Most entrepreneurs feel overwhelmed by all of the decisions that they must make when 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:
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.
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.
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.
ABOUT THE AUTHOR: Romy Jurado
Romy Jurado is one of the founders of Jurado & Farshchian, P.L. a business, real estate and immigration law firm. She focuses her practice on business law, including corporate and transactional matters with an emphasis on corporate formation, stock and asset sales, contract drafting, and business immigration. Romy is originally from Peru and moved to the USA with the dream of becoming an attorney and entrepreneur. Romy is actively involved in the community through her work as a Score certified mentor, and speaking at conferences to entrepreneurs and small business owners.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
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