FEATURED QUESTION

How can I prevent my employees/independent contractors from competing against me?

Non-compete agreement.

 

 

How can I monetize the data I get from customers?

Consult with a good privacy lawyer on what you can use and what disclosures to get.

 

How can I prevent a data breach?

Consult with a good privacy lawyer on how to develop an incident preparedness and response plan and how to train employees and staff on proper protocols for avoiding a breach.

 

What sort of business formation should I use?

Consult with a good startup attorney in your state and get advice on the tax and liability implications of the various corporate structures in the state.

 

I work with my friends and family in my business; I don't need to have agreements with them, right?

It is always best to have employee or independent contractor agreements, non-compete/ non-disclosure agreements in place so everyone is clear on their obligations and the parameters of the business relationship event where there is already trust established.

 

What is the best way a small business owner can protect personal wealth and assets from business risks?

Having a corporate structure for the business that makes sense and not co-mingling funds.

What is the best way a small business can maximize its tax deductions? (Optional)

Having a corporate structure for the business that makes sense and not co-mingling funds.

What specifically are small business owners most confused about when you first meet with them?

How to raise capital

How can quality legal services help a small business grow?

To avoid the costly mistakes that can bankrupt a company

How can quality legal services help small businesses save money?

To avoid the costly mistakes that can bankrupt a company

How can small businesses maximize the value of their legal team’s services?

To have expectations clear up front and to have a dedicated budget for legal work

Should business partners have the same amount of equity in a company? Why or why not?

Not necessarily. Equity should follow the risk stake.

What are the top three things a small business owner should be aware of when purchasing an existing business?

Accurately determine the value. Review the business's tax returns to determine profitability and if there is outstanding tax liability. Due diligence reviewing customer lists, sale records, advertising materials, and employee contracts

Do you have any other essential legal guidance for startups that you haven't already included in this survey?

Privacy and security guidance