FEATURED QUESTION

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

Chose the correct organizational identity affording the greatest protection from liability. Be proactive not reactive to employment law - proper training and documentation of employees

 

 

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

Have/hire a financial officer/CPA to determine how best to structure the organizational assets to maximize tax deductions

 

How educated do you find your small business owners are on legal topics when you first meet with them?

Somewhat educated

 

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

Compliance with Federal and State laws; What constitutes violations of sa

 

What kind of proprietary assets does the company have? Has the company adequately protected its intellectual property?

This is key to understanding fees for budgeting purposes.

 

What is the top reason people contact you for your services? 

Business entity creation

 

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

Chose the correct organizational identity affording the greatest protection from liability. Be proactive not reactive to employment law - proper training and documentation of employees

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

Have/hire a financial officer/CPA to determine how best to structure the organizational assets to maximize tax deductions

How educated do you find your small business owners are on legal topics when you first meet with them?

Somewhat educated

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

Compliance with Federal and State laws; What constitutes violations of sa

What is the top reason people contact you for your services?

Business entity creation

How can quality legal services help a small business grow?

Provide guidance in the hiring and firing of employees; provide oversight in industry specific laws to ensure compliance

How can quality legal services help small businesses save money?

Provide protection; insulate the organization from liabilities and risk which impact the organization's financial well-being.

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

Use the attorney up front in the formation of the entity to ensure maximum protection of the entity. Most businesses wait until they have a lawsuit before engaging an attorney. This reactive approach is costly and inefficient. Proper planning up front will permit the entity to conduct business rather than get involved on legal proceedings.

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

Business partners that possess the same equity equalize the executive board. But it could also create impasse that could stagnate and derail an entity's operation.

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, Find out if there are any human resources issues or outstanding lawsuits pending against the company.
 

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

Be proactive not reactive. Have a Legal structure in place before you hire employees. Have a clear business plan which contains reasonable objectives and a plan in place for how revenue is to be allocated