7 Questions to Ask Your Attorney Before Starting a Business
- What Business Structure Should I Choose? Before starting a small business, you must decide how your business will be...
- What Do I Need to Know About Choosing a Name for my Business? You probably already have ideas about the name you’d...
- How Do I Minimize My Risks as an Employer? A variety of federal...
Full Answer
Do you need a lawyer to start a small business?
Mar 15, 2022 · Legal Questions to Ask Before Starting Your Business. Tessie Carter March 15, 2022
What questions should I Ask my Lawyer when meeting with him?
Feb 12, 2013 · Here are 10 key questions to help you find an attorney who is just the right fit for your business: How much experience do you have with my industry? Such issues as intellectual property, franchise...
Why should you hire a business lawyer?
1. What experience do you have handling projects and companies like mine? It goes without saying that you want to hire... 2. Are there any conflicts of interest that I should be aware of? Attorneys are responsible for divulging any potential...
How do I find the right attorney for my business?
Feb 09, 2013 · 5 crucial questions to ask before hiring a startup lawyer ... of setting up a business from scratch. Look for a lawyer that understands the inception-to …
What questions should I ask a startup lawyer?
7 questions to ask your startup lawyerDo You Work With Companies Comparable to Mine? ... How Do You Bill? ... Will I Be Comfortable Working With You? ... What Is Your Focus? ... What Is Your Past Experience? ... Are You the Best in the City? ... What Is Your Age and Experience With Technology?Aug 3, 2013
What questions should you 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...•Jul 29, 2020
Should you consult a lawyer when starting a business?
Always ask your business attorney to assess your risks and identify ways to alleviate them. Getting business advice and legal help from a small business lawyer is a smart way to start a business off on the right foot. But don't lose touch with your lawyer once your business is up and running.
What questions should I ask a corporate lawyer?
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?
What are the three big strategic questions?
He taught that the three most important strategic questions each company must answer are:What is our business? (Mission)What will our business be? (The changing environment that we are certain about)What should our business be? (Vision)Apr 11, 2017
What are the 4 basic business questions?
The 4 Questions You Need to Ask When Starting a BusinessWhy are you deciding to start the business? This is the most important question to answer before you do anything else. ... What capital do you have access to? ... What do you know how to do? ... If this failed, would you regret it?Dec 10, 2015
Is LegalZoom legit?
LegalZoom doesn't just offer LLC services, it's a full-service legal platform designed to help individuals, families and businesses with all sorts of legal needs. LegalZoom is one of the most trusted online legal services due in part to its longevity—it's one of the oldest legal help platforms online.Oct 28, 2021
How do you interview a business lawyer?
Here are some questions to consider before hiring an attorney.1.) What do they charge? ... 2.) Do they require a retainer? ... 3.) What type of clients do they usually work with? ... 4.) Can you vet them for free? ... 5.) What are their specialties? ... 6.) Who will work on your case? ... 7.) Will they go to trial? ... 8.) Are they local?Aug 11, 2021
What does it mean if a business has lack of permanence?
lack of permanence—no one will maintain business but you; hard to keep employees because of lack of fringe benefits.
How do I prepare for a corporate lawyer interview?
Here we have provided Tips and Tricks for cracking Corporate Law interview Questions....Answer :Get an undergraduate degree.Gain some experience while you study.Take the law school admission test.Go to law school.Take the most relevant courses.Pass the bar exam.
How do you answer a law question in an interview?
Below are some common legal interview questions—plus suggestions on how to approach them.Tell me a little about yourself. ... What attracted you to our firm/organization? ... Can you describe a challenge or conflict you have faced at work and how you overcame it? ... What is your biggest weakness? ... Do you have any questions for us?Mar 20, 2021
How do you prepare for a corporate law interview?
The article is a guide on how to crack law firm interview....Certain necessary steps can really help you with the interviews.Research To The Point. ... Get Your Hands On The Job Description! ... Make Your Curriculum Vitae Your Bible! ... Be Ready With Some Funny, True And Fascinating Stories! ... Do Not Shy Away From Asking Questions!Apr 13, 2018
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 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.
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.
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.”.
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.
What permits do I need for a business?
Depending on the nature of the business, you may need the following permits, licenses, or regulations: Permits need for regulated businesses (aviation, agriculture, alcohol, etc.) Sales tax license or permit . Home-based business permits. City and county business permits or licenses. Zoning permit.
Who is Richard Richards?
Richard is the author of several books on startups and entrepreneurship as well as the co-author of Poker for Dummies and a Wall Street Journal -bestselling book on small business.
Can an S corporation be converted to a C corporation?
And an S corporation can easily be converted later into a C corporation. LLCs are popular but can get overly complicated.
What is an attorney who can answer this question well?
An attorney who can answer this question well is an attorney who is attuned not only to the legal challenges at hand, but also to the way clients think about them. They’ve also likely worked with clients like you. They’ll be able to provide context upfront that answers your questions before you find yourself confused by a complex legal issue or legal language.
