Starting a business is an exciting and sometimes nerve-wracking experience. There are a lot of important decisions to be made, and being able to rely on solid advice in order to make those decisions can be the difference between building a successful business and becoming another statistic among the countless businesses that do not survive past their first year. Here are a few important questions you may want to ask an attorney before starting your business.
Which Business Structure Is Right for Me?
Choosing the right business structure is one of many key decisions you will face when starting a business. Should you choose an LLC or a Corporation? Can you start off as a sole proprietorship and then change to a different structure as your business grows? Which business structure offers the most protection for your personal assets? These are some important considerations your attorney can discuss with you, as your business structure can have a deep impact on the way your business is taxed, as well as the degree of personal liability each owner may have in case of losses or litigation issues.
How Can I Choose and Register My Business Name?
Your attorney can help you with the process of researching and registering your desired business name, including the process of trademarking your brand identity elements if desired. Your lawyer can explain how to choose a business name that does not infringe on another business’s trademarked brand and that is eligible for trademark protection.
What Kind of Contracts Will My Business Need?
Knowing the type of contracts your business might need and getting them professionally written is also important to minimize the chance of future disputes. Ask your attorney about what types of contracts you would need if you are planning to have employees or work with vendors, independent contractors, governmental agencies, and suppliers, to name a few. You may also want to consult an attorney before signing any contract with another party.
What Kind of Risks Could My Business Be Facing?
Some businesses carry more risks than others depending on the type of product, service, or solution they provide. Ask your attorney about the risks your particular business might face along the way, and discuss whether you should get business insurance. Some risks may be mitigated with properly written contracts and the right entity formation. Being proactive and preparing to protect yourself and your company as the business grows is key to safeguarding your success. If you are thinking about opening a business in North Carolina, speak to the team at Davis Legal, PLLC to get the advice and legal services you need by calling 919-756-6437.