Starting a company can be daunting, especially considering all the complexities of taxation, intellectual property, partnership agreements, and more. At the beginning of the business, founding members usually focus only on bringing their products or services to market. While this focus is important, it is also wise to focus on long-term strategies and protect yourself from adverse legal actions or consequences. The following three ways to hire a commercial lawyer at an early stage can help ensure your entrepreneurial future.
1. Establish the best legal entity
When you set up a company, the attorney will guide you through the various legal entity choices, including registration. Merging your business separates your personal finances from your business and protects you from having to take responsibility for your company's debts. Experienced commercial lawyers will advise you on whether you should set up a sole proprietorship, limited liability company or limited liability partnership. Lawyers will help you choose the entity that is best for the long-term, so you don't have to change it on the road and incur extra trouble and expense. Discussing your situation with a legal expert will enable you to assess your financial situation and future goals and help you make the right decisions.
2. Protect important intellectual property rights
Taking safeguards to protect your intellectual property is critical to your company's success. Intellectual property is often defined as a unique project created by you that provides economic benefits. Intellectual property includes trademarks, copyrights and patents of original works, designs and inventions. Lawyers will assist you in establishing appropriate intellectual property protection so that you can avoid expensive litigation in the future. For example, you can protect your logo or brand by having your commercial attorney register as a trademark of the USPTO. In addition, if a competitor copies your logo or brand, your legal counsel can send a stop letter and immediately stop any further damage to your trademark. Taking shortcuts to intellectual property at the beginning of your business, rather than getting proper protection, can cause irreparable damage to your brand in the future.
3. Review complex legal documents
Starting a business usually involves dealing with a lot of paperwork. Having your lawyer work with you at the startup stage helps ensure that all the documents you create and receive are correct and that you cover all of your interests. Typical documents processed in the initial phase are contracts, insurance policies and partnership agreements. Partnership agreements are especially important when you consider common issues between startup founders, such as division of responsibilities, equity splits, and profit sharing. While there are many general commercial contracts on the Internet, advocates focused on your situation will ensure that the documentation you use provides the unique protection you need for your particular situation.
You may have started to have an incredible idea and a great chance of success, but if you don't have enough advice, your startup may be on the road because of the heavy costs and pressure. Consulting experienced business lawyers will help protect your company and avoid cost litigation in the future.
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