Before you start your own business, it can be critical to get your ducks in a row, so to speak. While entrepreneurs set out to navigate the exciting start of a new venture, guidance is key. Meet with a business lawyer and discuss your business details. You may feel overwhelmed with trying to secure financing, developing marketing plans, and so much more. Meeting with a business lawyer may feel like just one more thing to put on your ever-growing to-do list. It can, however, bring you a lot of peace of mind as well as help you focus on best managing your time as you move forward in developing your business. Before you meet with an attorney, however, it can be a good idea to have some questions prepared in order to help ensure you are getting the most from the meeting and are getting the best information you need to help start your business off on the right foot.
What Questions Should I Ask a Lawyer When Starting a Business?
To start the meeting, it can be a good idea to begin at the very beginning. This means asking questions about business formation. For instance, what business structure is best suited for you and your business? This can be one of the most important questions to ask. How you structure your business will have important implications for things like tax consequences as well as liability exposure. Your business’s structure will also have a significant impact on how it is owned and managed.
You may also want to consider asking your attorney about what you need to be aware of in selecting your business’s name. While you may have come up with one or a few business name ideas, there can be legal consequences for names and you should look into those before you order your business cards. There are state-specific rules about business names that are available for use. Additionally, you cannot use a name that is already in use by another business and it can be risky to choose a name that may infringe on the registered trademark of another business.
Now that you are going to be a business owner, you may go on to have employees. As an employer, it is important to know your risks and potential liability exposure. Ask your attorney for at least the basics of the federal and state employment laws that may be applicable to your business. Should you fail to comply with such laws, you risk fines and penalties as well as exposure to extensive and expensive employment litigation.
At your meeting with your business law attorney, you should also discuss the foundational documents of your business. For instance, do you know what should be included in your operating agreement? What about your bylaws? These outline important guidelines in how your business will operate.
If you are concerned about how best to protect intellectual property in your business, a business law attorney can also consult on such. Do you have potential trademarks that you use to distinguish your business from others? A name? Logo? Slogan? Talk to your attorney about possibly registering a trademark with the U.S. Patent and Trademark Office.
Business Law Attorney
At The Kumar Law Firm, we want to help set you and your business up for success. For all of your business law questions, we are here to provide answers you can count on. Contact us today.