What To Discuss At Your First Meeting With a Business Law Attorney

When you start a new business, your first meeting with a business law attorney helps you set up a solid legal foundation for your new venture. In addition to answering your questions and addressing your concerns, your attorney discusses several topics essential to enabling your business to run smoothly and grow over time. In the initial consultation, you also establish a rapport and working relationship with a trusted legal advisor who can provide you with valuable advice and counsel throughout the lifecycle of your business.

Naming Your Business

After your attorney learns your plans and goals for the new business, the name for the business entity is one of the first matters to discuss. Naturally, the name should be suitable for the purpose and nature of the business. In some cases, the name may reflect unique aspects or services of the business. Whatever name you choose, it should make a good impression on potential customers or clients.

Making the final decision on a name requires researching available resources to make sure the name you want is available and not being used by another business. It is also usually a good idea to be sure the name you choose is available electronically, since most businesses today have some kind of electronic and online presence. Your business law attorney helps you complete those tasks.

After you settle on a name, your attorney helps you complete all the necessary registrations to protect the name of your new business.

Determining the Legal Structure of Your Business

After you finalize the name of the business, you need to establish a legal structure for the business. This decision is one of the most important choices you make in setting up the business. The choice of structure affects legal liability, taxation, and administrative requirements, among other matters.

Arizona laws provide for several different types of legal business entities, including a sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has advantages and disadvantages. Your attorney reviews many factors with you before exploring the options for your business structure and helping you to make a fully informed decision about the legal entity type for your company.

After you choose the structure for your new business, your attorney helps you prepare all the necessary documentation and take all the steps required to satisfy the legal requirements for establishing the business. You may then proceed with confidence, knowing that your company has a solid legal foundation.

Identifying Applicable Laws and Regulations

An important part of the discussion with your business law attorney relates to identifying the federal, state, and local laws and regulations that apply to your business operations. While some issues, like contract law principles, apply to most businesses, the nature of your business determines whether specialized laws and regulations govern your business as well.

Your attorney provides you with an overview of areas and issues that you need to be attentive to as you begin business operations. When you encounter specific issues, such as matters relating to contracts or regulatory compliance, which commonly arise in a business, you should reach out to your lawyer for specific guidance. Having an ongoing relationship with a business law attorney helps you prevent escalation of legal matters by seeking advice as soon as an issue arises.

Protecting Your Assets

After your company is a going concern, your business law attorney helps with business and personal asset protection and succession planning for the business. Getting experienced legal counsel in setting up your business is an important step in laying the groundwork for protecting both your personal assets and the assets of the business.

Eventually, when your company grows and is successful, it will become important to plan for the future of business and address your business ownership in your estate plan. Maintaining a close working relationship with your business law attorney ensures that all these matters will be fully and properly addressed as you focus on building your business.

Looking to the Future

Obviously, your first meeting with a business law attorney will not resolve or address all the legal matters relating to your new business. However, it will help you establish a solid legal foundation for your company and provide you with an overview of legal matters that should be addressed over time.

In serving our business law clients at Peterson Law Offices, we help owners set up a new business and provide ongoing legal advice and support throughout the lifecycle of the business. If you are starting or already own a business, establishing a working relationship with us enables you to have an experienced business law attorney on call whenever you need help with a legal concern.

Schedule a Free Consultation With an East Valley Business Law Attorney

At Peterson Law Offices, we provide high-quality business law services at affordable prices. We welcome inquiries from business owners throughout the East Valley, including Queen Creek, San Tan Valley, Gilbert, Mesa, and Chandler. Schedule a free initial consultation by calling 480-878-5998 or using our online contact form.