There is nothing more exciting than starting your own business isn’t it?. A budding entrepreneur may have different ideas about how he wants to shape his new venture and take it ahead. Whether you launch a product selling company or services it is vital to work out the legal structure of your business. You need to make sure to have the best corporate setup, have adequate fundings raised, and their intellectual properties such as trademarks and patents protected. And to systematically perform the above points you need to partner with a specialized startup law firm.
Finding a business formation attorney near me seems like simple work, just type on your google and you will have a list of attorneys in Knoxville TN to choose from. But the tricky part is how to choose the lawyer that will serve you the best service and advice for your startup.
So here are the top 3 questions you need to ask the business formation lawyer before you go ahead and make them an integral part of your business team.
1. Do you have any experience with startups?
The most important question you need to ask your lawyer is how many years of experience do they have with business startups, preferably in the industry your business is. There have been many situations where startup attorneys don’t really understand the legal issues, the firm then faces huge costly mistakes on their way up. Startups require an expert attorney in the field of intellectual property rights, fundraising, employment investments, company formations, and data privacy and integrity. Remember, there are a lot of law firms that work with established business companies. But many of those don’t have any experience of setting up a business from a scratch. Therefore it is crucial that founders hire startup specialists who understand the legal minefield the startup will face as they grow.
2. How are their billing patterns?
A crucial matter for startups is how will they be charged. Most of the startups initiate with a limited budget, or until they find financial stability. It is important for them to know beforehand how and what billing methods are offered to them. Some firms offer their services on hourly billing schedules while some can be charged at flat-fee packages. In either way, the company needs to know how much they are expected to pay for the legal services. Accordingly, also discuss your future legal needs, in terms of the cost. Discuss whether it is better to have a monthly package to fulfill all your needs or is it financially better to be billed for the services when provided by the attorney in the future.
3. Are you a good fit?
Just like any other partnership, you and your attorney should be on the same page and be a good fit. You need to understand each other, communicate and work together for legal counsel. Business formation lawyers should be approachable and knowledgeable in your industry or business, and accessible for the services. It is advisable to hire an attorney who can advise you on taxes, real estate leases, and many other issues before you open the doors to your clients. An Expert hand in legal matters can save you from risky legal issues and difficulties in the near future when you start expanding.
Many people believe that lawyers are not required for building your business entity formation, but the fact is it becomes difficult in the long run to manage all the legal issues alone without an expert. You might get stuck up with issues leading you to financial losses in the long run; clearly, you don’t want to face them; especially, when you purely want to focus on launching your business. It is better to establish a healthy relationship with the business formation lawyer to help you create a proper business plan, help you get all the grants and permits, and comply with all the laws and regulations that can affect your startup.
There are always slow times and high times in the business. Generally, slow times during the initial phase of the startup require less attention while the high time seeks constant communications and specialized services. A professional, experienced lawyer knows how to handle both the situation very well and provide attention and proper services when your business takes off.
Contact your startup Lawyer today
Starting with a new venture is a challenging and fulfilling prospect, especially when the long working hours and the hard work you put in pays off. So to keep your business moving up the graph it is essential to collaborate with a professional and experienced business formation attorney in Knoxville Tn. The expert legal hand will provide you with proper guidance in all legal matters, keeping you worry free and letting you focus on building your startup into a hyper growth company.
A final piece of advice before you hire someone to take care of your legal matter is to ask yourself two very important questions.
Do you like the attorney you are hiring? Do you feel like avoiding communication with the lawyer unless it’s utmost important? If yes, then clearly that person is not the right fit for the company to provide legal advice.