No successful entrepreneur goes into a startup business without a vision. Whether it’s a five year plan or a lifelong dedication, every great small biz is built around a goal — and a commitment to fulfilling it. Unfortunately, a lot of businesses get it wrong from day one.
The incorporation process is a business owner’s first opportunity to start forging a long term legal partnership — but all too often, entrepreneurs end up with nothing more than a frugal fling. The following are a few questions that should help you find that special someone to meet your legal needs.
Are they a good listener?
Is your legal partner available for private counsel? From the time you incorporate, an attentive legal partner can make a big difference. By analyzing your overall business structure from the start, they can identify potential liabilities that could be remedied before they ever become problems. Ideally, you’ll want to have the freedom to inquire with your attorney about the legal consequences of your business decisions.
Do they have a dynamic personality?
Does your lawyer have a wide variety of legal experience? If you’re looking for a long-time match, you’ll want a legal partner who’s prepared to tackle the different areas of law that affect a business, including labor/employment, contract law, taxes, insurance and intellectual property to name a few. Many factors will come into play once you’re incorporated.
Are they good with money?
Does your law firm inform you regarding the financial impact of your legal decisions? Attorneys who are accustomed to working with larger corporations may be less sensitive to your budget constraints as an entrepreneur. Be sure to monitor their billings closely.
Have they been around the block?
Has your legal partner worked with clients from a variety of different backgrounds? A broader perspective of this sort can be helpful, as it allows your attorney to apply the lessons learned in other industries to the ones you may face in your future.
Do you get along with their friends?
Can your attorney connect you with the rest of the professional experts you’ll need to round out your business team? A lawyer that has strong relationships with accountants, bankers, financial planners, insurance agents, business consultants, government contacts and other professionals can be a big help in constructing your small biz “entourage.”
And lastly… do they open doors for you?
Can your legal partner connect you with the rest of their clients for business networking?Referral business of this sort can be a great way to build your client base in the early stages of your new venture.
The ideal law firm can do much more than file your incorporation with the state. They can support you. They can connect you. They can assist you in practically every aspect of your business. So choose wisely — incorporating your business is just the first of many big dates.
Tags: Incorporation, legal counsel, small business