How many bills has Jerry Brown signed?
California Gov. Jerry Brown recently completed acting on the 1,217 bills that came across his desk this year. He has signed 1,016 of them into law, with the majority taking effect...
Do attorneys quote hourly fees?
While most attorneys will quote you an hourly rate or a fixed fee upfront, it’s important that you understand what this quote does and does not cover. For instance, will you also be responsible for reimbursing the attorney for expenses, such as transportation?
Can an attorney give an estimate of how long each phase of a project will take?
Although unexpected challenges sometimes arise and cause deadlines to be pushed back, attorneys should be able to give an estimate of how long each phase of the project will take. Make sure that these estimates seem reasonable and fit with the timeline that you have in mind.
Is it difficult to get a complete picture of someone's personality?
No matter who you’re interviewing, it’s difficult to gain a complete picture of someone’s capabilities and personality over the course of an interview. This difficulty is compounded when you’re someone without a legal background who’s interviewing an attorney.
Do attorneys have conflicts of interest?
Attorneys are responsible for divulging any potential conflicts of interest, even if they are never directly asked a question about them. However, it’s usually not a bad idea to inquire about them yourself.
1. Do they understand your industry?
My biggest gripe with lawyers is that they often don’t understand their clients’ industries. Many firms are excellent with contracts and document preparation, but if they don’t understand the industry your startup lives in, they aren’t going to be the best counsel for you, because they simply won’t know what to look out for.
2. Have they worked with early-stage startups?
Early-stage startups have very different legal needs from mature startups. For early-stage companies, the focus has to be on building a legal infrastructure for the company; for later-stage companies, the focus is often on securities, funding, etc.
3. Which lawyer will actually be working on your matter?
This is critical, because you may get a great presentation by an experienced partner and find out later that the person handling you as a client is a first-year associate who doesn’t understand exactly what your company does.
4. What is their fee structure?
Startups want everything for extremely cheap or for free – especially when it comes to service providers (hey, it’s bootstrapping – we get it!). But when someone starts offering you free legal services, I want you to consider this: What are they getting out of it?
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Why do small businesses need a lawyer?
Small businesses rely on lawyers to provide legal expertise in some areas, which they might not be well-versed. These include the knowledge to:
When do new small businesses typically use a lawyer?
The specific scenarios when start-up small businesses often choose to consult a lawyer include:
Do I need a lawyer to start a small business?
Retaining the services of a lawyer is not required as a condition of starting a business. In fact, many of the steps of starting a business cited above can be performed without a lawyer. This means the decision to hire a lawyer or go the DIY route depends on your business entity.
Do I need a lawyer to start an LLC or corporation?
LLCs can benefit from a lawyer as these entities often require filing articles of organization (or a certificate of formation) with the state, the appointment of a registered agent and adherence to other regulatory requirements. Therefore, consider creating an operating agreement.
Structuring Your Business
There are several different business structures that you can choose when you’re forming your company, including LLCs, S corporations, C corporations, partnerships and sole-proprietorships. So speak with an attorney who can explain each option for you and then listen to your vision for your company so they can guide you in t…
Protecting Your Personal Assets
- No matter what specific structure turns out to be the best choice for your business, it’s essential that you structure it in a way that limits your personal liability and protects your non-business assets. De Leon said in an email to Small Business Trends, “Establishing a limited liability company or other corporate entity with the applicable government agency (e.g., filing a Certificat…
Choosing A Name
- Another part of getting your business officially up and running is choosing a name. Each state has its own processes for officially selecting a name. 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 pa…
Protecting Investors
- 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.
Establishing Ownership Responsibilities
- If your business has multiple partners or owners, you also need to have clear agreements about what is expected of each person and what the responsibilities are in terms of purchasing property or equipment. It’s best to have contracts or signed agreements in place when you’re just getting started so that all parties involved understand what is expected of them and what they are entitl…
Creating Internal Bylaws
- Then you also need to create some bylaws for your company as a whole. These should outline all of the rules that owners and management should follow over the course of running the business. De Leon says, “Owners must understand that establishing a corporate entity and securing an EIN number is but the first step; internal governing documents (e.g., Company Agreements/Bylaws/A…
Adhering to Compliance Practices
- The federal government and each individual state have requirements for record keeping, safety practices and a number of other business related processes. So your business needs to know exactly what is required in order to comply with all of those rules and regulations. Your lawyer can walk you through some of those issues and make sure you know exactly what records must be …
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.
Creating Vendor Contracts
- 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.
Navigating Tax Issues
- Your legal representation probably isn’t going to do your taxes for you or manage your books. But there are some tax ramifications of choosing different corporate entities or making some of the other decisions listed above. So it is important that you also have a good CPA in your corner, and your lawyer might be able to refer you to one so they can work in tandem on some of those impo…
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