Top Legal Needs For Your Small Business

Posted on: 3 April 2018


Start-up companies require a lot of cash to help them become established. When allocating resources to your small business, it can be tempting to overlook the funding of a legal team. This decision could prove to be a costly one for you in the long run.

The legal needs of small businesses can vary, but all businesses have basic legal needs that must be addressed by an experienced attorney.

Forming a Corporate Structure

Your legal needs arise before your small business is even up and running. To establish your company in the market, you need to form a corporate structure that will influence your tax obligations and the separation of your personal and professional financial dealings.

An attorney can help you determine which type of corporate structure will be best suited to help you meet your business goals. The paperwork required to file for incorporation or to establish an LLC can be daunting, but an experienced attorney will be able to help you navigate through the process to set your business up the right way.

Creation of Contracts

Contracts play a central role in most business activities. You will need contracts that outline each party's obligations when dealing with partners, investors, employees, and vendors. Because the terms of a contract are legally binding, it's important to protect your new business by having an attorney review any contracts prior to signing them.

Your attorney will be able to help you make revisions to the contract that protect your company against potential lawsuits, or that could compromise your financial success in the future.

Protection of Intellectual Property

Many small business owners focus on physical assets while forgetting about the importance of protecting their intellectual property. Ideas, manufacturing methods, and product design are all valuable commodities.

Your attorney can help you generate non-disclosure agreements and non-compete agreements that will ensure your employees and investors don't use your intellectual property to make a profit for themselves. An experienced lawyer will also be able to help you file the necessary trademark and patent applications needed to establish ownership of your intellectual property in the future.

Working with a knowledgeable attorney can help you avoid legal pitfalls when establishing your small business. You will need help creating the right corporate structure, drafting beneficial contracts, and protecting your intellectual property if you want your business venture to be a success. Be sure that you allocate funding for a competent legal team to advise you as your small business grows.

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