Starting your own business is what entrepreneurs in America are all about. If you have an idea for a business and you believe you can grow that business and make it a success for years to come, by all means take your vision and fly with it to unknown success.
ContentsThe American EntrepreneurHow should I structure my new business? What kinds of problems can my business name cause me? Is it risky to be an employer? Does my business need contracts? Does the business I choose have high risk potential? Do I need a business plan? United States patents and trademarks?Starting a business means you need to be someone who can make informed decisions. A wise decision before starting a business is to consult a business lawyer. If you like the attorneys you choose, stick with them over the course of your business and into the future. A lawyer can eliminate or reduce any future problems or risks associated with your new business.
Your first consultation is free and non-binding, so be sure to write down any questions you have about your business idea. Some of the most common questions lawyers hear from new entrepreneurs include the following. You can think of other questions not listed, and if they are essential questions for you, they are vital for this lawyer.
You undoubtedly have a lot of ideas running through your head to start a new business. Consider making initial business plans, developing your product and service line and obtaining all necessary financing, in addition to finding an excellent business lawyer. You cannot start a business without a business plan, which is as essential as finding a business lawyer. Here are the questions to ask your lawyer.
It would be best for you to decide how you want to structure your business. For example, are you planning to form a sole proprietorship, which means you are the one and only owner, or do you want a general partnership with one or more people sharing ownership? You should know that you and your business are considered one entity. If someone decides to sue your business, you are personally liable, as are your business debts. These debts belong to you.
Do you prefer your business to be a corporation, limited liability company or limited liability company? When you structure your business as one of these entities, you and or your partners don't risk losing all of your assets if someone decides to sue you. These options also mean that creditors can only recover what you have invested in your business if you cannot honor your financial debts.
Your attorney helps you understand how to structure your business because what you decide affects how your business is owned, taxed, and managed.
You've probably thought long and hard about a name for your business, or maybe it took no thought, and the perfect name suddenly came to you one day. There are some legal issues that need to be considered, which is one of the reasons you hire your lawyer. Never file a DBA before talking to your attorney or wasting money on business cards and signs you may not be able to use because someone else thought of it first in the name of your company.
You should know that you cannot choose a name for your business that someone is already using. Do your research. You need to know the rules and regulations of your state. The name you choose may also infringe on another business. Be careful with the brand and logo you choose and make sure they adhere to trademark protection guidelines. It takes the expertise of this business lawyer to guide you in the right direction.
The type of business you have depends on your state's federal and state labor laws, and do those laws apply to your business?
It would be best if you remained in compliance with federal and state guidelines at all times, or you could risk paying stiff fines and penalties and find yourself in the middle of an employment-related dispute. Your lawyer will accompany you in this process. Staying within the rules and regulations of your state means that your attorney will guide and direct you through some difficult issues, such as the following, ensuring that you never violate those laws.
Every business is different. However, contracts are created to help protect your business. Contracts define the rights of the parties involved as well as their responsibilities. Contracts are drawn up to avoid disputes. Contracts ensure that you get paid as agreed by the other party. Contracts are used to protect HIPPA and to protect confidential information. Agreements are required for routine and large transactions. Contracts can describe working relationships. Your business lawyer can prepare the number of contracts you need. You can also reuse these contracts at different times.
Every business is different, posing different risks associated with the products and services they offer to the public. While some businesses have a particularly high set of risks, others may not. If you have increased risks in the company you have chosen, your lawyer can reduce or eliminate these risks with specific contracts. Your attorney is great if they present you with a proactive plan to avoid complex issues. Your attorney can tell you where the risks are in your business and how to reduce or eliminate those risks.
Because your business is running well, never neglect to lose touch with your lawyer; visit your lawyer occasionally for advice on various issues. This step helps you protect your assets as your business grows and changes are made.
Every new business should have a solid business plan. This business plan includes the articles of association of your business. Additionally, you must have operating agreements outlining how you will operate your business. This plan describes how and when you make decisions. When are shareholders' meetings held? If your partnership changes, how will you handle it? How are shares issued? All business plans should meet the unique needs of that business.
A competent person and experienced business lawyer always has your best interests at heart. Please communicate with your lawyer and visit his office regularly. You will need help with your business identity in the form of your chosen business name, your company logo, your label, your packaging and any slogans related to your product or service. People will get to know you through your logo or brand. The public needs to see your logo and instantly know that it stands for excellence in products and services. If you don't copyright these things, someone can use them, but not if you register them with a trademark in the United States Patent and Trademark Office. Your lawyer will accompany you in this process.
All marketing tools you use within your business should be copyrighted for original authorship. For example, if your company has developed an invention, you must file a patent application. All of these entities are intellectual property that should be protected by copyright or trademark registration. Your attorney can advise you on how to contact a patent attorney if you have an invention that needs protection.
