Getting going with a new business venture can be hard. From financing, to business development, to product / service delivery, the tasks for completion seem to multiply much quicker than you can strike them off the “to-do” list. Imagine how distressing it would be to get it all up and running, get the engines finally humming, to only have it unravel before your very eyes because you overlooked, or underestimated, the importance of one key consideration – risk management. This is where the legal side really comes into play.
Just some of the things that should be considered include:
1. Selecting the right business entity structure at the outset (no, they are not all created equal);
2. Protecting intellectual property;
3. Protecting confidential information and business relationships;
4. Protecting legal rights with well prepared contracts early in the business cycle;
5. Negotiating and properly documenting start up considerations, such as raising capital, agreements between principals, and purchasing or leasing operating space;
6. Obtaining proper insurance coverage;
7. Addressing labor law and employment considerations; and
8. Otherwise addressing legal needs that may be specific to the particular business or industry in which it will operate.
A failure in any of these areas can ruin a business venture before it gets off the ground, or bring it crashing down around you just as you’re ready to toast to your success. Realizing no one can be all things to everyone, it’s important to establish the right relationships with those people you will entrust to handle things such as business risk management.
At Feldman Law, we focus on understanding and addressing our clients’ legal needs and concerns, so that they can focus on starting or growing their business. We hope to hear from you in connection with any new business ventures you may be considering, or to assist in protecting the business you have already built.