Owning and operating a small business does involve certain levels of risk that a small business owner needs to be aware of. One of the best ways to manage risk is to hire a small business lawyer to help you manage that risk. When meeting with your lawyer, make sure that you are aware of what they can and cannot do for you in manage risk. Given the importance of being able to work in conjunction with your lawyer, here are 2 questions that will help you to better understand the services that a small business lawyer can provide to you:
1) How should I set up my company?
Every small business owner needs to know the various business entities and what types of protections they offer. Because every business is unique, it is an important exercise to walk through and learn about your business entity options and determine one that fits your needs for flexibility, administration and liability protection.
2) How can I structure this ‘deal’?
Each relationship that you have within your business comes with some sort of risk. Because of that, it is necessary to walk through your various business plans in order to assess the potential risk and determine how to structure the transactions. By walking through and evaluating each ‘deal’ or relationship in your business, you will be better able to anticipate risk and protect your interests. It is always good to create as much ‘predictability’ as possible for your business. Your small business lawyer can help you by discussing this.
By discussing these two areas with your small business lawyer, you will be better able to run and protect your business.