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Published On: Sat, Jan 13th, 2018

Important questions to ask your attorney before setting up a business

The novice entrepreneurs always have their hands full with tasks like developing services and products, making plans and lining up funds for starting their business. But something that they forget is to meet with a small business attorney who can give you advice on the smartest moves that you can take regarding your business. It is definitely a business lawyer who can explain how you can start a business and answer all the legal questions.

More importantly, a business lawyer will predict and foresee the risks that you may face while starting your business and the ways in which you can reduce them.

Photo/Nodar Kherkheulidze via wikimedia commons

Here are few vital questions you should ask your business lawyer.

 

  • What sort of business structure should be apt for me?

 

Before you start off with a small business, the very first question that needs to be answered is the kind of legal entity you want to give your business. In case you don’t form an entity that’s formal, your business will either be a general partnership or a sole proprietorship. As per law, you and your business will be the same identity and when your business will incur debts, you can even be sued personally for the debts. If you wish to reduce this risk, you can form an LLC or an LLP or a corporation.

 

  • What should I know before selecting my business’ name?

 

You will already have ideas regarding the name that you would like to give to your business. But before you begin ordering business cards and signs, you have to be aware of the legal issues. Majority of the states have some kind of rules and laws regarding the name that you choose for your business. Select a name which abides by the criteria of trademark protection if you wish to trademark a business name.

 

  • How can I reduce or diminish the risks of being an employer?

 

There can be a variety of state and federal employment laws which can apply to your business and you risk penalties, fines or litigation related to employment. Government laws may range from health and safety regulations to hour and wage laws. You have to comply with the laws of the state with regards to the minimum wage that you offer to the employees.

 

  • What sorts of contracts with the business require?

 

Contracts usually safeguard your business by defining the responsibilities and right of the parties to agreement. The better a contract is written, the more it can reduce the total number of disputes that may come up and make sure you get paid for the task you do. Your business can require contracts for regular transactions to safeguard confidential and secret details or for leases and other bigger transactions.

Therefore, if you’re wondering about the different ways in which you can start a business, you can take a quick glance at the Incfile reviews as they offer you the easiest way of filling out a form and starting your business. Hire a business lawyer at the same time for clearing the aforementioned doubts.

Author: Pankaj Deb

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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