What to Ask: Incorporation and Startup Tips | Shawn Jackson, Esq.
Starting a new business? UpCounsel attorney Shawn Jackson explains what every startup should be asking their legal team about incorporation and startup tips2 min read
A well-designed legal entity, great insurance, and a good management plan.
What is the best way a small business can maximize its tax deductions?
Speak with your CPA.
What specifically are small business owners most confused about when you first meet with them?
The importance of a business model
How can quality legal services help a small business grow?
Legal services can provide negotiation skills, great written contracts, and a game plan with the Business Blueprint for Success.
How can quality legal services help small businesses save money?
You are less likely to make costly mistakes; what you do not know will hurt you.
How can small businesses maximize the value of their legal team’s services?
Read the initial memorandums, so you better understand the right questions to ask.
Should business partners have the same amount of equity in a company? Why or why not?
Depends on how well you "play with others." Management power is determined by the team members, their relative IP and management contribution, along with the level of experience, risk, and financial contributions.
What are the top three things a small business owner should be aware of when purchasing an existing business?
Accurately determine the value. 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?
Three skill sets that startups need: attorney, consultant, and tax.