It is possible to cover all your legal bases as a startup founder or a small business owner without getting a migraine. Fact. We recently wrote about some areas in your startup or business where you’ll most likely need guidance informing your decision making. In case you missed it, you can read more about it here. This week we’ll explore more of these areas:
- Intellectual Property and why it matters
Although ignored most of the time, intellectual property is arguably a startup’s most important asset in comparison to all others. That is why it is your duty as a small business owner or a founder of a startup to protect your intellectual property and shield against non-violations as well. I have included a Summary Legal Compliance Checklist of the main areas of your small business that may need your attention at the end of this post.
- Relationships you can trust
Wouldn’t you wish to know how you can get professional legal help easily and locally, irrespective of your geographical location? I bet you would. Starting a business not only requires commitment but a reliable support system that you can count on when needed.
- Internal Governance structures
Certainty is important, more so in business. This is because certainty almost always yields clarity. Whatever business form that you choose as a small business owner, it is important that you have internal governance structures and systems in place to manage relationships. This ensures effective process-mapping and conflict resolution. The overall net result is increased efficiency in your output as a business.
- Capital Raising, Financing and Tax Legal Advice
As previously mentioned, each business form yields different legal obligations and potential exposure in terms of liability to the business owners or startup founders. One such obligation is the tax liability. It follows that each business form has different tax advantages and disadvantages. Consequently, each business form is likely to experience different tax-legal issues. When it comes to capital raising and obtaining financing in your startup or business, it is always advisable that you conduct negotiations from a point of knowledge and information. At the very least, have your financing or capital raising documentation reviewed by a qualified lawyer.
In case you are curious about startup legal compliance and getting all the legal bases for your business covered in One Simplified Affordable Actionable Step without the pain of hiring a lawyer for 100 different things you need as a startup or a small business, please click here to download your legal compliance checklist and learn more.