5 Question To Ask Your Attorney Before Starting Your Business

Introduction

Let’s just say starting a business is easy! We know that many people might disagree with us here. But we know what we are talking about.

To start a business, you need a business idea and the capital to launch it. These two things are more than enough to start a business.

However!

To establish a business is a different story altogether!

Most entrepreneurs do not understand the difference between starting a business and establishing a business. This is why most businesses fail in the first year of the launch, and only 5% of the business survive to cross the 5 years mark.

When you are launching a new business, you need to plan for the future. That means where you want to see your business in the next 10 years. This will help you look at the business matters that will solidify your business foundation.

And for that, you need to ask your attorney many questions before starting your business.

Now, these questions can be as silly as to why you are starting your business (Of course, to make money) to how you will establish a business that survives the tides of time.

That being said, here we are with a few questions that you need to ask before starting a business.

Important Questions To Ask Your Attorney

Thinking of leaving your 9-5 job and starting your business can be an important decision to make. There are just too many things you need to take care of or answer before launching your business.

The whole process can be cumbersome and taxing for your body. Hence, you must hire a business lawyer and know more about the legal procedure of establishing your business.

While you’re consulting a business attorney, here are the most important questions you need to ask.

Q1. What Type Of Company Should You Form?

Every business follows a structure, and depending on the structure; different laws are applied. Hence, selecting a business structure is important.

If you start a business for the first time, you will have no idea about the different business structures.

In that case, having a business attorney can help you understand the structure, and you can even ask for the best business structure for your business.

Q2. How To Protect Your Intellectual Property?

Every business has its trademark. They need to register a trademark and that trademark will identify the business and distinguish it from the others.

Your business logo, name, slogans, and even packaging fall under intellectual property. Hence, you must take legal measures to protect it from being stolen.

Q3. How To Create A Great Name For Your Company?

When you think of starting a business, the first thing you decide is the name of your business. But do you know that there are many legal considerations before you can actually start ordering signs and business cards?

Every state has different rules and regulations that outline the making of the business. You must consult your attorney and talk about the rules you need to follow before coming up with a business name.

Q4. How To Minimize Legal Risk As An Employer?

When you launch your business, there are many laws that you need to adhere to. You risk fines, penalties, and employee-related litigation if your business is not compliant with the laws.

Laws range from anti-discrimination to health issues – you may need policies to ensure that you don’t inadvertently violate them.

Q5. What Contracts Does My Business Need?

Contracts are an important aspect of protecting your business. They define the rules and regulations that outline a legal relationship with the other parties.

Hence, it is important to ask your attorney about the contacts that you can forge and reduce the disputes that might arise in the future.

Final Question: Financial Consideration To Keep

Having the right capitalization is important. We mean to say that before you start your business, ensure that you have enough capital funds to cover all the expenses even if your business is not making any profit.

Ask your lawyer about the requirement and how you can navigate the capitalization mostly. With an attorney on board early on, they can help manage these legal problems easily.