Launching a startup requires a lot of work in a variety of realms. From perfecting the product or service offered by the startup to attracting investors and creating a marketing campaign, the startup owners have little to no time to cover the entire ground all at once.
Although it’s important to put all your energy into laying the groundwork for the launch, you also need to prioritize the legal side of the process. Commercial lawyers make this easy for you by taking care of all the legal requirements of starting and running a successful startup business.
When you begin your startup with legal safety, you ensure that your business has the foundation for a successful future. Hiring a commercial lawyer will also protect your business’s integrity and prevent any dispute in the future.
In this article, we are going to highlight all the procedures that a commercial lawyer can help you through during the launch of your startup. Let’s dive right in!
Financing the Startup
If you’re new to the business, then the chances are that you need outside investors for launching your startup. Or maybe, you started off alright but now seek investment for expansion of your business. Whatever the case, you’ll have to meet with investors and look for a deal that works best for you.
Commercial lawyers are well-versed in terms and agreements that go into the process of seeking investment. Your commercial lawyer will look at the details of your agreement from a legal perspective to ensure that you don’t miss any fine print or loopholes in the agreement. They will explain all the legal obligations that you’ll be signing up for with the agreement.
Incorporating the Startup
A commercial lawyer will help you incorporate your startup legally. The incorporation of a startup is essential for the business and the owner’s protection. It separates the entrepreneur and the business legally. Incorporating the business means that you establish your business as an individual entity independent of yourself.
Incorporation protects you from taking any personal liability for the financial and legal obligations of the startup. Your startup will be an independent entity that owns a trademark and intellectual property and can hire employees and contractors, pay taxes, and enter different agreements and contracts by itself. The startup becomes responsible for its liabilities and not the owner.
Creating Employee Agreements
As your startup grows, it will require bigger teams to fulfill the requirements of the expansion. For that, you’ll have to hire employees or independent contractors. The process of hiring requires you to draft an employment agreement with all the terms and conditions of the employment.
A commercial lawyer will help you draft terms and conditions that go into employee and contractor agreements. They will explain and guide you through the dos and don’ts of the process.
Creating Partnership or Shareholders Agreements
If you’re launching the startup with a partner or multiple shareholders, then it’s vital to have a partnership agreement in place. The agreement protects the rights and benefits of all the parties involved. A commercial lawyer will help prepare an agreement that all the partners and shareholders agree on.
Without a partnership agreement in place, a conflict in the future can damage the company and put the owners at a loss. Commercial dispute lawyers are well versed in drafting agreements that cover all the legal aspects of potential conflicts in the future.
Protecting Company Identity
A commercial lawyer will trademark your business for you. It’s essential that you protect your brand’s identity by trademarking it legally. If you have a company name, logo, symbol, or a specific tagline, you have to trademark it to have legal ownership over it. Otherwise, your brand identity is at the risk of duplication. You cannot claim the ownership of your brand in court without trademarking it.
Protecting Intellectual Property
If you’re offering a novel or patentable product, then it’s essential that you protect it legally. Commercial lawyers can help protect your intellectual property by filing the relevant paperwork for the patent.
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