When you are starting a new business, every day brings too many questions and not enough answers. Top Michigan business attorneys from the Cronin Law Firm discuss the answers to important questions for startups to consider below:
1. Do startup companies need a business plan?
Question: Do you really need a business plan to get started?
Short Answer: Absolutely! There’s a lot you don’t know when founding a startup business. That makes creating business plan feel like a guessing game. A business plan is the first step for a successful business start-up. You first need to establish a ‘game plan’ that maps out a road map of where you are, where you want to be and how you plan on getting there. History shows that some of the most successful initial business plans were drawn up on cocktail napkins! Once you jot down your ideas, contact the Cronin Law Firm business experts who can assist you in developing your plans and turn them into reality.
2. Do I need to incorporate my startup company?
Question: What is the best corporate structure for a startup business?
Short answer: There are a variety of legal entities out there. Without a law degree and corporate law experience, it can be hard to tell the difference between a C corporation, an S corporation, and an LLC, a joint venture, or a partnership. Maybe you believe that you can just file a DBA to start your business. The more people, money, and risk involved in your business, the more likely incorporating will be best for your business start-up. However, every situation is different, and what may have worked for your friend who started a business, may not be the best choice for your business. The business attorneys at the Cronin Law Firm can help you consider your incorporation options and pick the structure best suited to your business plan.
3. What’s the best way to protect the ideas I have for my startup company?
Question: As you go through the development process, you will want to protect your innovative ideas from competitors. What is the best way to protect your ideas?
Short answer: It depends on what your ideas are and how similar they may be to other operating businesses. Non-disclosure agreements may protect the strategic details of your business start-up. However, if you have a new idea, then you need to explore other avenues to make sure no-one steals your idea. Those options may include trademarking and patenting your idea. The Cronin Law Firm can help you sort through the options you have and establish a sound legal plan that will protect you and your business, and its intellectual property.
4. How do you know if a name is available for your startup business?
Question: How do you know if the name you use for your startup is available?
Short answer: Before you fall in love with a creative name, make sure someone else hasn’t taken it. The Cronin Law Firm can help you investigate potential names as options available to you.
5. What permits or licenses do you need to run a startup company?
Question: How can you know what permits or licenses you will need to open your doors?
Short Answer: Every situation is different. Permits and licenses vary based on your location and your industry. Some requirements, like state registration and building permits, are relatively universal. Others can vary simply based on which side of the street your building is on. You need to sit down with the business team at the Cronin Law Firm to make sure all the regulations your new business needs to meet are met.
There are no shortcuts to running a business start-up. It takes a lot of thought and hard work to get a new business off the ground. That’s why it is so important to have an experienced business attorney on your team from day one, to give your company individualized responses to your questions, instead of just short answers.
Contact Top Bloomfield Hills Business Attorneys
The Cronin Law Firm has experienced business attorneys located in Bloomfield Hills, Michigan who can aid with whatever legal issue you’re facing surrounding your startup company. If you getting ready to open a business startup, contact The Cronin Law Firm today to schedule a consultation.