what should i ask a lawyer before setting up a business

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?”

Do you need an attorney for a business startup?

When You Might Need an Attorney for Business Startup The most common reasons for needing an attorney are: Navigating the many forms and requirements of legal documents, like incorporation documents, that are involved. Assurance the startup is being done right.

Why do I need a lawyer for my business?

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 kept on hand and for how long. Insurance can help you avoid costly issues down the road.

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 questions should I ask before starting a business?

Why 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? ... Do I have the funds to start this business?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 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...•

What do startups need from lawyers?

Startups need lawyers when lawyers provide the best, value-driven solution for specific problems the startup is facing. This will change from one startup to another. Here are some variables: Company formation: In most cases, you don't need a lawyer to set up a company, and it will be overkill to use one.

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 do you say when talking to a lawyer?

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 should you not say to a lawyer?

Five things not to say to a lawyer (if you want them to take you..."The Judge is biased against me" Is it possible that the Judge is "biased" against you? ... "Everyone is out to get me" ... "It's the principle that counts" ... "I don't have the money to pay you" ... Waiting until after the fact.

How do I prepare for my first meeting with a lawyer?

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.

What's the difference between attorney and lawyer?

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'.

What two characteristics should a lawyer have when working with a startup?

Take note of what the attorney says and does, and look for the following qualities:Experience. ... Understanding. ... Ability to communicate. ... Availability. ... Rapport. ... References. ... Reasonable fees.

Why legal is important for Startups?

From incorporation to investment negotiations, startups have legal needs necessary for the success of their business. For instance, Startups find that they may have to deal with government established institutions, be it for issuance of licences or payment of taxes.

Why do companies need lawyers?

A Business Attorney can guide you on the applicable regulations, codes, and laws related to hiring employees or independent contractors. The right legal advice will prevent you from possible claims for discrimination, misclassification of employees, or braking state and federal laws.

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...

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 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 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.

Do lawyers save money?

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.

Is there a confidentiality agreement with a lawyer?

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.

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.

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.

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 the key to a successful business?

In fact, the key to most successful businesses is the existence and implementation of legally sound contracts and agreements.

What are the factors to consider when selecting a business entity?

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.

Is it easy to pick a business name?

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.

Is it too early to protect your IP?

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.

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.

1. Should I form a corporate entity, and if so, which one?

Together, you and your lawyer will review corporate entities and will select the form that is right for you and your business. The most common forms of entity are:

2. Do I have the correct business license or permits?

This is an important step in starting a business, and requires business owners, especially those working out of a brick-and-mortar location, to consider local, state, and federal licenses or permits. You and your attorney should explore:

3. How do I obtain funding?

When it comes to financing your business, always consult your lawyer before agreeing to any sort of contract or financing agreement. You may have several legitimate options for funding, such as:

4. How do I grow with my business?

Founder’s disease is a real problem in the business world. Many people start a business but do not obtain the proper skill set or support to grow along with the business. You should be open to guidance from your attorney, board of directors, accountant, or mentors about how businesses grow and evolve. Remember the following tips as you grow:

5. Do I have what it takes?

Your lawyer may answer this question in more ways than one. Do you physically, mentally, financially have what it takes? Some of these elements are easier to pinpoint on paper than others. Still, it is an important question to ask. Business and corporate law attorneys have years of training and experience in helping entrepreneurs get started.

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.

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.

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.

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 are the things that small business owners focus on when starting their latest venture?

Gaining customers. Producing a quality product. Finding new markets. These are the things that small business owners focus on when starting their latest venture. But while entrepreneurs are busy planning for the future, many fail to prepare for the worst.

Do small business owners need a lawyer?

After all, the law is a complex and sprawling discipline, and no one attorney can be expected to have mastered it all . That's why small business owners should seek out lawyers who are comfortable with ambiguity.

1. What Business Structure is Best For Me?

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.

2. How Can I Choose a Name for My Business?

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.

4. How Can I Protect My Brand?

While most business owners think about protecting their physical assets, many business owners will neglect their intangible assets.

5. What Are My Duties and Obligations?

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.

6. How Can I Raise Capital?

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 Ultimate Guide for Startup Founders

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.

Key Takeaways

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:

Can I register my business online?

You might be able to register online with your state or use an online service to register your business, but it might be a good idea to use an attorney if your business is at all complicated. Corporations or S corporations must register with the state as well.

Do I need an attorney to start a business?

The simpler your business, the less you'll need an attorney. A sole proprietorship is the simplest business form. It doesn' t require that you register your business with your state, so no, you probably don't need an attorney ...