How to Prepare for Your Corporation, LLC, or Partnership Consultation

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 How Can I Prepare for a Consultation Regarding a Corporation, LLC, or Partnership?

Whether you are seeking legal help as a corporate shareholder, a member of a limited liability company (“LLC”), or a partner in a partnership, you should always come prepared when it is time to attend a consultation meeting with a lawyer. The way that you prepare, however, will depend on the issue that is prompting you to speak to a lawyer in the first place.

For example, if you need assistance with filing the Articles of Incorporation and other registration forms that are necessary to start a business, then you would bring the information that is required to complete the registration forms.

On the other hand, if you are a corporate shareholder and are suing to collect money that is owed from selling your stocks, then you would need to bring documents that prove you were the rightful owner of that stock and paperwork associated with the sale of that stock.

In other words, preparation largely depends on the legal issue for which you are seeking legal help. Also, if your issue does not immediately indicate what types of documents might be important to your consultation, then you can always ask the lawyer whom you are meeting with if there are any documents that you should bring with you for them to review.

Aside from scheduling a consultation with a lawyer, some other items that you should consider in order to prepare for your meeting with them include:

  • Knowing how much you are willing to spend on legal assistance by making a budget and reviewing your finances;
  • Writing down any questions you have about the issue to ask the lawyer when you meet with them;
  • Preparing a list of questions about the lawyer themselves to see if they are the right fit to take your case (e.g., their legal background, their track record for similar legal matters, etc.);
  • Figuring out what you want them to accomplish for you (e.g., if you want to sue another corporation for stealing a logo that was trademarked, what type of remedy would satisfy you?); and/or
  • What your backup plans are if you find out that a lawyer is too expensive or cannot help you.

What Documentation and Questions Should I Gather Before Meeting with a Business Structures Lawyer?

As mentioned, a client should always be prepared for the consultation meeting with a business lawyer. This can help save them both time and money. Thus, before a client meets with a business lawyer, they should create a list of questions they have about their issue and/or about the lawyer themselves.

Some examples of the types of questions that a client may want to ask their business lawyer while at a consultation meeting include:

  • How much experience the lawyer has in handling business cases and what their specialization is;
  • The fee structure that the lawyer will use to charge the client (e.g., bills by the hour, etc.);
  • The approximate amount that the lawyer thinks their legal services will cost or how long they foresee a specific matter taking; and
  • Whether there are other documents that the lawyer needs from the client or if the client has provided them with sufficient information about the issue.

A client should also gather a number of documents to bring with them to the meeting. Again, the types of documents will depend on the issue in question. This can include:

  • Contact information for other owners in the company;
  • Financial documents if the business already exists;
  • Business contracts and other agreements made between parties in the company or outside parties like other entities;
  • Documents required to fill out business registration forms (e.g., Articles of Incorporation); and
  • Various other items related to the business matter at hand.

What Makes a Corporation, LLC, or Partnership Case Strong? What Makes it Weak?

As discussed above, the type of issue that a business is experiencing can have varying effects on a company, depending on the kind of problem that is occurring and which parties are involved in the matter.

In general, some factors that can make a case for a corporation, LLC, or partnership stronger may include the following:

  • Hiring a lawyer who has extensive experience with handling issues that arise when forming one of these types of businesses;
  • Gathering, organizing, and preserving solid evidence to support a case;
  • Remaining flexible and being willing to compromise with other business owners in the company or another business;
  • Creating a clear plan of action and knowing what a party wants to get out of a case;
  • Keeping an open mind and realizing that sometimes the parties may be better off handling the problem without interference from outside parties;
  • Asking for legal help when a party does not understand the issue or a remedial procedure related to the issue; and/or
  • Drafting a business contract, so that every party connected to the issue or business understands their role after the dispute is settled.

In contrast, some factors that can make a case for a corporation, LLC, or partnership weaker may include:

  • Hiring a lawyer who does not have experience with these types of business structures or has no expertise in handling business cases at all;
  • Failing to gather specific evidence to support the case or weaken the opposing side’s case;
  • Remaining inflexible and unwilling to compromise with other business owners or with another company;
  • Not asking questions about the issue or a procedure related to the issue when it is not clear;
  • Hiding or destroying evidence that is relevant to the matter in question;
  • Violating the law (either one-time or continuously); and/or
  • Ignoring an issue in hopes that it will go away on its own, as opposed to getting the right legal help to properly resolve it.

What are Some Dos and Don’ts for Business Structure Cases?

Some dos and don’ts for business structure cases may include:

  • Do understand the tax liability and personal risks associated with each business structure;
  • Do not assume to know the requirements for starting a business without first reviewing the laws of the state that it is being registered in;
  • Do develop a business plan and potentially a contract. This is not only useful to run a successful business, but some business structures will require similar documents to be filed with the Secretary of State;
  • Do not file paperwork or select a business structure if something is not entirely clear beforehand;
  • Do consult a local business lawyer about any business structure questions or hire one to assist with the issue; and
  • Do not show up unprepared to a consultation meeting with a business lawyer.

When Do I Absolutely Need a Lawyer for Business Structure Issues?

In the event that you encounter an issue concerning the structure of your business, then you will absolutely need to consult a local business lawyer. This is especially true if your matter involves any of the following factors:

  • If the issue involves submitting the wrong business registration documents or selecting the wrong type of business organization when filing business registration documents;
  • If your business registration documents were filed properly and there are no errors, but you simply want to change the formation of your business;
  • If you are unsure of what type of business structure best suits both your company and the goals of your company;
  • If you do not understand and would like to know more about the different tax benefits of each business structure;
  • If you do not understand your state’s procedures for filing business registration documents or would like to modify the location of your headquarters to somewhere overseas;
  • If there is a dispute with another partner or owner over how to structure the business organization; and/or
  • If your business is downsizing and you need to find the least expensive way to restructure your business.

As previously mentioned, business issues can be difficult to handle without assistance from a business lawyer. There are many types of issues that can arise in connection with a business. Also, in some instances, what may seem like a single issue, may actually be three by the time you analyze the issue and apply state business laws. Therefore, if you are having issues with your business structure, you should speak to a local business lawyer immediately.

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