Starting a new business can be exciting and nerveracking at the same time. Meeting with a small business lawyer in preparation is the best way to ensure the protection and success of your business. A business lawyer will be able to lay the groundwork for your new business and answer any questions you may have – including any risks you might encounter on the way and how to handle them. If you’re unsure of where to start or what questions to ask, start with these four.
1. What is the best business structure for me?
The only way to know which business structure is best suited for your business is to know the difference between each. The four main types of business structures are sole proprietorship, partnership, corporation and non-profit organization. Each has their own pros, cons, benefits and regulations. The best way to know which one to choose is to speak with a lawyer in detail about each and determine which would be the best fit for your specific business.
2. How can I limit my personal liability and protect my assets?
Knowing the risks, penalties and business laws is the best way to minimize any risk of failure. Talk to your business attorney about state, federal and human resource laws you will have to follow. These include minimum wage, anti-discrimination, health, safety laws and more. In order to protect your business and ideas from being stolen, you can register your business name, logos, slogan and anything else that can be trademarked with the U.S. Patent and Trademark Office. Copyright protection might also be necessary, depending on your type of business.
3. What contracts does my business need?
The purpose of various contracts are to protect your business, outline agreements with the parties involved and provide guidelines for disagreements and other problems that may arise. A business attorney can help in deciding necessary contracts for your business and assist in drafting or reviewing them for use. Contracts you may want your business to draft and have on hand include employment offer letters, confidentiality agreements, service contracts and lease agreements.
4. What are other possible risks I should be aware of and prepared for?
Regardless of business type or structure, every business faces its own risks. Speaking to a lawyer will help you better understand and prepare for the types of risks your business could face. A small business lawyer can also make sure you are doing everything you can to ensure your business will succeed. This includes making sure you’re fully covered by insurance, following compliance practices and being aware of the tax ramifications for your specific business.
As your business grows and ages, you will want to continue to speak with a business lawyer to ensure you’re staying as informed and prepared as you can. If you’re in need of a business lawyer, contact us at Dan Burke Attorney at Law. Give us a call today with any questions you may have about our services or to schedule a meeting with one of our attorneys.