questions to ask yout tax attorney when starting a business

In addition to business-specific questions, you’ll also need to ask your lawyer questions relating to how he or she bills, their experience level, and so on. Questions along this path could include: How much do you charge, and how do I pay for your services?

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What questions to ask a business lawyer before starting a business?

Jan 23, 2020 · Even if your business did not make any profit during the year, you are required by law to file a return. If you have made a loss during the year, it is even in your interest to file for this. By submitting your loss, you may be able to take advantage of credits from the business that applies to your personal taxes. 13.

What should I look for when hiring a tax attorney?

Jun 19, 2018 · Questions to Ask an Attorney Before Starting a Business Structuring Your Business. There are several different business structures that you can choose when you’re forming your company, including LLCs, S corporations, C corporations, partnerships and sole-proprietorships.So speak with an attorney who can explain each option for you and then listen …

What questions should I Ask my Lawyer when meeting with him?

Feb 12, 2013 · Ask if there are ways to cut down on costs, says Fred Steingold, an Ann Arbor, Mich., attorney and author of Legal Guide for Starting & Running a Small Business (Nolo, 2011). For example, you ...

How can a small business attorney help you start your business?

What questions should I ask my tax attorney?

Questions to Ask Your Tax AttorneyWhat types of tax law do you specialize in? ... How long have you been in practice? ... Are you admitted to the state bar? ... Can you help me with my tax case? ... How do you charge or bill for services? ... How will you keep me informed about my case?Aug 15, 2018

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

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

What questions should I ask a corporate lawyer?

General QuestionsHow long have you been practicing law?What do you specialize in?What are your main roles and duties? What goes beyond that scope?How do you bill?What companies do you generally work with? ... Are you experienced with startups?Are you familiar with the laws of incorporation in my specific state?

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

How do you interview a corporate lawyer?

Corporate Lawyer Interview Questions:How would you describe a complex legal procedure to a client? ... What information do you evaluate before the company enters a business partnership with new vendors? ... How do you manage confidential information? ... What are the legal risks of a merger?More items...

What are the three big strategic questions?

He taught that the three most important strategic questions each company must answer are:What is our business? (Mission)What will our business be? (The changing environment that we are certain about)What should our business be? (Vision)Apr 11, 2017

What are four things you must do before starting a business?

10 Things You Must Do Before Starting a BusinessWrite a business plan. ... Choose a legal structure. ... Get your business registration, licenses, and tax identification. ... Know your competition and marketplace. ... Finance your business. ... Identify and secure a location. ... Get proper insurance. ... Obtain legal counsel.More items...•Aug 27, 2013

What are the 4 basic business questions?

The 4 Questions You Need to Ask When Starting a BusinessWhy are you deciding to start the business? This is the most important question to answer before you do anything else. ... What capital do you have access to? ... What do you know how to do? ... If this failed, would you regret it?Dec 10, 2015

How do you answer a law firm interview question?

Below are some common legal interview questions—plus suggestions on how to approach them.Tell me a little about yourself. ... What attracted you to our firm/organization? ... Can you describe a challenge or conflict you have faced at work and how you overcame it? ... What is your biggest weakness? ... Do you have any questions for us?Mar 20, 2021

Why do you want to be a corporate lawyer interview?

If you want to make big money, corporate law is for you. The lawyers get paid handsomely depending on the experience and knowledge they carry. The more time you spend on the field, the more your value grows in the market. Since there is demand, you can negotiate your way to a very rewarding position.Jun 16, 2020

How Should I Structure My Business?

This seems like a basic question, but it’s actually one of the most important things you can ask when you sit down with a business attorney.

How Do I Protect My Personal Assets?

Regardless of the specific structure you choose for your business, you want to structure your business to protect your non-business assets.

How Do I Minimize My Risk?

Regardless of the type of business you own, there is a huge range of state and federal regulations that apply to you.

What Should Be in My Bylaws?

Part of this process of minimizing risk and protecting your assets involves writing your bylaws properly.

How Can I Protect My Intellectual Property?

All businesses, yours included, need certain trademarks to identify themselves from other businesses.

What Contracts Does My Business Need?

Contracts are one of the most basic things you deal with on a day-to-day basis in your business. But they’re central to successfully running a business, as they spell out your responsibilities and obligations in any agreement.

More Questions to Ask an Attorney

Now that you know what questions to ask an attorney, you need to find an attorney to answer them for you.

Why is it important to have an immigration lawyer?

