Essential Legal FAQs for Massachusetts Start-Up Entrepreneurs

Navigating Legal Questions for Your New Venture

When starting a new business, knowing the right questions to ask is essential. Here are some crucial inquiries and their answers to help guide your start-up journey:

How do I protect my personal assets from business risk?

Forming a limited liability company (LLC), S Corporation, or another corporate entity should shield your personal assets from business debts.
To maintain this protection, ensure you follow corporate formalities and handle your accounting correctly.
Collaborate with your attorney and accountant to preserve liability protection.

What's the difference between an LLC and an S corporation?

Both entities offer personal asset protection and tax advantages, but financial and tax considerations differ.
Consult with an accountant to determine which suits your business best.
Generally, starting as an LLC provides flexibility, as it's easier to convert to an S Corporation later.

Should I wait until I start making money to incorporate?

Your personal liability for business debts exists as long as you're a sole proprietorship, regardless of profitability.
Incorporate early to protect yourself from financial obligations before your business generates income.

How do I protect my brand?

Your intellectual property, including business name, logo, and visuals, becomes valuable as your business grows.
Secure trademark protection for your logo and business name, especially before facing potential copycats.

What insurance do I need?

If you have employees, workers' compensation insurance is mandatory.
Additional coverage depends on your business type and lease terms.
Seek guidance from trusted insurance advisors listed on our referral page.

How can I manage payroll and human resources functions?

Payroll services simplify tax, withholding, and PTO management at a reasonable cost.
We can assist in creating employment manuals, policies, offer letters, and handling termination issues.

When should I call a lawyer?

Seek legal counsel before signing contracts, making job offers, launching products/services, or critical business decisions.
A brief consultation can help prevent costly problems or legal disputes down the road.

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At slnlaw, we're more than just lawyers; we're business owners too. We understand the challenges you face, and we provide legal expertise to protect your start-up, ensuring you make informed decisions from day one. You can use the button below to schedule a free information call, or just give us a call at (781) 784-2322.

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