When the majority of startups don't make it past the first year, it's important to open give your business the best possible chance of success and that's why startups need business lawyers.
Startups need business lawyers to gain that competitive edge.
Usually, you don't know what you don't know. That's where business attorneys step in and provide guidance. They will give you all your options and let you choose the best path for your business, but you cannot make that decision if you don't do your research and become informed of the options. Business attorneys are there to minimize your startup's risk and help you protect your business assets.
Can you confidently answer these questions about your startup?
What kind of business structure is the most advantageous for your type of startup?
Have you chosen the best business entity for your startup? Are you aware of all your options? Have you chosen a sole proprietorship, an LLC, a Limited Partnership, an S-Corporation, or a C-corporation? Have you reviewed the tax implications of your choice?
Do you understand the local laws that may affect your business?
Many startups challenge the local laws. You don't want to have to put all that work into your startup only to get shut down months later because the laws don't support that type of business. For instance, AirBnB took on hotel zoning laws. Do you know what laws you may be facing?
Do your contracts protect your business interests?
Your startup will need many types of contracts. There partnership agreements, employee contracts, supplier contracts, landlord leases, business agreements, investor contracts, non-compete agreements, non-disclosure agreements, lender contracts, and many more. You have to enter into a variety of contracts when you own a business. Are you confident that these contracts will protect you?
Is all of your intellectual property protected?
Have you applied to the US Patent & Trademark Office or the U.S. Copyright Office to protect your startup's original content? Are your logos, trademarks, designs, inventions, unique processes, products, and brand all protected?
Have you chosen the best financing option for your startup?
Are you using your own money to fund the startup, are you getting a loan from a traditional lender, or are you seeking outside investors? Will you stunt your company's growth if you don't seek outside funding options? What are the difficulties involved in securing outside funding?
These are just a few of the issues that business attorneys can assist startups with. For more information about how a business attorney can help your startup not only get up off the ground, but grow into a large business, send us a message.