New Business Venture? Consider these Tips

Business owners often feel overwhelmed by all of the difficult decisions that they have to make. To add to the stress, the decisions that are made now can impact your business for a long time, so it is essential to make smart choices. Below are some helpful tips to assist with getting your business off to a successful start:

Legal Entity Formation

There are numerous types of business entities to consider. They each have their own advantages and disadvantages. To learn more, please read our blog titled “Tips for Choosing the Best Legal Structure for Your Start-Up.” One of our business formation lawyers can help ensure that you choose the legal structure that is most advantageous for your business.

Written Contracts

When you first start your business, you are likely to have people start making promises that they never follow-through with. Don’t be afraid to get agreements in writing and protect your best interests. You should begin with forming a contract between the founders of the business that sets forth, among other things, how daily operating decisions will be made and what percentage of ownership each individual has in the entity.

Intellectual Property

The name of your business, its logo or even the product you sell can be considered intellectual property. Don’t make the mistake of failing to obtain the appropriate trademark, patent or copyright to protect your rights and provide you with the ability to obtain legal recourse against an infringing party. If your business has employees, works with vendors or other third-parties that have access to private information, you should consider requiring them to sign a non-disclosure agreement (which will be discussed in future blogs).

Employees

If your business will be hiring employees, it is important to educate yourself on the numerous laws governing the employer-employee relationship. Depending on your industry, there may be a variety of laws, regulations, and rules that are applicable to your specific business.

Get help

A new business owner typically is looking for every way possible to save on expenses. However, handling legal matters without the assistance of an attorney can end up costing you significantly more than the expense of working with a professional in the beginning. Don’t let one mistake shut your business down before it really gets started. Contact us today by calling (480) 888-7111 or submitting a web request here.