Creating a startup can be a way to chase dreams, for someone to be their own boss, or for someone to get out of the rat race and set their own schedule. Though there are tons of benefits to creating a startup, not everyone will be successful. Many will not last more than a year, with other businesses going under within the first five years. One of the ways to reduce the potential for failure can be to work with a business attorney, as there is a lot they can do to help startups.
Pick a Business Structure
Is it better to create a sole proprietorship or an LLC? Would it be better to start out as a corporation? The answer is, it depends on the business. Each business is unique, so what is right for one startup might not be a good idea for a different business. Working with business attorneys allows business owners to get help choosing the right business structure for the business, keeping in mind tax implications, the potential for losses from lawsuits, and many other vital factors.
Protect Intellectual Property
Intellectual property is protected through patents, trademarks, and copyrights, but making sure these are done properly to provide protection, finding out about instances of theft, and prosecuting the theft can be challenging, especially for new business owners. Does an idea need to be copyrighted? Should a new item be patented? How long does the process take? How much does it cost? A business attorney can help to answer all of these questions, as well as help if there is any theft or other issues with intellectual property.
Draft and Review All Contracts
Contracts that aren’t drafted properly can lead to thousands or tens of thousands of dollars in losses. It’s crucial to make sure that all contracts are legally sound, legally binding, and able to protect the business as much as possible. Before business owners sign any contract, they will want to make sure they have a lawyer review it to ensure they understand the terms and what can happen if they don’t uphold the contract. Working with an attorney enables business owners to get help when drafting or signing contracts to prevent potentially costly mistakes.
Navigate Employment Laws
At some point, business owners are going to want to hire someone to help them. This could happen right at the beginning when they launch the startup, or it might not be for a few years. Before doing so, it’s crucial that they understand the state and federal employment laws before hiring anyone, and that they know what they need to do to stay in compliance. Working with a business attorney can allow them to get help understanding the applicable laws, as well as get answers to any questions they may have.
If it’s time for you to follow your dreams and be your own boss, make sure you have everything you need to be successful. Instead of trying to DIY everything and risking issues if laws are broken, something is stolen, or there are other problems with the business, get the help needed to make sure it’s all done right. Schedule a consultation with a business attorney today to see how they can help you achieve success and create the startup you’ve always dreamed of running.