Legal Considerations for Starting a New Business

Many of the initial decisions that need to be made can have long-lasting consequences, so you want to get it right the first time! Below are a few tips to consider when launching your business that will help ensure it has a successful start:

Legal Structure

How you legally structure your business is of upmost importance. There are different types of ways to incorporate your entity and each has its pros and cons. Having a knowledgeable business lawyer assist you with deciding which type of legal structure is the most advantageous for your company is important.

Contracts

It is a common mistake for new business owners to rely on verbal promises that get broken. There will be people that act excited about your new venture and make statements that they intend to do business with you, but without a written contract in place, you should not rely on these promises. In order to protect your interests, get it writing! This includes establishing written agreements between the founders of the business that establishes each party’s ownership interest and how the daily operating decisions will be made.

Protect your Intellectual Property

Your entity’s name, logo, or the type of product you sell can be intellectual property that should be protected. You should confer with your attorney to determine what types of intellectual property you have that should be legally protected. Failing to obtain the appropriate patent, trademark or copyright could result in you having no legal recourse if a competitor infringes on your rights. The use of a non-disclosure agreement is one way business owners can protect their confidential information.

Employment law

If your business has employees, it is necessary that you are informed regarding the various laws governing the employer-employee relationship, as well as the rules and regulations that apply to your specific industry.

Don’t be fooled into thinking you will save money by handling everything on your own. The money you spend working with us from the start will likely save you significant amounts of money in the future. Many start-up companies fail because of this one fatal mistake. Call today to get the professional advice and guidance you need.