What Do You Discuss With a Client Who Wants to Form a New Business?

Being an entrepreneur is fraught with risk. We’ve got to figure out how to minimize the risk. Some risks we’re just going to accept; some we’re going to insure against. When we talk with a client who’s starting a business, we talk about what their dreams, goals, and visions are. We talk about some of the struggles and challenges that they’re going to have in their particular industry. That will help me guide them, in terms of what’s the best structure, how they should be taxed, and all those legal details.

What Does Your Firm Provide To Businesses As Part Of Regular Ongoing Counsel?

There are certain legal requirements businesses have. If they’re a business entity, they have annual periodic filings with the Secretary of State. They have to file their periodic report. They have to prepare minutes a couple of times a year to make sure that their corporate veil is intact. We have to go through some of the formalities and preparation of minutes a couple of times a year. Many times, we talk with clients on contracts and lease reviews. We’ve represented contractors for real estate people for many years.

One of the best things we do is coordinate the owner’s estate plan with his or her business plan. We look at their business plan and how it is going to be affected by their estate plan, and what happens if that owner becomes incapacitated or dies. How do we continue to make sure that things are properly insured? We update their governing documents, their bylaws, their operating agreements, and those kinds of documents, as laws and family dynamics change.

What Proactive Measures Can My Business Law Attorney Take?

We send out reminders, every quarter, for business owners to meet with their insurance agent or financial adviser on a regular basis and to meet with us on a regular basis. We want to have a meeting with them early in the year, so that we can be proactive in terms of what planning are we doing. What assets are we protecting? What contracts do we have coming up? What we do, as lawyers, is not just the legal work. We help our business owners stay connected with all the other people who are going to be important in their life.

What Are My Options For Resolving A Business Dispute Without Taking The Matter To Court?

When you end up in court, you end up spending a whole lot of time, money, and effort for a flip of a coin. I tell folks we need to look at things practically. Many times, people will say it’s not the money, it’s the principle. When I take the time to explain to them how much a lesson in principle can cost them, they’re ready to explore other options.

One other option might be you just learn from the experience and move on. Another may be to write a letter or to file something with a regulatory body. We have to look at the time frame and how see urgent it is. Probably, the last thing that you want to do is file a lawsuit. Our courts are clogged. It takes so long for the litigation process and costs so much money. Many times, arbitration and mediation are good alternatives.

For more information on Initial Consultation With New Business Client, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (719) 444-0300 today.