Before proceeding with what to ask a lawyer when starting a Business, it is important to know – why do you need a lawyer for a start-up? New entrepreneurs are full of passion and have a lot of stuff on their plate. Whether it is planning for the services or developing the products, they’ve got a lot to do before launching their Start-Up.
Meeting with a business Attorney can be the smartest choice you will ever make. A business lawyer can help you solve your business queries by answering all your business related questions. Moreover, they can identify the loopholes in your business plan that would not be so productive. Therefore, it is always good to rectify the errors with the help of an expert attorney.
When meeting with your attorney for the first time, you may not even know what to ask. It is always essential to have questions in mind before starting a new business. Here are some of the important questions you may ask your lawyer.
1. What business structure should I go with?
This is one of the most important questions to ask startup lawyer. Your business structure plays an essential role in laying a firm foundation for your startup. You need to know if you are going with the sole proprietorship or a general partnership. In general partnership, you have more than one owner of your business.
In legalities, you and your business are considered as one entity. Speaking of which, if your business is sued or in debt, you are personally liable for them. In order to overcome or limit these liabilities, your attorney may advise you to form a corporation, limited liability organization or a partnership with limited liability.
This could be the wisest move you would ever make. It limits your obligations and risk involvement. Just in case your business couldn’t match the financial meets, your personal assets wouldn’t be harmed. In case of a loss, you would be obligated to only a limited amount you could have invested in the company.
2. What should I know before naming my business?
You probably, have if not all, at least some sort of idea about what to name your business. Now, before you start signing orders, business cards and what not, in the name of your business – a little heads up for you. Every state has its laws for naming businesses, especially the startups. In general, you simply can’t go with the name that is already in use by any other corporation.
If you would go with the same name, it could be a direct violation of the registered trademark rights. Look for a unique name that no organization has used before under the registration of the trademark. Also, you need to look closely, whether or not the name meets all the legal criteria.
3. What should I look for in my Operating Agreement?
Bylaws and LLC operating agreements have strict and crucial guidelines for operating a business. Documents under these agreements disclose how to make decisions, shareholder agreement, LLC ownership, and how to issue shares of stock. This is one of the most important points that you could choose for a lawyer when starting a business. Your legal attorney will guide you about bylaws and the requirements to meet your legalities in business.
4. How to minimize my risks being an employer?
A number of federal and other laws that fall under state employment segment, may apply to your business. This may involve; fines, litigation related to employment, and penalties. In order to stay in compliance with these laws, you must be aware of these laws. Your attorney may let you know about the anti-discrimination, wage and hour laws and all the policies that fall under the same procedure. You may also want to know about immigration issues that you may face, if not followed certain guidelines. This is also one of the important questions you may ask your legal attorney.
5. How to protect my intellectual property?
All businesses and properties are protected by trademarks and rules that fall under the same segment. Trademarks are important for your business, for they distinguish you from the other businesses. This could be one of the important questions to ask an attorney before starting a business. You may also want to know about the copyrights for the websites you have or certain artwork that you do not want others to copy. You could also go for a patent. Therefore, you may want to consult with a patent lawyer.
A firm legal representation is an important and integral element to lay a rock-solid foundation for your start-up. It not only helps your start-up to kick-start with confidence but also to grow and thrive. If all the legalities mentioned in the blog, are taken care of – you will be saved from unproductive liabilities in your business.
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