Growing your startup from the seed of a great idea to a profit-making enterprise takes time and effort. In the event that you run into any kind of legal complications, though, it does not matter how much time and effort you have invested; you are going to need the advice of a lawyer.
Lawsuits and other legal complications can raise their ugly heads from out of nowhere. The only way that you can protect yourself from suddenly being landed in hot water, either because of mistakes or through no fault of your own, is by keeping a lawyer on retainer.
Here are some of the most important reasons why every new startup needs a lawyer.
Formation
Every new company needs to be registered as a legal entity. If you try to go it alone, filing the documentation for LLCs or corporations can be a minefield of legal jargon if you do not know the law. A lawyer can really help you out on this front, leaving you to concentrate on the business side.
Funding
Your startup will not get too far if you can’t secure solid funding. The problem for many people who are excellent on the creative side of things is that they have little or no experience of dealing with creditors. A lawyer will be able to use their experience to argue your case and negotiate clauses for repayment that are fair.
Founders
At the birth of every company, it is necessary to formalize the ownership structure. If the percentage of company liability is not fixed early, the likelihood is that you will run into serious problems further down the line as founders dispute who owns which share of the profits.
Employee Contracts
Once you are large enough to think about hiring some people to help you, a lawyer can help you draw up watertight employee contracts. You need to make sure that you have every base covered so that you are protected in any employee disputes that may arise in the future.
Legal Webpages
Your company website will legally need to have a section that stipulates your privacy policy with regards to the rights of the site’s visitors. It will also need to have Terms of Use page which inform the website user of the terms of the agreement they are entering by using your service or buying your product. If you are interested in finding someone to help you out with the technicalities of setting up the legal pages for your company website, consult Prime Lawyers to speak to experts who possess a wealth of experience of helping new startups.
There are many aspects of running a business that a lawyer can help you with, including formatting, document reviews, contracts and agreements. If you are the owner of a new startup and you have not yet sought legal representation, waste no more time. With the business environment how it is today, you never know when you will need a qualified lawyer in your corner.
