Legal Tips for Starting a Business
Starting a company is an incredible journey, but also can be very overwhelming. Before you put that life-changing idea to work, you have to get all your legal ducks in a row. Remember there is a lot of hard work to do, hoops to jump through, and details than cannot be overlooked. One of the first major steps to take when you start a small business is to hire a lawyer. You can run into many legal issues at any time during your business journey. We spoke to Texas patent attorney, Zachary Hiller to gain some insight and his best legal tips for starting a business.
Top 6 Legal Tips for Starting a Business
1. Hire a Lawyer
First and foremost, hire an attorney. The costs of a lawyer are minuscule in comparison to a lawsuit or losing your business. An attorney can help you with everything from your company name to a business plan, trademarks, and more.
2. Have a Budget
Part of your business plan has to include every cost. You must understand all costs, sales, and requirements before moving forward with your company. A valuable business and financial plan will help you set to present and future goals for your business. No successful business survives without a detailed budget.
3. Patent Your Idea
If your business is based on an intellectual idea or product, you should submit a patent. Someone else could have filed a patent on your idea already, which would put your business in jeopardy. Do your patent research before anything else. Patent protection may be the foundation your idea needs to build a stable future for your company. An attorney can help you search and make sure your intellectual property is all yours.
4. Know the Market
Research the competition beyond patents. If you know several companies offering similar products or services, you may need to alter your business plan. You want your business name and product to stick more than a few years down the road without running into a lawsuit.
5. Have Paperwork for New Employees
When you hire your staff, be sure to have them sign non-compete agreements. This means they cannot work against you or give away confidential company information. In the start-up world having an employee share your trade secrets could destroy your business.
We hope you are excited to start a business, and that these legal tips will help youalongg the way. Stay tuned for more upcoming legal tips and advice.