AREAS OF PRACTICE
What Start-Ups Should Know About Hiring A Business Lawyer in Asheville
1. When do I need to hire a business lawyer?
When do I need a lawyer for my new business may be one of the most important questions an entrepreneur asks? While the answer can vary depending upon a lot of circumstances, here is a convenient table:
| Event |
Hire a Lawyer |
Maybe |
Brief Explanation |
| At Formation |
Yes |
Online services may help you file a document but an experienced business attorney can help you decide which type of entity works best for you. Plus, filing is only the first step of many (organizational meeting, bill of sale, issue stock, elect officers & board members, adopt articles, etc.) required to be properly formed and operational. | |
| At Financing |
Yes |
Many questions arise with investor participation in a company. How much stock do they receive? When do they receive the stock? Is there a way to repay them? When do they get repaid if it is a loan? Is there security for the loan? | |
| Contracts with Suppliers |
Maybe |
The access to proprietary products by a business is very important. Businesses need to protect their products both up stream as well as downstream. If the business does not need specific contracts, it may elect to forego hiring an attorney to help review contracts with certain suppliers. However, it is always a good idea to have an attorney familiar with your business to discuss contracts with suppliers and vendors. Discussing the matter up front with a knowledgeable attorney avoids nasty surprises in the end. | |
| Hiring Employees |
Yes |
If your business has trade secrets, North Carolina has special rules regarding non-compete and confidentiality agreements in employment situations. Make sure you follow the Rules. Consulting with an attorney is the best way to do that. | |
| Setting up a Website |
Yes |
It is a good idea to have your attorney review the terms and conditions of your website. You do not want to create liability issues by what is stated on your website. |
2. What type of attorney should I use?
An entrepreneur should look for an attorney they can relate to. Fit is important. Get someone you can trust and enjoy working with and that you feel has an interest in you and your business.
It is also important that you find an attorney that is an experienced business attorney who is responsive to your needs and is willing to take the time to understand your business.
The value a business lawyer has is not just in preparing the actual documents that are filed but in helping you figure out what type of entity you should be (partnership v. corporation v. limited liability company).
3. When do I hire a business attorney?
There are at least five (5) times when a new or start-up business needs a lawyer. They are:
- Corporate formation;
- Website customer and vendor agreements;
- Financing, lender, and shareholder issues;
- Day-to-day legal; and,
- Intellectual property and patent protection.
Additional questions?
If you have questions, or are interested in starting a new business, contact the experienced business attorneys at Fisher Stark P.A. We have helped businesses throughout North Carolina, including businesses in Hendersonville, Waynesville, Franklin, Asheville, Weaverville, Black Mountain, Rutherforton, Marion, Fletcher, Saluda, Tryon, Arden, Candler, Canton, Woodfin, Swannanoa, and Leicester.
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