Connecting with a small corporate lawyer before starting your business trip is a crucial way to start, and it further reduces risk in the future. Entrepreneurs who are just starting their businesses already have a lot to do, including the development of services, products, financing, finance, planning and more. However, contacting a small business lawyer before starting your business is one of the basic steps you can take as a business owner.
A corporate legal advisor can help you determine how to move your business forward and even answer business questions related to the law. Additionally, a lawyer can help you recognize various risks you may face in the future and even minimize or prevent them altogether.
Below are some concerns that you can ask your legal advisor on the first meeting! When you go for a first appointment with your legal aid, it is best to prepare questions. But being a beginner can put you off due to a lack of information.
Here are some facets you can move forward with.
What business design to adopt?
Michael E Weintraub Esq advises you to choose the way your business is structured before you start your small business. If you don’t want to go for a formal business organization, your business can be a sole proprietorship or a multi-owner business. In terms of legality, if you and your business are likely to be “one”. Therefore, if your business is sued or has debt, you will be personally liable under those obligations.
You can opt for a commercial organization such as a public limited company or a limited company to limit these responsibilities. The owners of such organizations avoid risking their valuables if they cannot meet the financial responsibility of the company. They only incur the losses they have invested in the business.
You can also choose from a limited partnership, where only a few partners are fully responsible for corporate responsibility, explains Michael E Weintraub Esq. It is crucial to select your options wisely, as this will affect the management, taxation and ownership details of the business.
What information do you need to choose a proper name for your business?
You probably already have some ideas given the name of your business. However, it would help keep some legal formalities in mind before ordering business cards and other signage. Each country / state has their preferred laws regarding the names that new business organizations can use, and even if you consider general cases, you cannot select a pre-existing business name for your small start-up.
Moreover, as Michael E Weintraub Esq mentions, the selection of a pre-existing trade name is a risk, as it could infringe a registered trademark. Also, if you want to register your business name as a trademark, you need to make sure that it meets the protection criteria. A business lawyer can better explain the formalities to you and help you choose a proper name from your options. Getting legal advice from a legal expert can help your business get started on a smart note.
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