Starting a business is an exciting time, but there are also a lot of details, legal issues, and considerations that are important to not only understand but to consider the consequences of the choice you make.
Individuals in Minnesota that are planning on starting any type of company need to consult with a business formation lawyer to understand the options you have and the benefits and possible considerations with the various business options. For instance, opening a DBA (doing business as) type of company is different than setting up an LLC (limited liability company) or a non-profit.
Initial Meeting
The initial meeting with a business formation lawyer is a chance to be able to discuss your business plan with the attorney and obtain experienced and expert legal advice. The first meeting will typically be a chance for both the attorney and the client to ask questions and discuss options, particularly for a new business owner who has never started a company before.
It is helpful to have information in written form to provide to the attorney at this meeting. In many cases, the law firm may email a checklist of documents to bring with you. Many law firms now request that specific documents be emailed or faxed in advance of the meeting, allowing the business formation lawyer to have time to review information and be prepared to ask questions specific to your business.
What to Bring
In general, most attorneys will ask for the following documents to be available prior to or at the first meeting. These will include:
* Business plan – this should be detailed and as specific as possible.
* Information on company assets and liabilities – if you are buying an existing company, bring in all information on the existing company or, if it is a new company, create a balance sheet of assets and liabilities.
* Information on partners, investors, contractors and others involved.
The more information the attorney has on the Minnesota business proposal; the more specific answers can be to questions. Additionally, with information readily available, it is easier to provide advice on options for structuring the new company.
