5 Questions to Ask Your Lawyer Before Launching A Startup
Starting a business can equally be exciting and daunting for some. As a new business owner, you probably have a lot of questions right now, including the legal ramifications involved. TCMSC’s commercial lawyers in Crawfordsville has the answers and can help you navigate the complex world of business.
Here are five questions you need to ask your attorney before laying the groundwork for your startup.
- What is the best structure for my business?
A successful business begins with the right legal and corporate structure. Your chosen entity will affect all aspects of your business including how you file your taxes and your degree of risk.
There are several business structures you can choose from including:
- Limited Liability Company (LLC)
- Professional Limited Liability Company (PLLC)
- Limited Liability Partnership (LLP)
- Non-profit corporation
Without a formal business structure, your company will be a sole proprietorship or general partnership. These types of entities may trigger more risks in the long run. Selecting a formal structure limits liability and gives you better protection. And talking to a business attorney is the first step.
- How can I protect my personal assets?
You’re responsible for keeping your business and personal assets separate. Safeguarding your personal wealth reduces risk and future proofs your finances.
If you fail to protect your assets, they can be lost instantly should your business face bankruptcy and other financial woes.
- How do I choose a name for my business?
Selecting a name for your new business is more complicated than you think.
You need to know if your chosen name is infringing on another company’s registered trademark. Similarly, should you decide to trademark your business name, you need to understand the criteria for trademark protection. A lawyer can walk you through the process and help you assess your options.
- How do I reduce my risk as an employer?
Regardless of size and industry, every business needs to comply with various state and federal regulations. These include wage laws, anti-discrimination laws, and health and safety standards.
Lack of compliance can lead to severe fines, penalties and employment-related litigation. Your lawyer will explain the rules you need to be aware of and what you have to do to secure compliance.
- How can I safeguard my intellectual property?
Intellectual property includes your logo, business name, slogan, website, and packaging, and other design and branding materials.
A lawyer can advise you on safeguarding your IP assets and assist with copyright, patent, or trademark registration with the U.S. Patent and Trademark Office.
Client-driven Business Law Firm
Seeking legal aid is one of the first steps smart entrepreneurs take when launching a new startup. An experienced business lawyer can help you mitigate risks and secure your company’s long-term success.
The legal professionals at Taylor, Chadd, Minnette, Schneider & Clutter P.C. are committed to your company’s growth. We make difficult situations as stress-free as possible for our clients. Our goal is to help both new and established entrepreneurs navigate the complexities of business law with dignity and grace.
Book a free consultation today by calling us at (765) 361-9680 or filling out our contact form.