Starting a New Business?
Your First Business Attorney Meeting – How to Prepare
If you are thinking of starting a new business, it’s essential that you hire an experienced business law attorney right from the start — from drafting business formation documents, to taking the legal steps necessary to make your business operational. Starting a new business takes a lot of planning, goal setting, and so much more. Before you have your initial meeting with your business lawyer, it is a good idea to know what type of questions you will be asked. It will allow your attorney to better understand the needs and objectives of your business in order to make recommendations tailored to address them. Being prepared for your first business attorney meeting is not only efficient, but it will also save you money in the long run, because you won't need to return to tie up loose ends.
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Be Prepared to Answer these Questions:
An experienced business lawyer will (and should) ask these types of questions at your first meeting. It's a good idea to have answers to these questions thought out beforehand.
What is the nature of your business and industry?
Is this a new business or are you taking over an existing business?
Who are the owners, investors, or members that will be involved in your business and how are they going to be compensated?
What is your 5-year plan for your business?
How do you plan on financing your new business?
Will you be collecting sales tax?
Will you have any employees, and if so, how many?
What are the best tax consequences for each of the various types of business entities you're considering?
Are you buying a franchise?
Are there any licensing requirements?
Doing your homework before ever stepping foot into a business law firm will increase the chance of creating a thriving business for many years to come. Ronald J. Axelrod, a premier business attorney in Rochester, NY, will work closely with you throughout the life of your business as your trusted advisor. To begin your road to success, call (585) 314-7100 or fill out the CONTACT FORM on our website.