what wuestions to ask a lawyer about incorporation

The first question you should ask after deciding to incorporate, is whether you need a federal or provincial corporation. One of the most frequent mistakes we see being made by business owners that incorporate online is incorporating the wrong type of corporation for their circumstances.

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What questions should I ask before incorporating my business?

You can ask a lawyer or visit our Incorporation help center. This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a …

What questions to ask a business lawyer before starting a business?

This is a crucial question to ask your team and has major implications First what is the difference. Employee \u2013 An employee is anyone who performs services IF you can control, 1. what will be done and 2. how it will be done. Independent Contractor \u2013 An independent contractor is someone who has the right to control or direct their work ...

Do I need a lawyer to incorporate my business?

What to Ask: Incorporation and Hiring an Attorney | Patrick M. Jones, Esq. ... and rely on them as your "general outside counsel," going to them when you have legal and non-legal questions. A lawyer or law firm experienced in dealing with start-ups …

What questions should I Ask my Lawyer when meeting with him?

Jul 31, 2019 · The first question you should ask after deciding to incorporate, is whether you need a federal or provincial corporation. One of the most frequent mistakes we see being made by business owners that incorporate online is incorporating the …

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 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...•Jan 29, 2017

What are 3 questions you should ask a lawyer before hiring?

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...•Apr 13, 2018

What are two questions one should ask of their attorney?

Its especially important to work with a lawyer you are comfortable with and can trust....1) What's Your Experience With Matters Like This?What Communication Will You Have With Me? ... What Will I Be Required To Do? ... What Is This Going To Cost Me? ... How Long Will It Take To Resolve The Matter?Dec 18, 2019

How do I prepare for an attorney interview?

If you are interviewing virtually, all of these tips apply.Do your research. Lawyers are known for being good researchers. ... Be presentable and dress your best. ... Come prepared to ask questions. ... Be personable and show enthusiasm. ... Be genuine. ... Promptly send a thank-you note.Oct 28, 2020

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...•Feb 6, 2020

What do most lawyers charge for a contingency fee?

Typically the contingency rate free ranges from 33%-45% of the recovery. A contingency fee agreement is a payment arrangement that enables injured victims pursuing legal recourse to have legal representation, even if they do not have the financial ability to pay a lawyer out of pocket.Aug 3, 2021

How do you answer a lawyer question?

Listen carefully to the questions you are asked. If you don't understand the question, have it repeated, then give a thoughtful, considered answer. DO NOT GIVE AN ANSWER WITHOUT THINKING. While answers should not be rushed, neither should there be any unnaturally long delay to a simple question if you know the answer.Apr 22, 2015

How do I ask my lawyer for an update?

AnswerRaise the issue early on. Establish, in advance, a clear understanding about case updates. ... Be reasonable. A defendant who phones his or her attorney with a request for information can indicate a willingness to speak with the lawyer's associate, secretary, or paralegal.

What do you expect from a lawyer?

Lawyer communication, competency, ethics, and fees are important aspects of the attorney-client relationship. As a summary, you can expect your lawyer to do the following: Give you advice about your legal situation. Stay in contact and keep you informed about your case.Jan 4, 2022

How can you find a good lawyer?

There are many ways to find a reliable lawyer. One of the best is a recommendation from a trusted friend, relative, or business associate. Be aware, however, that each legal case is different and that a lawyer who is right for someone else may not suit you or your legal problem.Sep 9, 2019

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

Why is it important to meet with a small business attorney?

Meeting with a small business attorney is an important way to get your business off to a good start and minimize future risks. Here are questions to ask at your first meeting. New entrepreneurs have their hands full, making plans, developing products and services, and lining up financing.

What does a business lawyer do?

A business lawyer can explain how to start a business and answer your business law questions. But more importantly, a lawyer can identify the risks you face and help you minimize them. When you meet with your lawyer for the first time, it’s a good idea to have some questions in mind.

How to start a business off on the right foot?

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. Make it a habit to seek business legal advice regularly ...

What to do before starting a small business?

Before starting a small business, you must decide how your business will be structured. If you do not form a formal business entity, your business will either be a sole proprietorship (with one owner) or a general partnership (with more than one owner). Legally, you and your business will be the same “person,” so if your business has debts ...

How does a contract protect a business?

Contracts protect your business by describing the rights and responsibilities of the parties to the agreement. A well-written contract can reduce the number of disputes that arise, ensure that you get paid for the work you do, and provide a clear remedy if one party doesn’t hold up its end of the deal.

Can you use a name that another business is already using?

Every state has rules about the names that new business entities can use, and in general, you can’t choose a name that another business is already using. Also, it’s risky to choose a name that might infringe on another business’s registered trademark.

Do businesses have copyrights?

Businesses also may have copyrights in any original works of authorship, including such things as photographs, brochures, and websites. Copyright protection is particularly important if you are in a creative field. And if you have an invention, you may need to apply for a patent.

Why is incorporation important?

Incorporation can also provide credibility for your business, making it appear like a larger organization. Whether you plan to sell or transfer the business in the future - Being incorporated provides more options when selling or transferring the business.

How many classes of shares are there at the time of incorporation?

Often times there are 15-20 different classes of shares authorized at the time of incorporation. This is done to ensure that the business owners have flexibility to issue different classes of shares at the time of incorporation, which can be beneficial for tax purposes.

What is holding corporation?

