In the first part of this series, we gave a few ideas of questions to ask a lawyer about your new business formation. These questions included what you should name your business and what business structure you should choose. To see these questions and more, check the blog out here.
Of course, those aren’t the only questions you should be asking. Starting a new business is quite the venture. It can be an exciting time as well as a stressful one. Being prepared and knowing a course of action is one of the best ways to minimize stress and ensure you are setting up your business the right way. There are many financial and legal matters to consider when beginning a business.
Here are a few more questions you should ask your lawyer about starting up your new business:
1: What should I put in my operating agreement or bylaws?
Corporate bylaws and LLC operating agreements are essential guidelines that you will need as you operate your business. These documents will explain how decisions in your business will be made, how shareholder meetings will be held, and how to deal with ownership changes, as well as many other questions and considerations. A lawyer will be able to help you prepare these operating agreements in a way that will meet the needs of your specific business.
2: How can I ensure my intellectual property is protected?
Most small businesses will have the potential for trademarks that they use to distinguish their business and identify it. These include the business name, logos, labels, slogans, and more. While all of these things can be trademarks, you will need to take the necessary steps to protect them. You might also need to register each trademark with the patent office.
Other business might have copyright of original works. This includes things such as photos, websites, and pamphlets. If you work in a creative industry, copyright protections will be something important to think about.
A lawyer can help you with all of these matters and advise you on how to protect your intellectual property.
3: What contracts will my business need?
Contracts will protect your business. They can describe the rights and responsibilities of the parties involved in the agreement. A contract can reduce the amount of disputes and ensure you get paid for what you do.
Depending on the specific business, the type and number of contracts will vary. By consulting with a lawyer, you can have an idea of what to expect with contracts and your business in the future. Also, you should have a lawyer draft or review your large contracts as well as routine ones.
For legal help beginning your business and getting started with knowledge and assurance give us a call today at 808-465-2500 for a free consultation.