Being an entrepreneurs and owner of a startup business you are likely a one-man management team and most often you don’t think you need a lawyer. An entrepreneur might also think that hiring a lawyer is an unnecessary expense. If you have the same line of thinking, it is time to change your perspective. As an entrepreneur or a startup owner, you need a legal advice that would assist you in making a business decision with confidence and security. Here are some important business decisions that you would need a service of a lawyer in Melville.
Entity Formation: In starting a business, you need to decide what type of entity your business would be. You would likely to choose between the C-corp, S-corp or an LLC for your business. A lawyer could definitely help you choosing an appropriate entity suited for what you want to achieve.
Intellectual Property: Intellectual Property (IP) ownership can be tricky business that needs legal expertise. If you are developing a new product, you need to ensure that your or your company owns 100% of the IP rights to the product. If your company hire people to develop a product, you should secure a legal and binding agreement that all the intellectual property rights to product being develop is owned by the company alone, even the product is being developed by one of the founder of the company. This will save you a lot of legal trouble when the time comes.
Trademark: Being a startup you need to ensure that you have not breach any existing trademark. Also, you need to protect your brand. Filing a trademark at the beginning of your business will ensure that your brand is protected.
Founders Agreement: Having founders’ agreement is very important. A founders agreement will define the roles and responsibilities, capital contribution, IP assignment, equity ownership, decision making procedure, resignation, and removal procedure.
Employment matters: Employee compensation, benefits, confidentiality, non-competes, hiring and firing are just few of the matter that would need the expertise of a lawyer in Melville. There is an employer – employee agreement that needs drafting and making sure that it is legally binding.
Hiring the services of lawyer can be costly and would take some of your time but in the long run it will worth it all.