A holding corporation is a legal entity that does not carry on active business operations, and therefore does not need to worry about their brand. In most cases they simply hold shares of another corporation (sometimes used for tax and asset protection purposes) or other assets.

What are the roles of officers in a corporation?

Officers. Officers typically include a President, Secretary and Treasurer, but can also include positions such as CEO, Vice President, etc. Like directors, officers can be liable for certain acts and omissions of the corporation. It's important that the right persons be appointed to fill the various roles.

Does incorporation protect the business?

Whether the business will have employees - If you have or plan to have employees, incorporation can provide significant protection for the business owners. The amount of income expected to be generated - The greater the value of the business (current or expected), the more important it will be to incorporate.

Can you incorporate a numbered corporation?

Although named corporations are the most common choice, it is also possible to incorporate something called a numbered corporation. This means that you do not choose a name for your corporation, but instead, use a name that is automatically generated for you.

Is it important to incorporate a business with one owner?

Whether you'll be in business alone or with others - Although there are many benefits to incorporating a business with one owner, it becomes even more important if there are multiple owners. The degree of risk associated with business operations - The riskier your business, the more important it will be to incorporate.

How to feel comfortable with an attorney?

You should feel comfortable from the beginning of your attorney-client relationship that you will be able to have regular communications with your counsel. Make sure that you exchange contact information and agree on the ways that you will stay in touch.

What is the importance of having a lawyer?

Getting a lawyer with the right legal background is essential, but it is also important to know whether your attorney has experience with the judges who will likely preside over your case. If yours is a criminal matter, it is important to know if your lawyer knows the local prosecutors. This courtroom experience can greatly enhance your lawyer’s ability to evaluate the likely outcomes in your case and give you advice that you can rely on.

How can a lawyer save you money?

Your lawyer can often save you money by delegating routine tasks to firm employees who charge a lower hourly rate. However, your lawyer should be involved in all key aspects and decisions of your case, or should explain to you why a colleague can handle some important part of the matter just as well.

Why is it important to choose the right lawyer?

Choosing the right lawyer is a very important decision—whether you were in a car accident, have a medical malpractice claim, or find yourself the target of a criminal investigation. Referrals from friends or co-workers can be great, but you need to do your homework to make sure you have the right attorney for the job.

What should a lawyer review with their clients before trial?

Every lawyer should review with their clients the possibility of a negotiated resolution prior to trial. In criminal matters, for example, you may be able to get a good plea bargain. In civil cases, your lawyer might propose mediation, a settlement negotiation process involving a neutral third-party.

How to discuss case strategy?

In discussing case strategy, your lawyer should give you an estimate of how much time it will take to get to a resolution. Keep in mind that your lawyer does not control the pace of the process and cannot make any promises about when it will be over.

What is a conflict in a lawyer?

If the lawyer’s representation of prior or existing clients would limit the attorney’s ability to represent you, there is likely a conflict. For example, if you want to sue a hospital that the potential lawyer regularly represents, there would be a conflict. A conflict might also arise if the attorney you are interviewing has already been hired by ...

What is the purpose of understanding the right entity for a small business?

Determining and understanding the right entity for your small business, enables you to establish long-term accounting goals.

Is it legal to incorporate a small business?

This doesn’t need to be a daunting task. However, failing to incorporate properly or incorporate at all carries substantial risk. Without it, you have no legal protection, and no legitimate claim to your name or credibility.

Do you have to be aware of the laws of each state you incorporate in?

Since each state makes its own laws, you’ll want to be aware of the laws and tax implications both in the state you incorporate in, and the states in which you’re doing business.

How to start an S corp?

The very first thing you should do before starting an S Corp is to determine whether or not your company will meet the legal standards required by the Internal Revenue Service (IRS). To operate your business as an S Corp, you must initially file your company as a regular corporation (C Corp) in your selected state of incorporation. To be eligible for S Corp status, the IRS requires that your C Corp meet certain specific criteria (S Corp Requirements), including, but not limited to, the following: 1 The company must be a domestic C Corp. 2 The company's shareholders (sometimes called stockholders in certain jurisdictions) must be individuals or certain allowable trusts and estates. 3 No shareholder can be classified as a partnership, corporation, or non-resident alien. 4 The company cannot have more than 100 shareholders. 5 The company can have only one class of stock. 6 The company cannot be an ineligible corporation (for example, certain financial institutions, insurance companies, and domestic international sales corporations are disqualified).

How to treat a C corp as an S corp?

To have the IRS treat your C Corp as an S Corp for tax purposes, you will need to make a Form 2553 tax election (Form 2553) when filing the company's federal tax returns. Your accountant or tax attorney can assist you with this process. Note that Form 2553 must be signed by all of the company's shareholders.

How many shareholders can a C corp have?

No shareholder can be classified as a partnership, corporation, or non-resident alien. The company cannot have more than 100 shareholders.

Can a C corp be an S corp?

To operate your business as an S Corp, you must initially file your company as a regular corporation (C Corp) in your selected state of incorporation. To be eligible for S Corp status, the IRS requires that your C Corp meet certain specific criteria (S Corp Requirements), including, but not limited to, the following: ...

Does the IRS tax a corporation?

The IRS treats a corporation as a person for federal tax purposes, which results in double taxation for its shareholders. In other words, the IRS will first tax the corporation as an entity, which reduces the remaining funds available (if any) for dividends to its shareholders.

Does an S corp have to be taxed at the entity level?

In contrast, an S Corp benefits from pass-through taxation from the IRS, meaning that it will not be taxed at all at the entity level.