Here are some essential questions to ask your lawyer:
- Should I trademark my company name or logo?
- Do I need a patent, copyright, or intellectual property protection?
- Can you create standard contracts for negotiating with other businesses and vendors?
- How do I form a sole proprietorship, partnership, or corporation?
- What’s the process for sharing equity when seeking private investors?
Full Answer
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...
Do you need a lawyer to start a small business?
Why should you hire a business lawyer?
How do I find the right attorney for my business?
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 are good questions to ask when starting a business?
9 Questions Smart Entrepreneurs Answer Before Starting a BusinessWho are My Primary Competitors in the Industry? ... How Is the Market Responding to This Industry? ... How Is My Solution Different From My Competitors? ... Who Is My Ideal Customer? ... How Will I Market My Business? ... Will My Business Have a Soft or Hard Launch?More items...•May 27, 2019
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.Nov 9, 2020
How much does it cost to hire a lawyer for a startup?
What's the typical hourly cost? The lawyers most start-ups will deal with are likely in the $350-$800 an hour range, but this varies from firm to firm, obviously. Most big firms bill in increments of six minutes (i.e., 0.1 of an hour), but some charge in 0.25 hour increments. The range for hourly rates is huge.
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
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
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
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.
What makes a good startup lawyer?
A firm with a strong VC practice has deep relationships with investors that can be helpful to startup founders as they fundraise, and your lawyer should be willing to introduce your company to investors when the time is right. Investors may include individuals (angels), VC firms, and corporate/strategic partners.
How can lawyers help startups?
Legal help for Startups in their business formation and to cover statutory legal compliances results in laying a solid base and hassle-free operations which provides entrepreneurs/ founders/ promoters to focus on the more vital needs such as hiring, funding and finance and other processes to enable growth.
Is LegalShield a good deal?
If you want the security of knowing that you can quickly get a response from a lawyer if you ever need it, LegalShield is a good choice. For a reasonable monthly fee, you can access a lawyer at a leading law firm and get targeted help on specific problem areas for small businesses, such as debt collection.Sep 17, 2020
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.
Do LLCs pay taxes?
Like corporations, they offer legal liability protection for the individual owners but, unlike corporations, are treated similar to sole proprietorships when tax time comes around (LLCs never pay taxes—the owners do).
Is it bad to take money out of a company's account?
It’s tempting to simply take your payment out of the company’s funds and call it good. It’s also financially dangerous to do so. A business should be run as a business, not a personal checking account. To avoid legal snags and tax questions you should always pay yourself with a check written from your business’s account.
Is it fun to start your own business?
Starting your own business can be fun and exciting. By turning your passion into your occupation you never have to “work” another day in your life! However, it can also be a scary time. You have to balance the risks with the reward and many new business owners don’t really understand the legal ramifications of launching their own start-up.
Structuring Your Business
Protecting Your Personal Assets
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 ar…
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…
What Do They Charge?
- Let’s get the big question out of the way first. As a small business owner, you’re very cost-conscious. In fact, you probably don’t have a lot of extra money lying around for an attorney so the price becomes important. Talk to your attorney to see if you can negotiate a fixed fee for your needs rather than an hourly rate. Of course, if you’re sued or have a complicated legal matter, a f…
Do They Require A retainer?
- Many attorneys require that you put some money down upfront as a retainer. If they do, ask if the retainer is refundable if you don’t use all of it. Ask about all the terms and conditions related to the retainer.
What Type of Clients Do They Usually Work with?
- What type of clients does the law firm the attorney is with usually represent? Do they regularly work with smaller businesses, or does most of their clientele consist of large corporations? The focus of their practice is likely to be reflected in their fees. RELATED: How to Build a Relationship with a Business Lawyer (Before You Need One)
Can You Vet Them For free?
- Finding a business attorney is a big decision so spending a brief amount of time getting to know them seems like a wise move. However, some attorneys will charge their normal hourly rate if you want to talk to them in an interview capacity. Small business attorney Mathew Odgerssays, “From the attorney’s perspective there are a lot of people who come in and try and get free information …
What Are Their Specialties?
- You can find general practitioners but look for a business attorney for business matters. Attorney Andrew Legrand says, “If an attorney is practicing in multiple areas (for instance, business law, family law, and criminal law), there’s no way they know all the ins and outs.” Some attorneys are well versed in tax law and can help in these capacities but the more complex the case, the more …
Who Will Work on Your Case?
- Especially in the case of smaller, more routine matters, sometimes staffers will work on the case rather than the attorney you spoke to. Make sure to ask about that upfront and if another attorney or somebody on staff will work on the case, ask about their experience and credentials.
Will They Go to Trial?
- If you have a case that is a dispute of some sort, you may need a trial attorney. Some attorneys resist going to trial. They will try and settle the case at all costs. Ask about their trial experience before hiring them to help with a dispute. If you have to go to trial, you want somebody who is comfortable arguing a case.
Are They Local?
- Basic legal matters probably won’t require many meetings but if you’re looking to establish an ongoing relationship with an attorney, you want them to be within a short drive unless the case is so specialized that you need a certain type of professional. Remember that as a business owner, your time is valuable. You don’t want to spend a large portion of your day driving to meet your att…
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