Business Legal Fundamentals
Whether you’re starting a new business or launching a product or service, it’s essential that you take the right steps early on to protect yourself.
Don’t worry: nobody completes all the initial steps on Day 1, but successful entrepreneurs learn how to properly set themselves up for future growth.
Here are a few tips to get you started:
- Consider what type of entity your business is going to be. These may include a solo business, a partnership, a corporation, an LLC, or a non-profit.
- Be sure to consult with both a qualified attorney and a business-focused CPA before getting started. You will benefit from surrounding yourself with a knowledgeable team that will help you avoid legal issues and minimize your tax burden.
- Engage an attorney to do a full trademark search for your business name and brand name. Too many businesses fail to take this step. They often end up receiving “Cease and Desist” letters right when their sales are taking off. This results in unanticipated legal costs, in addition to the huge burden of having to create a whole new brand.
Business Building Blocks
Here are some of the key concepts to understand when you’re getting ready to launch:
CORPORATIONS, LLCS, AND PARTNERSHIPS
These are among the variety of forms that your business may take. Sometimes this is referred to as the “type of entity.” These include:
Solo Businesses (also known as Sole Practitioners)
This is the default status if you’re working on your own and you haven’t filed the paperwork to form any other type of legal business entity.
| Partnerships Sole practitioners and partnerships are less costly to form than corporations or LLCs, but they don’t provide the same level of liability protection. As a sole practitioner or partner, your personal assets may be subject to attack in the case of a lawsuit. Corporations |
LLCs An LLC is a limited liability company. LLCs operate in a manner that’s similar to a corporation, but usually require a bit less formality, which can translate into cost savings. Non-Profits |
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TRADEMARKSAnything that identifies your brand. This may include your brand name, business lame, logo, or tag line.
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COPYRIGHTSLegal protection for valuable creative works produced by an individual or a business.
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BUSINESS TRANSACTIONSThis term covers a broad range of agreements, such as:
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ONLINE TERMS AND CONDITIONSThese include your website’s Terms of Use, Privacy Policy, Copyright Notice, and other documentation that’s required to shield your business from legal liability. |
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ENTERTAINMENT AND SOCIAL MEDIA LAWWhat do these have to do with businesses that aren’t in the “entertainment industry?” In today’s business environment, almost every business is heavily involved in online marketing. The principles of Entertainment and Social Media Law have been applied to any business that is public-facing. |
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Transactional Law Consultation
Sometimes there are straightforward solutions that require less strategy and more implementation. We offer focused, transaction-based consultations to get your legal needs completed correctly and on time. Click here to contact us and schedule a consultation to discuss your needs in the following areas:
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