No matter what the size of your startup, it’s worth seeking legal advice before you launch. Even small startups can be complex, and you may feel overwhelmed when it comes to making big decisions. Luckily, there are law firms who specialize in working with small businesses or startups, and they can be extremely helpful in the early days. Here are some reasons you might need to get legal advice when you’re starting out.
Help setting up your business
There can be lots of decisions you need to make before starting your business, for example, will you start as a sole proprietorship or LLC? Do you know how much tax you’ll need to pay, and do you have contracts drawn up for employees or freelancers? People who launch startups are usually very good at what they do, whether it’s tech or creative or medical, but they might not have any business experience. Lawyers can help in the early days and help you ensure you’re operating legally.
Protecting your intellectual property
Startups are often involved in creating exciting new products, from apps to devices, which means it’s important that they’re protected. Without intellectual property protection, an employee or freelancer could use your idea and make it their own, which is why you may need business lawyers such as Parke Lawyers who can help you with trademarks and similar protection.
Dealing with partners and employees
Many startups consist of partnerships, but what happens if one of you wants to leave early into the venture? You will need to have lawyers draw up a buy-sell agreement, which sets out guidelines for what happens if one of you decides to leave. For example, they may be obliged to let you buy them out before they try to sell it to someone else.
Employee issues can be difficult to deal with too. It may not be long before you decide to hire your first employee, and this can mean drawing up contracts and ensuring you comply with local regulations. Even if you use freelancers, this means making contracts covering the delivery of services and payment agreements, so it’s worth running these things by a lawyer.
Protection from lawsuits
Whether you’re creating an app for information or making a product that’s designed to be used day to day, there can be risks for customers who buy things from you. Everyone has heard of some of the ridiculous lawsuits that can come from consumers, such as the person who crashed when using cruise control, thinking they had a self-driving car. You may need legal disclaimers for your products.
When you launch a new business, you’ll be dealing with a lot of legal issues, from the incorporation of your company to hiring new people, and it can be difficult to understand all the different types of jargon. If you don’t have much business experience, it’s worth getting help from people who do, and business lawyers can help you understand all your options so you can make the right choices.