For my final assignment I
interviewed a law professional to find out the answers to some detailed law
questions dealing with my particular major.
The law professional I interviewed is Lawyer Gregory S. Smith Ltd.
(Estate Planning, Probate & Asset protection). He is currently a practicing
attorney at law.
My first
question to start our interview regarded the starting of a new business.
Starting a new business involves a variety of legal issues that range from the
relatively straightforward to overly complex. An entrepreneur who is first
entering the business arena may need a little help or coaching in how to handle
various legal issues. What is the best advice you could give me to start off
with? Attorney Greg Smith responded with, “My best advice is to not even start
or invest in beginning a business unless you know for certain that it will be a
success and last. I also want to say to practice patience when it comes to
setting up a business and the legal issues surrounding it appropriately.”
In my
second question, I asked Attorney Greg Smith, “Do I need written agreements
between any Business partners I might have in the future?” He then responded to
my question with the answer, “You will need something very important known as
an operating agreement. This agreement will cover things such as how to handle
the money, how to vote/make decisions, when to take out money and when to put
money into the business. If you do not have an agreement as such the government
chooses the verdicts of you business, and you most likely will not like that
outcome.”
My third
question was stated in such, “Greg Smith, are there any relevant employment
laws that I must be aware of?” He responded to my question with this answer,
“There are contracts to be signed designating who is the owner and who is the
employee in a business. As well as if the business is going to be under an
independent contractor. It is important to follow tax laws and
non-discrimination laws as well. The type of business being run is extremely
important when considering employment and how to deal with the laws involving
that issue.”
In my
fourth question I stated, “ In my future business of Design and looking to grow
in that field, when dealing with legal issues I will most likely be dealing
with an Intellectual Property lawyer or a Business attorney?” Gregory S. Smith
answered my question by saying, “You will need to deal with a Contracts &
Business Lawyer.”
In my fifth
question I stated, “What are some basic tips to help me gain a general
understanding of the laws affecting my area of industry?” Greg Smith replied
with, “You need to have as much knowledge as you can, I recommending having
another skill outside of your creative education. Learn accounting, take more
general business classes, and gain computer knowledge and skills. This will
help to make sure you are setting up a sturdy business that will be secure in
all areas, including the law.
To continue
our interview, in my sixth question I stated, “How much would a lawyer charge
for his or her services in setting up my contracts and business
agreement/paperwork etc.?” His reply was anywhere around fifteen hundred
dollars to thirty five hundred dollars. I found this to be an expensive fee,
but learned how it was the wisest decision a business owner could make. Setting
up your business legally is crucial.
My seventh question was, “Have you ever seen an issue with a
small business in your career that got them in trouble legally, what was the
issue and how could it have been avoided? Greg replied with, “Any business with
a partnership seems to have problems. I see partners in business have issues
all the time, and settling who gets what in a business gets messy and costly.
Prenuptials, making sure all paperwork is bulletproof, and that your
partnership is covered by the law are all tips for protecting yourself from
some legal troubles.”
My eighth
question was, “When it comes to naming my business, how do I go about
protecting the name and image associated with my business besides just
patenting it?” He replied, “If your business goes out of state boundaries it is
extremely important to Trademark it. In order to have an out of state business
it must be trademarked. And you cannot Trademark your business until it crosses
state boundaries.”
My ninth
question for Greg Smith was, “Is there any applicable license or permit
requirements which must be satisfied as part of the start-up of the new
business?” Greg’s reply was, “You will need a city license, state license,
county and federal licensing.”
My last
question to conclude the interview was, “What legal form should the business
adopt? Sole Proprietorship? General partnership? Limited partnership?
Corporation?” His final reply was, “If you are planning on making a lot of money
then plan on Sole Proprietorship. Plan on having an LLC as well. LLC is limited
Liability.
