In addition to business-specific questions, you’ll also need to ask your lawyer questions relating to how he or she bills, their experience level, and so on. Questions along this path could include: How much do you charge, and how do I pay for your services?
Here are the most important questions I urge you to ask before you finalize any partnership arrangement. VALUES: Do you share similar values? Will you both fundamentally be moving in the same directions? Do you both want the same or complimentary things? What things do you want that might be at cross purposes with each other?
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?”
When you meet with your lawyer for the first time, it’s a good idea to have some questions in mind. But as a new business owner, you may not even know where to start. Here are some things to ask. 1. What Business Structure Should I Choose?
A fundamental error most new partnerships make is viewing Income, Equity, and Control (IEC) as the same decision. For example, they give an equal share of equity, pay all partners the same salary, and have equal say over decisions.
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...•
General QuestionsHow long have you been practicing law?What do you specialize in?What are your main roles and duties? What goes beyond that scope?How do you bill?What companies do you generally work with? ... Are you experienced with startups?Are you familiar with the laws of incorporation in my specific state?
Tips For Meeting With Your Lawyer For the First TimeDress To Impress. ... Be Ready To Give Your Attorney Important Information About Yourself. ... Gather Your Evidence And Have It Ready For Your First Meeting. ... Get Your Facts Straight. ... Plan Something You Can Look Forward To For After Your Meeting.
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...•
Here the factors are presented in the form of questions you can ask yourself:Who will be the owners of the company? ... What level of liability protection do you require, especially for your personal assets? ... How do you expect to distribute the company's earnings?More items...
Corporate Lawyer Interview Questions:How would you describe a complex legal procedure to a client? ... What information do you evaluate before the company enters a business partnership with new vendors? ... How do you manage confidential information? ... What are the legal risks of a merger?More items...
All attorneys meet with prospective clients in what is called an initial consultation. This is a first meeting between you and the lawyer to help you both decide whether you want to work together in an attorney-client relationship.
Prepare For Your ConsultationBring all documents. Make copies of all the documents you have collected regarding your case and give these copies to your lawyer.Have notes ready. ... Dress for success. ... Be honest. ... Talk about costs. ... Ask your lawyer questions. ... Understand all documents you sign. ... Keep your own files.More items...
The standard attire for meeting with you lawyer should be business casual. Wear dress pants, a nice shirt or top. Women should wear a conservative dress or skirt. Nothing too revealing.
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...•
Are you willing to make sacrifices for this company?What role do you tend to play in a team?Describe your ability to work under pressure.If you were hiring a manager for this job, what would you look for?Do you have any questions for me?Tell me a little about yourself.What area of law most interests you.
Attorney vs Lawyer: Comparing Definitions Lawyers are people who have gone to law school and often may have taken and passed the bar exam. Attorney has French origins, and stems from a word meaning to act on the behalf of others. The term attorney is an abbreviated form of the formal title 'attorney at law'.
The short answer is absolutely! Protecting your business’s intellectual property is essential to its growth and success moving forward.
Before you set your business name in stone, first consult with a small business attorney who can help you determine whether your desired name is av...
The Texas Secretary of State permits online reservation of names for any type of filing entity. A business entity reservation is effective until th...
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.
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.
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.
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.
The fact is, most lawyers try to help you save on the fees you’re paying them. Ask your lawyer specifically if there are ways to save money on the legal services he or she provides. If the lawyer is adamantly against offering this option, it could be a red flag.
In most cases, as a sole proprietor, you and your business are the same person . This means its debts are your debts, and you are legally liable for them. If you choose to limit this liability, you can choose to be set up as a corporation, limited liability partnership, limited partnership, or a limited liability company.
Yes, there is a lawyer-client confidentiality agreement, but it’s better to be safe than sorry. Even if you are certain that your lawyer will never discuss any details regarding your business with a competitor, you might feel uncomfortable sharing that information in the first place.
Some of the factors to take into consideration include: Whether you plan to have employees; Desired tax treatment for the entity; Whether you plan to own and operate the business yourself or with one or more business partners; and.
In fact, the key to most successful businesses is the existence and implementation of legally sound contracts and agreements.
A business entity reservation is effective until the 121st day after the application is accepted. This can give you some extra time to prepare for next steps while also keeping your preferred name on hold in the interim. 3.
The short answer is absolutely! Protecting your business’s intellectual property is essential to its growth and success moving forward. Many people mistakenly believe that they do not need to protect their intellectual property until their business is more well-established. However, this is not the case at all.
Indemnity agreements. As these are legally binding agreements, it is always best to have any necessary documents prepared by an experienced legal professional. Failure to do so could result in disputes, and even lawsuits, in the future. 6.
However, formally selecting your name is not always so simple. Sometimes, an aspiring business owner may have a name in mind only to discover that it is already being used by another business in the area.
Protecting and safeguarding your valuable intellectual property can be a great way to gain goodwill in your business and better prevent infringement by bad actors later on. It’s never too early to start protecting your IP rights.
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.
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….
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.
Regardless of the specific structure you choose for your business, you want to structure your business to protect your non-business assets.
Regardless of the type of business you own, there is a huge range of state and federal regulations that apply to you.
Part of this process of minimizing risk and protecting your assets involves writing your bylaws properly.
All businesses, yours included, need certain trademarks to identify themselves from other businesses.
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.
Now that you know what questions to ask an attorney, you need to find an attorney to answer them for you.
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.
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.
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.
Choosing your business structure will be one of the most important decisions you make when starting a business. The business structure you select will impact how you set up, manage and dissolve your business. Notably, every business structure has its advantages and disadvantages, making it difficult to choose the best option for you.
For many people starting a business, choosing a name is one of the first choices they will make. While this might seem a simple process, choosing a name for your business is not always straightforward. For most business structures, having a business name that is identical or near-identical to another business will not be available for you to use.
While most business owners think about protecting their physical assets, many business owners will neglect their intangible assets.
Your responsibilities and obligations as a business owner will depend on your business structure. For example, consider you are a sole proprietor of a business. In that case, you will be personally liable for all debts of the business.
Ensuring your business continues to expand is the key to its success. Whether your business is big or small, having a professional who can assist you with raising the funds it needs to grow will be extremely beneficial. A capital raising lawyer will help you explore capital raising options, negotiate with investors and finalise agreements.
The LegalVision Startup Manual provides guidance on a number of common challenges faced by startup founders including structuring, raising capital, building a team, dealing with customers and suppliers, and protecting intellectual property.
It is not essential to speak to a lawyer before starting a business. However, having professional advice can provide clarity and prevent future issues. Some questions you should ask a lawyer when starting a business related to your:
The Shareholders Agreement included a provision where Shareholders would, if required, contribute more capital directly (and which would impact the Floating Pool’s calculations). But because all partners were incentivised to keep contributing clients and revenue, this extra capital was not required. 7.
Answers to all of the above questions can be recorded in a short-but-sweet document. You now have a very specific brief for your Legal and Accounting support when they structure and document the specifics of your partnership.