Connecting with a small corporate lawyer before you begin your business journey is a crucial way to start, and it further reduces risks in the future. Entrepreneurs who have just begun their business venture already have so much on their plate, including developing services, products, funding, finances, making plans, and so much more. However, reaching out to a small corporate lawyer before starting your company is one of the basic moves you can make as a business owner.
A corporate counsel can help you figure out how to take your business ahead and even help answer law-related business questions. Moreover, an attorney can help you recognize various risks that you might face in the future and even help minimize or prevent them altogether.
Below are a few concerns that you can ask your legal counsel at the first meeting! When you go for an initial appointment with your legal help, it is better to prepare questions. But being a newbie can discourage you due to a lack of information.
Here are a few facets that you can go ahead with.
What business design should you adopt?
Michael E Weintraub Esq advises that you choose how your business gets structured before beginning your small business venture. If you don’t want to opt for a formal business organization, your venture can be a single proprietorship or a proprietorship with multiple owners. In terms of legalities, if you and your venture are likely to be “one.” Hence, if your venture is sued or has debts, you will be personally responsible under those obligations.
You can opt for a business organization such as a public limited company or a corporation to restrict such liabilities. Owners of such organizations prevent risking their valuables if they cannot meet the company’s financial accountability. They only incur those losses that they had invested in the business.
You can also choose from a limited partnership, where only a few partners are entirely responsible for the company’s accountability, says Michael E Weintraub Esq. It is crucial to select your options wisely as it would affect the business’s management, taxation, and ownership details.
What information do you need while selecting a proper name for your business?
It is probable that you already have a few ideas considering the name of your business. However, it would help keep in mind certain legal formalities before ordering business cards and other signage. Every country\state has its preferable laws regarding 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.
Furthermore, as Michael E Weintraub Esq mentions, selecting a pre-existing business name is a risk, as it might infringe a registered trademark. Moreover, if you want to register your business name as a trademark, you must ensure that it fulfills the protection criteria. A corporate lawyer can better explain the formalities and help you select a proper name from your options. Getting legal advice from a legal expert can help your business start on an intelligent note.
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