Your Uncle Charlie has passed away. Charlie Flaherty had tremendous luck at the track playing the horses, married well but had no children. His wife predeceased him. Charlie also had an affinity for bars and restaurants (mostly bars and the lower class the better). You have always been Uncle Charlie's favorite and he has left the following bequest to you in his will.
I hereby bequeath the sum of $500,000 to my favorite relative. However, I don't want the money to be used foolishly, so I have some conditions:
You will only inherit the money if you use it to start a business. Since I love the food and beverage industry, I ask that you start a business in that industry, but I don't care what type you start - follow your passion - but be sure to think about all of the things that might go wrong and have a plan. If there is another industry that you would rather start, go to it. I want you to be happy but I want you to try being an entrepreneur.
I've arranged for you to meet my attorney. In order to make your meeting productive you will have to prepare a summary memorandum to him answering the below questions - because otherwise he will charge too much. I wish you nothing but success and I hope you will think of me over a couple of pints now and then.
The following questions will give you some ideas but are not exclusive. You have a number of areas of law that you should look at:
1. What is the business you intend to start?
2. Will you have partners? If so, how will you handle making decisions and sharing profits?
3. Are there any business risks in your plan? How will you guard against them?
4. Will you be looking for outside investors? What will your capital plan be?
5. Are there any intellectual property (patent, trademark, copyright, trade secret) issues you can think of? Describe them.
6. What form of business (Sole Proprietorship, Partnership, Corporation, LLC) should you choose? Why do you feel that is the right option?
7. Tort issues, contract issues.
8. Hiring an attorney and an accountant.
9. Lawsuit issue and jurisdiction.
10. Liability
11. Taxes.
12. City and town ordinances (zoning, licensing) and state laws.
13. Purchasing building and personal property. Liens, etc.
14. Borrowing issues
15. Employment?