questions to ask attorney when starting a business
by Ms. Julie Schumm DDS
Published 3 years ago
Updated 2 years ago
5 min read
7 Questions to Ask Your Attorney Before Starting a Business
What Business Structure Should I Choose? Before starting a small business, you must decide how your business will be structured. ...
What Do I Need to Know About Choosing a Name for my Business? You probably already have ideas about the name you’d like for your new business. ...
How Do I Minimize My Risks as an Employer? A variety of federal and state employment laws may apply to your business. ...
What Should Be In My Operating Agreement or Bylaws? Corporate bylaws and LLC operating agreements provide important guidelines for operating your business. ...
How Can I Protect My Intellectual Property? All small businesses potentially have trademarks that they use to identify the business and distinguish it from others. ...
What Contracts Does My Business Need? Contracts protect your business by describing the rights and responsibilities of the parties to the agreement. ...
What are good questions to ask when starting a business?
9 Questions Smart Entrepreneurs Answer Before Starting a BusinessWho are My Primary Competitors in the Industry? ... How Is the Market Responding to This Industry? ... How Is My Solution Different From My Competitors? ... Who Is My Ideal Customer? ... How Will I Market My Business? ... Will My Business Have a Soft or Hard Launch?More items...•May 27, 2019
Should you consult a lawyer when starting a business?
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.Nov 9, 2020
What questions should I ask a startup lawyer?
7 questions to ask your startup lawyerDo You Work With Companies Comparable to Mine? ... How Do You Bill? ... Will I Be Comfortable Working With You? ... What Is Your Focus? ... What Is Your Past Experience? ... Are You the Best in the City? ... What Is Your Age and Experience With Technology?Aug 3, 2013
How much does it cost to hire a lawyer for a startup?
What's the typical hourly cost? The lawyers most start-ups will deal with are likely in the $350-$800 an hour range, but this varies from firm to firm, obviously. Most big firms bill in increments of six minutes (i.e., 0.1 of an hour), but some charge in 0.25 hour increments. The range for hourly rates is huge.
How do you interview a business lawyer?
Here are some questions to consider before hiring an attorney.1.) What do they charge? ... 2.) Do they require a retainer? ... 3.) What type of clients do they usually work with? ... 4.) Can you vet them for free? ... 5.) What are their specialties? ... 6.) Who will work on your case? ... 7.) Will they go to trial? ... 8.) Are they local?Aug 11, 2021
Is LegalZoom legit?
LegalZoom doesn't just offer LLC services, it's a full-service legal platform designed to help individuals, families and businesses with all sorts of legal needs. LegalZoom is one of the most trusted online legal services due in part to its longevity—it's one of the oldest legal help platforms online.Oct 28, 2021
What makes a good startup lawyer?
A firm with a strong VC practice has deep relationships with investors that can be helpful to startup founders as they fundraise, and your lawyer should be willing to introduce your company to investors when the time is right. Investors may include individuals (angels), VC firms, and corporate/strategic partners.
How can lawyers help startups?
Legal help for Startups in their business formation and to cover statutory legal compliances results in laying a solid base and hassle-free operations which provides entrepreneurs/ founders/ promoters to focus on the more vital needs such as hiring, funding and finance and other processes to enable growth.
Is LegalShield a good deal?
If you want the security of knowing that you can quickly get a response from a lawyer if you ever need it, LegalShield is a good choice. For a reasonable monthly fee, you can access a lawyer at a leading law firm and get targeted help on specific problem areas for small businesses, such as debt collection.Sep 17, 2020
Structuring Your Business
Protecting Your Personal Assets
Choosing A Name
Another part of getting your business officially up and running is choosing a name. Each state has its own processes for officially selecting a name. And you also need to be sure that you’re not infringing on any existing copyrights or trademarks with your name choice. So a business attorney can help you make sure your name of choice is available and walk you through the necessary pa…
If your business has any outside investors, it could impact the type of corporate entity you’re able to establish for your business. Specifically, you need to be sure that the structure provides a corporate shield for your investors as well as yourself.
If your business has multiple partners or owners, you also need to have clear agreements about what is expected of each person and what the responsibilities are in terms of purchasing property or equipment. It’s best to have contracts or signed agreements in place when you’re just getting started so that all parties involved understand what is expected of them and what they ar…
Then you also need to create some bylaws for your company as a whole. These should outline all of the rules that owners and management should follow over the course of running the business. De Leon says, “Owners must understand that establishing a corporate entity and securing an EIN number is but the first step; internal governing documents (e.g., Company Agreements/Bylaws/A…
The federal government and each individual state have requirements for record keeping, safety practices and a number of other business related processes. So your business needs to know exactly what is required in order to comply with all of those rules and regulations. Your lawyer can walk you through some of those issues and make sure you know exactly what records must be …
Insurance can help you avoid costly issues down the road. Speak to your legal representative to discuss what types of coverage you might need or at least benefit from, including coverage for workplace injuries, data breaches, or non-injury claims made by employees or customers.
Once your business starts working with vendors, suppliers, clients, or any other third parties, you’ll need written agreements in place to ensure that all parties involved know what to expect. A lawyer can help you draft specifics or at least walk you through the creation of some templates that you can use in common situations.
Your legal representation probably isn’t going to do your taxes for you or manage your books. But there are some tax ramifications of choosing different corporate entities or making some of the other decisions listed above. So it is important that you also have a good CPA in your corner, and your lawyer might be able to refer you to one so they can work in tandem on some of those impo…