Immigration laws are also important to comply with, especially if you have employees who are not citizens . An experienced lawyer can help put you on the right track by educating you on the laws associated with your business. This is definitely one of the very important questions to ask a lawyer when starting a business.

What is an LLC bylaw?

LLC operating agreements and corporate bylaws are crucial. They provide guidelines that make operating your business more efficient and legit. The documents explain all about shareholder meetings, LLC ownership changes, how shares of stock are issued, and how all major decisions will be made.

Why is contract important?

Contracts are important to businesses of all sizes and types, and checking them out with the right lawyer can make all the difference when it comes to the success of your business. This is definitely one of the very important questions to ask a lawyer when starting a business. 4.

Is a sole proprietorship the same as a corporation?

In most cases, as a sole proprietor, you and your business are the same person . This means its debts are your debts, and you are legally liable for them. If you choose to limit this liability, you can choose to be set up as a corporation, limited liability partnership, limited partnership, or a limited liability company.

What are trademarks?

Items such as your business name, labels, slogans, logos, and even packaging are all considered the trademarks of your company, and you can’t just assume that no one will steal them.

Do lawyers save money?

The fact is, most lawyers try to help you save on the fees you’re paying them. Ask your lawyer specifically if there are ways to save money on the legal services he or she provides. If the lawyer is adamantly against offering this option, it could be a red flag.

How to create a business name?

The name itself suggests that the owners have limited liability concerning the business’ financial obligations. The owner could be one or more, but unlike in sole proprietorship and partnership, their interest is protected. 1 Decide on an available name for your business that is according to the rules of your state. 2 Organize and file the paperwork needed that is referred to as the articles of organization that may cost about $100 to $800 depending on the state. 3 Make sure that the rights and obligations of each member of the LCC are clearly stated in the operating agreement. 4 Some states require publishing a notice of intent to form a business structure called LLC. 5 Get the necessary permits and licenses required for the formation of your business.

What is the number one candidate for entrepreneurs who are more comfortable with working alone?

The sole proprietorship is the number one candidate for entrepreneurs who are more comfortable with working alone. From the phrase itself, it is easy to derive that the owner of the business is just one person who is most likely to be the manager as well.

Why is it important to keep proprietary information?

Keeping the proprietary information within the bounds of your business is important to make sure that business’ interest is protected. This applies not only to the employees but to all people who have significant involvement with the business like the individual contractors.

Why is information technology important?

The advent of information technology makes it easier for us to access information that we need. The internet is teeming with drafts of different contracts for small businesses. Even the processes that you need to follow in trade name and trademark registration is just as click away.

What does a tax attorney do?

They may negotiate your tax debt or other issues with a government agency, find ways of settling your tax debt, advise you about how best to respond to an investigation, defend you in court, and more. They also handle communications with the government for you.

What is tax lawyer?

The other type of tax lawyer defends individuals and businesses against audits, investigations, or legal actions by the IRS or state tax agencies. This is the kind of lawyer you hire when you have tax debt problems. They may negotiate your tax debt or other issues with a government agency, find ways of settling your tax debt, ...

What is retainer fee?

Some charge an hourly rate; some charge a flat fee, and some ask for a retainer, which means you pay into a special account that the lawyer draws money out of as charges are incurred. Be sure also to ask whether there are separate charges for things like copies or an administrator's time.

What is proper planning and organization?

This means implementing processes to organize your taxes that are repeatable throughout the year. This also means performing these processes consistently.

Is gym membership tax deductible?

One of the common questions among small business owners is, “is gym membership tax-deductible?”. No, personal gym memberships are not tax-deductible. These qualify as a personal expense and, as we discussed above, should ideally be paid from your personal account and not from your business account.

What are the legal ramifications of starting a business?

There are several legal ramifications of starting a business. It can lead to issues related to liability, copyright, employee rights and everything in between. So one of the first steps you should take as you work to get your business off the ground is speak with an experienced business attorney.

What happens if a business has an outside investor?

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.

Who is Ben De Leon?

Ben De Leon is the President of De Leon Washburn & Ward, P.C., where he has served as general counsel to some of the fastest growing companies in Texas. As an experienced business lawyer, he recently spoke with Small Business Trends about some of the most important legal issues that new entrepreneurs should discuss when getting started.

What is a corporate shield?

Only by establishing a corporate entity and following the necessary corporate laws and regulations do small business owners enjoy what’s commonly known as a “corporate shield” that protects their personal assets and ensures only their business assets are at play.”.

Do you need a lawyer for a business?

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.