How To Avoid Legal Snares To Protect Your Start-up
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How To Avoid Legal Snares To Protect Your Start-up
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Entrepreneurs often make up in enthusiasm what they lack in experience. However, passion alone is not enough to ensure the success of a startup. If you’re starting a new business, you need to avoid the six legal snares below.
Lease agreements. A commercial lease is much different than a residential lease, and unlike renting an apartment, renting office spaces is something that needs to be negotiated. There are clauses in commercial leasing that can make you responsible for a share of the building’s operating expenses, or use restriction which could limit your business growth.
1.Lease agreements. A commercial lease is much different than a residential lease, and unlike renting an apartment, renting office spaces is something that needs to be negotiated. There are clauses in commercial leasing that can make you responsible for a share of the building’s operating expenses, or use restriction which could limit your business growth.
2. Entity selection. Choosing how you structure your business from a legal and financial perspective should not be done without a Creative Business Lawyer who can help you understand the advantages and disadvantages of operating as a sole proprietorship. LLCs, S-corporations, C-corporations, or partnerships should also invest in this. Putting the wrong structure in place could cost you to plenty to unwind it if it doesn’t support the growth of your business.
3. Partnership agreement. If you have a partner in your new venture, you will need a partnership agreement that spells out how profits and losses are allocated and other issues to establish a viable framework for operation within a business.
4. Intellectual property. Every business will have some type of intellectual property to protect via a patent, trademark, or copyright. However, before you throw money at IP protection, consult your attorney to determine which IP strategy you should consider. They can also help you to determine what needs to be protected and the financial resources you have available.
5. Insurance. Most likely, you will need general liability insurance as well as property insurance for your business. Depending on the nature of your business, the officers and directors may also need insurance to protect them from liability in the business (D&O insurance). You will need to check your lease for any insurance requirements as well.
6. Employment matters. Your biggest risk is typically working with your own team. You need to be familiar with both state and federal employment laws that will govern your relationship with employees and independent contractors.
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