Starting your own business can be an exciting, yet overwhelming experience considering all of the complexities involved, such as taxes, partnership agreements and intellectual property. At the start of a new business venture, many people are often focused solely on getting their service or product to market. Although this part of the process is important, it is also necessary to focus on long-term strategies and to protect you from the possibility of any adverse legal actions or consequences. Here are just 3 of the ways that hiring a business attorney in the early stages of your business can help to safeguard businesses future.
Protection of Vital Intellectual Property
Intellectual property is basically defined as the unique items that are created by you and that will provide an economic benefit. Intellectual property can include things such as copyrights, trademarks, inventions, designs and/or patents on your original works. Putting safeguards in place in order to protect your intellectual property is critical for the success of your business. A business attorney will help you set up the appropriate intellectual property security in order to help avoid the possibility of expensive litigation in the future. For example, your business attorney can help you register your logo as a trademark with the U.S. Patent and Trademark Office.
Establishing a Legal Entity
When you are ready to establish your business as a corporation, your attorney will be able to guide you through the various legal entity options, including incorporation. Incorporating your business will separate your personal finances from your business finances as well as protect you from having to personally assume the liability of the company debts. Your business attorney will provide advice on choosing the entity that is best for the long-term, such as whether you should set up as a limited liability corporation, a sole proprietorship or as a limited liability partnership.
Review Complex Legal Documents
One of the most overwhelming tasks involved with starting a business is dealing with massive amounts of paperwork. Working with a business attorney in the startup phase of your business helps to ensure that all documents received and created by you are correct. Some of the most common documents you will deal with during the startup phase may include partnership agreements, insurance policies and contracts. The attorney will review the documents to make sure that your interests are covered.
Some business attorneys are also familiar with patent laws, so if your business has developed a product, in order to protect your interest, you should discuss this with your business attorney. If your attorney is not familiar with patent laws, they will typically be able to provide you with references for someone who is familiar with these laws. You may have come up with an incredible idea for a business and you may have a strong chance of success, but without adequate counsel, your startup may be headed for burdensome stress and expenses. A business attorney like Strauss Troy will help you secure your company and save you from the possibility of costly litigation in the future.Share