Advice from the Pros
A collection of free resources for entrepreneurs and advice for start-ups.
How Startup Law Works
Starting Out
- Begin the process by meeting with at least two or three attorneys. The first meeting shouldn’t cost you money.
- Before you’re ready to sign legal agreements, you need to know who’s involved, how much money you need, and who’s in charge.
- Business plans will change along the way, but the research you’ll gain from writing one is invaluable.
- Consult an experienced corporate attorney about what type of legal entity to set up.
Intellectual Property
- If you created some important intellectual property (IP), talk to a corporate lawyer and IP specialist to decide if you should transfer or assign it to your company.
- Don’t skip over asking employees to sign basic agreements when first starting out.
- Consult with an intellectual property attorney about protecting your inventions.
Raising money and Selecting Partners
- When raising money, you have to comply with securities laws. Don’t skip this step!
- It’s almost always worth the cost to get a shareholder agreement between shareholders/founders, and it is important to enter into one at the outset.
- Even if you get the right legal agreements, they may be worthless if the people you’re doing business with aren’t trustworthy.