Starting a business is an incredibly exciting venture, but it’s important to make sure you’re fully prepared before taking the plunge. One of the most important things you can do is to consult with a lawyer and ask them some key questions about entity formation, liability protection, and more. By getting everything in order ahead of time, you’ll be able to minimize the risk of any potential legal issues down the road. So, what questions should you ask your lawyer? Here are a few of our favorites:
What type of business should I form?
There are a few different types of businesses you can form, and the one you choose will largely depend on the type of company you want to run. The most common business entities are corporations, limited liability companies (LLCs), and partnerships. Each has its own set of benefits and drawbacks, so be sure to consult with a lawyer to see which one is right for you.
What is the best way to protect my personal assets?
One of the most important things you can do to protect yourself and your business is to establish liability protection. This means putting in place measures that will limit your personal liability in the event that something goes wrong. There are a few different ways to do this, and the one you choose will depend on the type of business you form and the state you live in.
Are there any specific licenses or permits I need to launch my business?
There are a number of licenses and permits you may need to launch your business, depending on the type of company you run and the state you live in. Some of the most common include business licenses, tax IDs, and zoning permits. Be sure to consult with your lawyer to see which ones you need, and make sure you have everything in order before starting your business. For example, if you’re running an indoor shooting range, then you need to get a business license and a zoning permit. Another example is for restaurants; you will need a business license, health permit, and a fire inspection.
How can I protect my business from lawsuits?
Establishing liability protection is one of the most significant things you can do to safeguard your company. This means putting in place measures that will limit your personal liability in the event that something goes wrong. There are a few different ways to do this, and the one you choose will depend on the type of business you form and the state you live in.
Should I trademark my company name?
A trademark is a valuable asset for any business, and it’s something you should definitely consider trademarking. A trademark can help protect your brand and prevent others from using your name or logo without permission. It can also be used to enforce your rights in the event of a dispute. So, why should you trademark your company name?
What are the tax implications of starting a business?
When starting a business, it’s important to understand the various tax implications. There are a number of different taxes you may need to pay, including income tax, self-employment tax, and more. Be sure to speak with a tax professional to get a better understanding of which taxes apply to your business and how to best minimize your tax liability.
How do I set up bookkeeping and accounting for my business?
Setting up bookkeeping and accounting is one of the most crucial things you must do when starting a business. This will help you track your expenses and income and ensure that you’re in compliance with all applicable tax laws. There are a number of different bookkeeping and accounting systems out there, so be sure to find one that’s
What should I do if I receive a legal notice?
If you receive a legal notice, it’s important to take it seriously and consult with a lawyer immediately. The notice may be from a creditor or another business that’s seeking to recover money or property you allegedly owe. It may also be from a government agency, such as the IRS, indicating that you’re in violation of some law. No matter what the notice says, it’s important to consult with a lawyer to find out what you should do next.
Final Thoughts
These are just a few of the questions you should ask your lawyer before launching your business. By consulting with a lawyer, you’ll be able to get a better understanding of the legal implications of starting a business and take the necessary steps to protect yourself and your company.