Common Questions You May Have When Starting Your Own Business

Experienced Lawyer

It should come as no surprise to prospective entrepreneurs that starting your own business can come with some level of risk and serious hard work. As a small business owner, there will be much to consider. You must take the time to plan the start of your business carefully. Not only will this help you lay the foundation for success, you will have a clear picture of how to navigate even the most challenging of situations. Starting a business on your own can be incredibly overwhelming, which is why working with a business owner can play a crucial role in answering any questions you may have. 

What is the best type of business structure for my business?

Choosing the structure of your business is the most important element in starting your own business. Your business lawyer can play a key role in helping you to choose the best business formation that works for you. Types of business structures include:

• Sole Proprietor
• Partnership
• Limited Liability Company (LLC)
• Corporation

What is a business plan, and what should be included in the plan?

When starting a business, you must develop a business plan. A business plan is a roadmap to your business. Not only does it help you to outline how you will start your business, but it will provide a roadmap for your future. A business plan should include: 

• Executive Summary
• Description of Your Business
• Market Analysis
• Financial Plan
• +More

Why are business contracts necessary?

Business contracts are essential parts of any business. A business contract is an agreement that is made between two parties. Business contracts are incredibly important for several reasons: 

• They offer both parties protection
• Clearly outline the terms of the agreement
• Help to prevent conflicts from arising
• They provide security to both parties

Should I hire employees, what do I need to know?

If your business is one that warrants employees, you will want to take the time to educate yourself on matters involving employment law. Managing employees can be challenging; if you do not have the proper understanding of employment laws, you could find yourself in hot water. In some situations, improper management of employees can be the downfall of your business. Working with a lawyer can assist you in understand the critical components of employment law, including:

• Family and Medical Leave
• Workers’ Compensation
• Labor Laws
• Workplace Safety
• Civil Rights Laws

How can a business lawyer assist me with my startup?

As you know, there will be a lot to consider when starting your own business. While owning a business is a significant undertaking, it’s important that you at least consider the guidance of a business lawyer. While you may not want to take on the expense of a lawyer’s services, they can come with exponential benefits. A lawyer can help you to form your business structure in a way that works to your advantage in addition to ensuring that no omissions are made. 

Starting your own business can be incredibly rewarding. However, with this newfound sense of freedom and excitement to be your own boss, also comes incredible responsibility. As a small business owner, you must carry the financial burden of owning your own business all on your own. Working with a business lawyer in Washington, DC can help in mitigating this burden. Take advantage of the guidance a business lawyer has to offer by contacting an experienced professional in your area today. 

Thanks to Brown Kiely, LLP for their insight into business law and common questions about starting your own business.