Questions to Ask a Lawyer Before Starting Your Business (Part 1)
When starting a new business, everything you have on your to-do list can definitely be overwhelming. There are so many plans to make and steps to take to get the business off the ground and up and running. There are many financial questions as well as legal matters related to these financial questions to keep in mind. Meeting with an attorney before hard is a smart move to make. This way, you will know you are doing things the right way from the start. You will have a head start on the financial aspects of your business and have help with setting up taxes, etc.
A good lawyer can answer your business law questions and help you identify potential risks and how to minimize them. When you’re meeting with your lawyer the first time one of the best things you can do is have some question in mind beforehand, so you are coming into the meeting prepared.
Here are some questions to get you started:
1. What business structure would work best? When you are setting up your business, you need to figure out how it will be structured. If you decide not to form a formal business entity, your business will need to be set up as a sole proprietorship or a general partnership. When it comes to legal matters, you and your business are considered one and the same, so you could become liable for business debts or if your business is sued.
A way to limit this liability is to set up a corporation, limited liability company, or limited liability partnership. These entities protect you so that your personal assets are not at stake if something happens with the company.
A lawyer can talk to you about these different business structures and which might work best for you.
2. What should I know about picking the name for my business? You might already have some ideas about the name you want your new business to have. But, it’s important to think about legal matters before you pick for sure and start order business cards.
Each state has rules about the names a business can use. And, normally, you aren’t able to choose a name that another company already uses. You might also want to considered a trademark for your business name. And, if you want to do that, you will want to decide on a name that meets the criteria for a trademark protection.
3. How do I minimize risks to me as an employer? It is important to know the federal and state employment laws that will apply to your business. These laws can be varied and related to things such as discrimination, health regulations, and safety. A lawyer can talk to you about the laws and how to minimize your risks.
You want to make sure that you are taking the correct legal protections when starting a new business. For help, turn to a lawyer you can trust at DeVries & Associates. We want to help you get started on the right foot. Give us a call at 808-465-2500.