Starting a Business • Part I: Laying a good foundation
Starting a business from scratch is difficult. There is usually not enough money to start it with all the bells and whistles you would like. You are very careful to allocate wisely which dollars will be spent where and maximizing your return for those allocations. Hiring an attorney is usually the last thing on your list. The internet allows us all to have just enough information to be dangerous. The online legal services beckon us with their low cost fees. What people forget is that you are laying a foundation for your business. And your business is only as good as the foundation.
Our view when starting a business is to raise the funds that will be required in the first year for a good attorney and a CPA. An attorney or CPA will be able to advise you as to what type of corporate structure should be chosen for your entity depending on the type of business (manufacturing, distribution, real estate development, investment properties, etc…) you are going into or the industry your business will be in that my cause higher risk and thus the need for more protection from the entity that you form.
A good business attorney will also advise you to search the name and logo of your company. Before you put money into a logo, business cards, letterhead, website, and production of product make sure that another company does not have a similar name or logo that is already registered as a trademark that will force you to cease the use of your name or logo.