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4 Essential Questions before Starting a Business

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Do you want to start a business, but you are unsure of what step to take next? This article details 4 essential questions to ask yourself when starting a business. These questions are based upon our experience working with hundreds of entrepreneurs and business owners to start, build, and protect their businesses. 

Do I set up an LLC or Corporation?

As a new business owner, you should ensure that your business is a legal entity. The Limited Liability Company (LLC) and the Corporation are distinct entities that provide different benefits. How do you decide which is right for your business?

LLC

              The LLC is the most likely option for new business owners. The LLC is flexible, easy to set up, and can be taxed in multiple ways.

Corporation

              For some business owners, Corporations may be the way to go. Corporations are distinct legal entities with rights and are taxed in addition to the owners & shareholders. Some see this double taxation as a drawback of the corporation model. Talk with a professional to know which is best for your business needs!

Should I register a Trademark?

If your trademark is essential to the life and success of your business, then YES! If your trademark is that essential, then you want maximum legal protection. However, if your trademark is a secondary concern to the overall success of your business, then most of your capital may be better spent growing your new business and the trademark can be dealt with later down the line. Many businesses are not aware, but you can always claim a Common Law Trademark for free instead of paying for a Registered Trademark.

Do I need a Contract?

Whether you realize it or not, you likely already have some! When a customer or other party comes to for X, you agree to that, and come up with some terms to that agreement – you have a contract. These can be oral or written. The biggest point on this essential question is to TAKE CONTROL OF YOUR CONTRACTS. Take those agreements, memorialize them in writing, and create some terms that protect your company in deals with employees, contractors, and customers.

What is the Best Sequence in which to do these Steps?

There are so many things to consider in starting a new business. Business plans, corporate formation, staffing, revenue, etc. My first recommendation – do SOMETHING. Take a step and move the ball forward. Adventure requires risk.

If you are looking for a partner to assist you in this process of starting a new business, we successfully work with many business owners and would love for you to be the next on that list. Contact our office today for more information!

Are you looking for additional practical steps in starting your new business? Check out our article & video titled: “6 Key Steps to Starting a Business” for tangible steps that you can take to move the ball forward in your new venture. Also, take a look at our article & video titled “5 Ways We Help Entrepreneurs Build Successful Businesses.“

Client Reviews

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  • Being a first time business owner, you want to make sure you're making all the right decisions. Choosing McCormick Law & Consulting, along with Emma and Taylor, made the process so easy! Emma understood right away what my primary concerns were, and was able to execute everything in a very timely manner! She was extremely easy to talk to and she took the time to explain everything to me, settling my nerves with taking this next big step. Taylor made the process of making it all official completely stress free.
    Crystal G.

  • I am a criminal defense attorney licensed in both North Carolina and Virginia. I have taught attorneys across the State of North Carolina on varying trial matters ranging from jury selection to DWI defense. I definitely could have created my new business, Davis Wealth Management LLC, but boy that would have been a mistake. Because business formation is not an area in which I practice, I had no idea where my blind spots were, and let me tell you there were plenty. The knowledge I received from the firm is invaluable.

    John McCormick and his firm are very reasonably priced and quickly and efficiently assisted me in creating my new business. It was completely turn key; they did everything for me.

    I can't recommend their services enough. Also, huge shoutout to Taylor who kept me informed every step of the way!

    James D.
  • I highly recommendMcCormick Law & Consulting! My Father and I live in two separate states and the properties he needed legal services for are in Virginia. I reach out to Taylor on two separate occasions and she was very responsive and professional. The first time we used their services it went so smoothly that by the time I needed their services again I knew I could just send over the necessary documents, pay my invoice and rest assured it would all get taken care of. They eliminated the stress that comes with handling some else's affairs and I so appreciate that.
    Heather C.
  • From the the very 1st conversation with their office it was clear they would be responsive to all my questions and any support with my business. They are relatable and make their customers feel comfortable with any questions and or concerns that might arise while using their services. I am happy to have found them to support me with my small business needs!
    Lisa N.
  • I can't say enough great things about the professional team at McCormick Law & Consulting! We really had no idea of who to trust and who we could count on for quick and professional service in the Hampton Roads area for getting our new business up and running smoothly and the Team at McCormick Law & Consulting really knocked it out of the park with us!
    Jerry G.
  • I had the good fortune of working with McCormick Law on a business sales contract. I sent them the initial draft provided by the buyer along with a few notes about my specific concerns. They carefully went through the document and provided meaningful additions and corrections that better protected my interests. Thanks to Bobby and John for their personalized attention.
    Arthur B.
  • Mr. McCormick and his entire team were amazing! They assisted me in a legal matter concerning a business dispute. Mr. McCormick is highly experienced, ethical, dedicated, and was prepared to fight my legal matter in court if necessary. I thank the entire team for believing in me and would highly recommend them to anyone!!
    Jeanette L.
  • We used McCormick Law to start up another LLC and it was a great experience. I have used other lawyers and attorneys in the past and I experienced delayed responses and it was what I have come to expect.From the first interactions with Robert and his team, I was surprised to how responsive they were. I even mentioned to my new business partner that this was not normal and I was very happy.Needless to say I will be using McCormick Law for all of my business needs in the future.
    Colton S.
  • I utilized this firm for help on a real estate matter. I felt comfortable with the advice I received and am happy to continue doing business with them and referring others to the practice. Everyone I engaged with was welcoming and made the process very easy.
    Christian S.

  • John and his team were great to work with. They provided advice for starting my business and set everything up in an efficient and timely manner. I will definitely recommend them to others!

    Elizabeth H.

  • I contacted McCormick Law firm to register my moving service in NC. They did an outstanding job. Completed the process way sooner than I expected. Thank you, Taylor.

    Steve T.

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    McCormick Law, PC d/b/a McCormick Law & Consulting is a boutique business and real estate law firm located in Norfolk, Virginia & Raleigh, North Carolina, that seamlessly serves clients throughout Virginia and North Carolina. Whether you are a new or existing client of the firm, McCormick Law, PC, cannot represent you on any new matter until the firm has made a determination that there is no conflict of interest and that it is willing to accept the new engagement. The testimonials on this website reflect the real-life experiences and opinions of our clients. However, the experiences are personal to those particular clients, and may not necessarily be representative of all clients. We do not claim, and you should not assume, that all clients will have the same experience. Your outcome may vary.

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