What to Ask: Incorporation and Startup Tips | Daniel Lavi, Esq.
Starting a new business? UpCounsel attorney Daniel Lavi explains what every startup should be asking their legal team about incorporation and startup tips2 min read
What is the best way a small business owner can protect personal wealth and assets from business risks?
What is the best way a small business can maximize its tax deductions? (Optional)
Depends on size, goals, etc. – can be LLC, S corp., C corp., etc.
What specifically are small business owners most confused about when you first meet with them?
The best formation structure.
How can quality legal services help a small business grow?
It can help save taxes, costs, and lawsuits; which means higher net income. Translates to greater returns and opportunity to grow.
How can quality legal services help small businesses save money?
It can help save taxes, costs, and lawsuits.
How can small businesses maximize the value of their legal team’s services?
Work on flat rate. Take the time to tell the attorney your story, and your long-term aspirations. Involve your attorney into your team.
Should business partners have the same amount of equity in a company? Why or why not?
Depends. Each company has its own unique story. It is not one size fits all.
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, Require the current owner to sign a “Not to Compete” contract
Do you have any other essential legal guidance for startups that you haven't already included in this survey?
Make your attorney a part of your vision. Find an attorney that understands your business, that believes in your business, and that wants to see you grow. An invested attorney will be there forever and will prove to be invaluable.