Sunday, July 3, 2022

Planning A Startup: 5 Questions To Ask Your Attorney

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Starting a new business can be an exciting prospect. It can give a tangible structure to an idea and even make you rich in a short span of time if things go right. But there are several challenges that you may face while planning a startup. The first one relates to the legal aspects of starting from the scratch as there are several legal compliances that you will need to follow. A professional business lawyer is a right person to guide you and ensure that your business complies with every law that it needs to. Before you go ahead, here are a few questions that you should ask your attorney to evaluate his skills and experience.

Q1: Which business structure would suit me the best?

As an entrepreneur, you should be well aware about the various kinds of business structures so that you can choose the one that matches your circumstances and requirements. Ask your lawyer to explain the various types such as sole proprietorship, partnership, corporation and Limited Liability Corporation (LLC). Discuss the aspects such as the finances you hold and number of people involved with you so that the lawyer can help you choose between the proprietorship, partnership, corporation or LLC incorporation as your startup structure.

Q2: What contracts would I need for my business?

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Having explicit contracts that state the rights and responsibilities of the parties involved is must for a business. Ask the attorney about the various contracts that your new business would need in the initial stages. These could cover contracts with suppliers, clients, employees and lease holders. Each of the contracts should be well-written, with clear mention of clauses and any other legal points. The attorney can also help you to draft these contracts.

Q3: What could be my routine business risks that I need to take care of?

The next question that you should ask your attorney is about the kinds of business risks that you may encounter in routine. Also, seek their advice about the measures you can take to cover these risks. Measures such as legal contracts, insurance agreements and entity formation are usually suggested as the best ways to minimize the routine risks for your business.

Q4: How can I protect my business name?

Naming your new business is perhaps the most critical part of starting the journey. While you need to choose a name that is catchy and explains the business objective, you also have to ensure that it is unique and not registered by any other entity. Once you choose the name, you have to get it registered so that no other entity can use it. The step involves legal complications, so you need to check with your attorney to ensure that your business name is legally protected.

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Q5: How can your services help my business to grow?

Once you make up your mind about partnering with the lawyer, ask them about the benefits that you can avail by hiring them. The question should mainly cover their skill set as business attorneys, experience, and the service quality they deliver to the clients. Also, ask about the possible challenges that may arise in future and how they can help you deal with them.

Choosing the right business lawyer for your startup can determine your success in the long run. Be sure to ask these questions so that you have a right professional for the job.

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Sara Revonia
Sara Revonia
Entrepreneur, Speaker, Author, and Mom. Sara Revonia’s articles are about business, life, and Entrepreneurship.
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