What to Ask: Incorporation and Startup Tips | Serena Lai, Esq.
Starting a new business? UpCounsel attorney Serena Lai explains what every startup should be asking their legal team about Incorporation and Startup Tips2 min read
What laws apply to me, and how do I make sure my business is compliant?
Depending on the type of business structure you've selected, the industry you are in, and the method(s) you've chosen to buy or sell your product and services, you may be required to comply with various federal, state, and local laws or risk hefty fines or liabilities for noncompliance. It is important to consult your legal team to understand the laws that apply to you.
How do I manage employee relations?
You will likely hire employees as you grow your business, and to make sure you set proper ground rules with your employees, you will need a lawyer's help in defining your company policies, drafting contractor agreements and nondisclosure agreements, to name a few.
How do I protect my brand?
Coming up with a catchy business name and logo is already tricky in itself, but going a step further to protect and ensure your brand is not infringing on the rights of a third party or vice versa, will require a lawyer's help under trademark and copyright laws.
What is the best way a small business owner can protect personal wealth and assets from business risks?
Make sure you keep your business and personal assets separated.
What specifically are small business owners most confused about when you first meet with them?
What laws apply to their business
How can quality legal services help a small business grow?
Quality legal services lay the groundwork for stable and sustainable business growth. The less time you spend on legal issues, the more time you have to focus on your passion.
How can quality legal services help small businesses save money?
Anticipating the types of legal risks your business may encounter, and providing remedies within the contracts, will save your company the money and time spent in litigation.
How can small businesses maximize the value of their legal team’s services?
Be efficient and effective by providing your legal team with all or as much information as you can upfront.
Should business partners have the same amount of equity in a company? Why or why not?
It really depends on a case-by-case basis, and each business partner should consult their own attorney on the best course of action.
What are the top three things a small business owner should be aware of when purchasing an existing business?
Accurately determine the value, due diligence reviewing customer lists, sale records, advertising materials, and employee contracts. How long have the employees been there? Are there any key employees who would be hard to replace?