5 Important Questions to Ask Your Business Lawyer
Whether you’re a first-time entrepreneur or have plenty of experience running businesses for years, you still need an experienced business lawyer to guide you.
Every business is different, and lawyers have the legal knowledge and understanding to identify and minimize risks, guide you through setting up a strong foundation and ensure all procedures are taken care of professionally. Here are 5 important questions you can ask your business lawyer.
What Business Structure Should I Choose?
It is crucial to select the proper structure for your business as it will impact how your business is owned, operated, and taxed.
Without a formal business entity, your business can either be a sole proprietorship (with only one owner) or a general partnership (with more than one owner). This will be a risky structure because, under the law, you and your company will be treated as one “person.” Therefore, you will be personally held accountable for any debts acquired by the company.
It would be best to separate your personal assets from the company by forming a corporation, a limited liability company (LLC) or a limited liability partnership (LLP). Then, in case of debt obligations or financial distress, at least your personal assets won’t be in jeopardy.
How Can I Minimize Risk as an Employer?
You must be aware of the federal and state employment rules your company must observe. If you fail to comply with these rules, you may risk some hefty fines and penalties while making your business vulnerable to possible employment lawsuits. Anti-discrimination protections, health and safety requirements, and wage and hour rules are all covered by federal statutes. You must be aware of the policies & procedures and undergo proper training to avoid unintentional infringement.
How Can I Protect My Intellectual Property?
Small firms may have trademarks to identify and distinguish themselves from competitors. Trademarks include your company name, logo, labels, slogans, and packaging, but you should know how to protect them. To ensure your intellectual property is protected in Canada, you must file a trademark application with the Canadian Intellectual Property Office.
If you work in the creative sector, copyright protection is essential. Copyrights in original works of authorship, such as images, brochures, and websites, are also owned by the business. If you have an innovation, you may need to file a patent application. A business lawyer can guide you in identifying your intellectual property, advise you on how to protect it, and register copyright or trademarks.
Do I Need a Lawyer for My Equity Financing?
Suppose you require equity funding for your business. In that case, you will need an experienced lawyer to assist you in writing the shareholder agreement terms and reviewing legal documentation submitted by potential investors. Your lawyer can also help you determine how a shareholder agreement would affect other duties and commitments with workers, suppliers, or financial institutions.
Business Contracts
When dealing with legal contracts, it is best to seek legal counsel before signing anything. Following are some types of contracts that a lawyer can assist you with:
- Lease contracts
- Franchise contracts
- Licensing contracts
- Contracts of employment
- Purchase agreements, mortgages
- Agreements with subcontractors
- Agreements relating to partnerships, corporations, or shareholders
Hire an Experienced Business Lawyer
No matter your experience, establishing any company will come with its own set of dangers. You will need a business lawyer to analyze, provide solutions, and assure you are not vulnerable to any risks. Contact the Levy Zavet team today and get access to experienced professional business lawyers who can help you set up your business successfully.
