Confused about whether to form an LLC or a Corporation? Stressing because you don't know what legal steps to take next?
Starting a business is not as easy as simply having a product and selling it to the masses. If you want to open so much as a side venture, then you should consult with a lawyer that specializes in startups first. No matter how simple or small your business idea may be, your best bet is to consult with a startup lawyer. It is a decision that can prove to save you thousands, or even, millions in the future.
Every business begins with an idea. Every successful business began with an idea as to why it could provide a product or service that was better or different than what the existing market offered. As an entrepreneur, you may want to immediately get the ball rolling on having products made, or to determine the right parameters to begin providing a specialized service. However, a startup lawyer would see the situation differently. Rather than joining the hype, a startup lawyer would see that you have left yourself vulnerable to someone stealing your idea. In this situation, your business stands on the foundation of your original idea, and without the proper copyrights, patents, or trademarks your idea can easily be stolen from under you.
Another major crossroads that every business faces is the ownership. Will it be owned and operated as a sole proprietorship? A corporation? A limited liability corporation (LLC)? This is an important decision that you should seek the legal counsel of a startup lawyer who specializes in working with startups. This decision can affect everything from your business’ taxes to how your partners or investors are involved. If you set up an inappropriate ownership entity, it can be a costly mistake. For example, if you do not establish a LLC or corporation (due to the complicated process of establishing the entity) and you unknowingly end up committing trademark infringement, then that entity can legally come after your business. Furthermore, since you chose not to shield your personal assets from liability through forming a LLC or corporation, they can also legally come after your personal assets such as your primary residence in addition to your business assets.
The need for a startup lawyer is even higher if you have more than one owner of your company. A competent startup lawyer will draft up a founders’ agreement so that if you and your partners’ business relationship dissolve, then the business can withstand the relationship fall out.
Everything involving establishing a business is a legal matter, and utilizing the services of a well-informed startup lawyer is an investment that pays for itself in the long. A.A. Castro Complex Litigation, Appeals & Negotiation, PLLC is here to proactively handle all of your startup business’ needs. Managing Attorney Angel A. Castro, III, Esq. will make sure that your startup is set up with a strong legal foundation as well as will keep you abreast of any changes to existing laws to ensure that every step of your business’ legal path is done correctly. This is essential to safeguard you from preventable lawsuits.
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