can also provide credibility for your business, making it appear like a larger organization. Whether you plan to sell or transfer the business in the future - Being incorporated provides more options when selling or transferring the business.

How many classes of shares are there at the time of incorporation?

Often times there are 15-20 different classes of shares authorized at the time of incorporation. This is done to ensure that the business owners have flexibility to issue different classes of shares at the time of incorporation, which can be beneficial for tax purposes.

What is holding corporation?

A holding corporation is a legal entity that does not carry on active business operations, and therefore does not need to worry about their brand. In most cases they simply hold shares of another corporation (sometimes used for tax and asset protection purposes) or other assets.

What does "shares" mean in business?

Shares represent ownership of a business. Shares can be issued by the corporation, transferred by shareholders, and used as security for the owner's debts, among other things. There are many different types of shares that can and should be issued in different circumstances.

What are the roles of officers in a corporation?

Officers. Officers typically include a President, Secretary and Treasurer, but can also include positions such as CEO, Vice President, etc. Like directors, officers can be liable for certain acts and omissions of the corporation. It's important that the right persons be appointed to fill the various roles.

Is incorporation a good choice?

Whether the business brand is important to protect - Incorporation can provide some protection for your business name. If name protection is important to your business, incorporating may be the right choice. Incorporation can also provide credibility for your business, making it appear like a larger organization.

What is the number one candidate for entrepreneurs who are more comfortable with working alone?

The sole proprietorship is the number one candidate for entrepreneurs who are more comfortable with working alone. From the phrase itself, it is easy to derive that the owner of the business is just one person who is most likely to be the manager as well.

Why is information technology important?

The advent of information technology makes it easier for us to access information that we need. The internet is teeming with drafts of different contracts for small businesses. Even the processes that you need to follow in trade name and trademark registration is just as click away.

Why is it important to keep proprietary information?

Keeping the proprietary information within the bounds of your business is important to make sure that business’ interest is protected. This applies not only to the employees but to all people who have significant involvement with the business like the individual contractors.

Is it risky to start a business?

But starting a business can be a very risky venture. The more you plan and strategize before you start your business, the more likely you will be able to succeed. Here are the 5 top questions to ask a business lawyer before starting a business. Before you start your business, make sure yourself you ask the following….

What is a corporate shield?

Only by establishing a corporate entity and following the necessary corporate laws and regulations do small business owners enjoy what’s commonly known as a “corporate shield” that protects their personal assets and ensures only their business assets are at play.”.

What happens if a business has an outside investor?

If your business has any outside investors, it could impact the type of corporate entity you’re able to establish for your business. Specifically, you need to be sure that the structure provides a corporate shield for your investors as well as yourself.

What are the legal ramifications of starting a business?

There are several legal ramifications of starting a business. It can lead to issues related to liability, copyright, employee rights and everything in between. So one of the first steps you should take as you work to get your business off the ground is speak with an experienced business attorney.

What is the best way to avoid costly issues down the road?

Making Sure You’re Covered with Insurance. Insurance can help you avoid costly issues down the road. Speak to your legal representative to discuss what types of coverage you might need or at least benefit from, including coverage for workplace injuries, data breaches, or non-injury claims made by employees or customers.

Do you need a lawyer for a business?

Once your business starts working with vendors, suppliers, clients, or any other third parties, you’ll need written agreements in place to ensure that all parties involved know what to expect. A lawyer can help you draft specifics or at least walk you through the creation of some templates that you can use in common situations.

Who is Ben De Leon?

Ben De Leon is the President of De Leon Washburn & Ward, P.C., where he has served as general counsel to some of the fastest growing companies in Texas. As an experienced business lawyer, he recently spoke with Small Business Trends about some of the most important legal issues that new entrepreneurs should discuss when getting started.

Can a business attorney help you make sure your name of choice is available?

And you also need to be sure that you’re not infringing on any existing copyrights or trademarks with your name choice. So a business attorney can help you make sure your name of choice is available and walk you through the necessary paperwork.

What is a business lawyer?

A business lawyer is a person best suited for helping you make that decision. Both sole proprietorships and general partnerships view the business and the owner as the same entity, so if there are debts or legal issues, you would be held liable.

What are the consequences of failing to take legal action?

Failure to take such actions can result in: Fines. Penalties. Legal liability. Business closure. By consulting with a seasoned attorney, you can establish that you’re currently operating within the boundaries of the law.

Can ignorance save you in court?

In all likelihood, there are employment laws on the books that you’ve never heard of. Ignorance won’t save you in a court of law. By asking questions such as these, you can ensure that you are compliant with safety regulations, anti-discrimination, or employment and termination laws.