A: Did you suffer from any personal injuries as a result of the collision? If so, it is well advised to contact a personal injury attorney immediately, as you are entitled to additional compensation. The additional compensation for your injuries and other recoverable damages can assist in your concern of depleting your savings, but you will not receive fair compensation unless you are represented by counsel.
That being the case, if you were injured, I recommend you organize everything in your possession that is relevant to this matter, including the collision report and medical records/bills, and consult with a personal injury attorney. Many of us offer free consultations, and will represent you in regards to your personal injuries on a contingent basis, so you will not have to pay anything out of pocket to obtain the representation and guidance of an experienced professional who will work with you to ensure your recovery is maximized.
A: It depends on the precise documents you are referencing, and your attorney would be in the best position to address your specific questions regarding the transaction. If you are not represented by an attorney, you should absolutely hire one immediately.
Many of us represent sellers in residential for a small flat fee ($500+/-). For that flat fee, we will not only be accessible to you throughout the entirety of the transaction to answer questions such as these, we will draft all closing documents, negotiate terms that are favorable to you, and attend the closing itself to ensure you and your family's interests are protected. It truly is in your best interest to hire an attorney ASAP, and since the fee is flat, it makes the most sense to consult immediately. There is simply to much on the line to risk being unrepresented during such an important transaction.
A: While it is not required, it may be in your best interest to set up the entity as a Professional Corporation. In order to know for certain, an attorney would need to review the structure and goals of the business, to name a couple of considerations. That being the case, I recommend organizing everything in your possession that is relevant to the business and its structuring, and contacting with an attorney individually for a consultation.