When starting a business, there are several things you should ask a lawyer. This includes questions relating to your business structure, your business name, how you can minimise risk, how you can protect your intellectual property and what your duties and obligations are. Webinars
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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 can a small business attorney help you start your 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.
Are you asking the right questions to entrepreneurs?
Asking the right questions to entrepreneurs can lead you to the business or career of your dreams. It also offers you an opportunity to learn from other people’s mistakes so you don’t repeat them. It’s also the quickest way to learn what works and what doesn’t. 1. Know why you are asking the questions.
What questions should I Ask my Lawyer when meeting with him?
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?
What are some questions an attorney might ask a new client?
What Questions do Lawyers Ask Their Clients?What is your case about? A lawyer will want to know every single detail of your case. ... What do you hope to accomplish? ... How do you want us to communicate? ... Why did you choose me? ... Are you comfortable with my rates?
In what ways can a lawyer assist an entrepreneur when starting a business?
A lawyer can assist with employment contracts, vendor contracts, partnership agreements, confidentiality agreements, stock purchase agreements, leases and letters of intent. The list goes on and on depending on the type of business.
What questions should be asked before 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 business questions?
Thirty Most-Asked Questions about Small BusinessDo I have what it takes to own/manage a small business? ... What business should I choose? ... What is a business plan and why do I need one? ... Why do I need to define my business in detail? ... What legal aspects do I need to consider? ... What do I need to succeed in a business?More items...
Why should a lawyer be consulted when starting a new business?
A good business attorney will provide vital assistance in almost every aspect of your business, from basic zoning compliance and copyright and trademark advice to formal business incorporation and lawsuits and liability. First, some general rules about dealing with lawyers: If you are being sued, it's too late.
What kinds of decisions need to be made when starting a new business?
9 Decisions Every Entrepreneur Must MakeWhether to act on their idea. ... Whether to give up or persist in the face of failure. ... Which experts to consult. ... What the core values of their company will be. ... Whether to seek external investment or not. ... Their ideal customer. ... How they'll price their products.More items...•
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?
What are the 10 steps to starting a business?
Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. ... Write your business plan. ... Fund your business. ... Pick your business location. ... Choose a business structure. ... Choose your business name. ... Register your business. ... Get federal and state tax IDs.More items...
What are three questions you should ask yourself before starting a business?
Ask yourself the following questions and answer as candidly and in as much detail as possible.Why do I want to start a business? ... Specifically what kind of business do I want to start?Am I interested in selling products or services?What are my key personal strengths--what am I better at than anyone else?More items...
What are the 3 questions that can be utilized in winning strategy of a business?
You want advice as to the direction your company should take and the best strategy to consider...."Gentlemen, at the end of today's meeting you will want to be able to determine how you are going to answer the following three key questions:What is our business?What will our business be?What should our business be?"
What are the most important questions a business should answer?
Here are the top 10 most critical questions that all small business owners should be able to answer....SummaryWhat problem does your business solve? ... How does your business generate income? ... Which parts of your business are not profitable? ... Is your cash flow positive each month? ... What is your pricing strategy and why?
Should I protect my business's intellectual property?
The short answer is absolutely! Protecting your business’s intellectual property is essential to its growth and success moving forward.
Can I name my business whatever I want?
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...
What do I do if my desired business name is available, but I'm not quite ready to move forward?
The Texas Secretary of State permits online reservation of names for any type of filing entity. A business entity reservation is effective until th...
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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