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A startup is always a risky—but potentially highly rewarding—prospect for any prospective entrepreneur. There is a lot that goes into making a startup a success, from coming up with the right big idea to finding people that can help make that idea a reality. One aspect that is highly important to the success of any startup that many people might not think about, is an attorney. That is most likely because people think that they only need to hire an attorney when something goes wrong or if there is some kind of dispute. But if a startup entrepreneur hires an attorney early on, then they won’t have to worry about conflicts or disputes as much.
Of course, the right lawyer needs to be hired since business law is a specialized category. At Hogan Hulet, we have over a decade of experience serving and helping a wide variety of business clients. We can help them to resolve any disputes that arise and we can help them to prevent any disputes from happening in the first place. Be sure to contact us if you plan to create your own business from scratch. We can make sure that running your business is the only thing that you will ever have to worry about.
When creating a startup, a lot of contracts will need to be made and drawn up, plus there are a myriad of other legal issues that need to be addressed before a business can get off the ground. Here are the reasons why a business startup needs an attorney.
If a business is being started by more than one person, then it is essential that they draft an agreement outlining their responsibilities, their ownership stakes, what power they can wield, and what should happen if one of them leaves. It is best if this is done early in the process of creating the startup because it establishes everyone’s role in the company from the beginning. That way it is easier to resolve any conflicts among the owners that might come up later on.
That is why they should get an attorney to draft a Founders Agreement. This agreement is a contract that shows the rights, responsibilities, obligations, and liabilities of each of the founders. It also has provisions on what should be done in the event that one of the founders leaves. The terms of the agreement can be adjusted as needed, but it is important that there is an official agreement in the first place.
Unless the startup is based out of a shared workspace it will need its own dedicated space. And that dedicated space will require a long-term commercial lease. The business will need the help of an attorney to negotiate a lease agreement that is fair because landlords tend to have the advantage in lease negotiations.
When creating a business it is important to establish a recognizable brand that people can know and trust. Once the brand has been established, it is important to then protect that brand at all costs. That means filing trademarks and copyrights for all of the company’s intellectual property. That prevents competitors from using a name or logo that is similar to the one established by the business. Some businesses might even need to take the extra step of drafting confidentiality agreements aka, NDAs (Non-Disclosure Agreements) to make sure that no corporate secrets get leaked. Needless to say, a lawyer will be necessary to help with all of these things.
It is important for every business to have clear documentation regarding the hiring of employees or independent contractors. That means their employment obligations, their payment structure, benefit requirements, reasons for termination, and so on. It should be noted that the distinction between a fulltime employee and an independent contractor is very important, particularly when it comes to the IRS and taxes. In fact, it is the IRS that determines whether a person is an employee or a contractor, and the right classification is needed when it comes to taxes, finances, and the law.
Every business will need to draft contracts at one time or another and those contracts depend on the nature of the business. There can be development contracts, licensing agreements, supplier contracts, and more. Those contracts need to be clear and ironclad so that if anyone breaches a contract, it will be obvious that they did. A startup attorney can help to draft the types of contracts used by the company and can help them if a contract breach occurs.
Many startups need capital in order to expand their business and they can get it in two different ways: debt or equity. Debt is when the business owners borrow money from a bank or from people close to them. Equity is when they sell ownership in their company in exchange for capital. No matter which route the business takes, it is important that it is carefully documented and that the securities laws that govern such transactions are strictly followed.
The process of starting a business can be complicated, which is why burgeoning entrepreneurs need all the legal help that they can get. An attorney is essential in many facets of the business, from drawing up contracts to protecting the integrity of the businesses brand to making sure that all of the company’s founders are on the same page. A business attorney is invaluable for any startup, which is why we encourage any Las Vegas entrepreneurs who are starting their own business to get in touch with us. At Hogan Hulet, we have helped many business owners who are starting out and need the help and guidance that attorneys with over a decade of experience can give them. So be sure to contact us when you decide to strike out on your own to create a startup in Las Vegas.
