Questions to ask an attorney before starting a business
With so many things to think about when starting a business, it’s important to remember one of the most important steps: consulting with an attorney. While having an attorney on retainer may not be needed, getting guidance from a business law attorney before moving forward is crucial. Here are four key questions to ask when meeting with an attorney for the first time about starting a business.
What type of business structure do you recommend for my business, and why?
The form of business structure that you choose for your business will depend on many factors, such as how complex the operations are and how many people are involved in the business.
When setting up your business, you must decide which type of entity is right for you. Various types of entities are available—from LLCs and corporations to partnerships and sole proprietorships. Consulting with a business law attorney can help you better understand the various options available. Allowing you to make an informed decision about what type of entity is best suited for your needs. Thoroughly evaluating your new venture’s legal aspects and tax implications will help ensure you make an informed decision.
What Are My Personal Liability Risks?
As a business owner, having a thorough understanding of potential liability risks is essential to ensure you’re equipped with the necessary safeguards should any issues arise. It’s important to understand exactly what liability risks come with owning a business so that you’re prepared should anything happen. An experienced business lawyer can provide valuable insight into how best to protect yourself from personal liability risks associated with running a business.
How do I minimize my risks as an employer?
Every state has its own business laws and regulations, and it’s important to ensure you’re aware of them before getting started.. An attorney at a business law firm can help guide you through these laws and regulations to ensure you operate legally and comply with all the applicable regulations.
As an employer, various federal and state employment laws may apply to your business. From anti-discrimination laws through health & safety regulations down to wage & hour rules. There is a broad spectrum of federal statutes you’ll need a comprehensive understanding of to stay compliant with current regulatory requirements. Understanding your legal obligations and taking proactive steps to minimize the risk of fines, penalties, or employment-related litigation is crucial.
A knowledgeable employment attorney can ensure this compliance level has been achieved properly. Implementing policies and procedures, handbooks, and regular training can be key elements for success.
Do I Need Any Specific Documents?
In addition to deciding on the type of entity, other documents may be necessary for your business. You may need contracts, operating agreements, non-disclosure agreements (NDAs), etc. But creating these contracts requires specialized knowledge. Working with an attorney experienced in contract law ensures that all necessary agreements are properly established to protect yourself and your venture for many years ahead. Our experienced team is ready to get started! Let RMP Law handle the complexity of contract review, drafting, and negotiation – allowing you to focus on your big-picture goals.
Before starting your business, consulting with an experienced business law attorney is one of the smartest investments you can make. And asking the right questions can ensure that both parties get the most out of their initial meeting. Knowing which type of entity works best for your needs. Understanding which documents are necessary for protection. Being aware of applicable laws and regulations. All minimize your risk as an employer. And having insight into potential personal liability risks are just some of the things that asking an experienced attorney can help uncover when first getting started on this journey. Ultimately, taking this step could save time and money in the long run!
The information provided on this website does not constitute legal advice. Instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter.