What to Ask: Incorporation and Startup Tips | Pedro Fernandez, Esq.
Starting a new business? UpCounsel attorney Pedro Fernandez explains what every startup should be asking their legal team about incorporation and startup tips2 min read
Do I need any permits or licenses to operate my business.
Many times new business owners are not aware of specific licenses or permits that are required in the jurisdiction where their businesses operate. Many times, these applications can be lengthy and require the assistance of experienced counsel.
What is the best way a small business owner can protect personal wealth and assets from business risks?
Properly establishing the business and assuring the proper agreements are in place to assure their assets and interests are protected.
What specifically are small business owners most confused about when you first meet with them?
The type of entity they want to form versus the proper entity to address their needs.
How can quality legal services help a small business grow?
They assure the small business grows in a manner that reduces their risk and exposure.
How can quality legal services help small businesses save money?
They assure the business avoids unnecessary expenses for failure to follow the law or avoid legal risks.
How can small businesses maximize the value of their legal team’s services?
By hiring experienced counsel on retainer that serves as a corporate counsel for their general legal needs.
Should business partners have the same amount of equity in a company? Why or why not?
Not necessarily, it depends on each business and their particular goals.
What are the top three things a small business owner should be aware of when purchasing an existing business?
Due diligence reviewing customer lists, sale records, advertising materials, and employee contracts, Require the current owner to sign a “Not to Compete” contract, 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?
Assure that they speak with both an attorney and a qualified accountant to assure they are established properly.