While establishing a new business, an entrepreneur’s entire focus is on getting their product and service out in the market. While getting your business started and building a market presence is highly important, it is also extremely vital for a business-owner to be aware of all the relevant legal implications of their business strategy. They should consult a business lawyer in every step of founding the organization, in order to ensure that they do not have face any legal complications later.
David Baer Minnesota talks about the need of lawyers in startup businesses
Business lawyers formulate a strategic and long-term value proposition for a startup, which is focused on their smart growth and efficient risk management. Being a General Counsel to some of the major startups, David Baer Minnesota is one of the best professionals to talk about the legal needs of an emerging firm. His law company provides legal services to startups, as well as assists their senior management in managing and prioritizing their legal needs.
Here are few of the legal needs of a startup, as pointed out by David Baer Minnesota:
- Incorporation: Incorporating a business organization essentially means creating a legal separation between the entrepreneur and the business itself. This is done to safeguard the entrepreneur from being personally liable for business debts. There are various structures in which a business organization can be incorporated, such as a Partnership, a Sole Proprietorship, a Limited Liability Corporation (LLC), and so on. A business lawyers helps you to identify the ideal structure for your business, according to your business goals, policies, finances, etc.
- Employment issues: Hiring a workforce is not an easy task; there are several legal considerations that have to be kept in mind while hiring an employee. Firstly, a background check needs to be done on a prospective employee and it should be ensured that they have the relevant legal work authorization certificates. It is important to consult an attorney in this process to avoid the risk of any privacy issues. Secondly, before hiring a new worker, an employee agreement needs to be drafted. This agreement contains all the required terms and conditions of working in the company. An efficient lawyer is needed to adequately draft this agreement. Moreover, a business lawyer ensures that a startup abides by the required labor and wage laws, and do not get into any legal problems due to them.
- Protecting the business idea: An innovative idea or a unique invention is the core of quite a few startups. In order to ensure the maximum success of the business, the protection of that idea is of utmost importance. A business lawyer can help an entrepreneur to acquire the necessary patent documents in order to protect the invention. Additionally, they assist the entrepreneur in entering into confidentiality agreements with any individuals or enterprise to which the idea has been revealed to.
These were three of the many reasons why every startup requires a lawyer according to David Baer. Before getting started with your new business venture, you should definitely consult an experienced lawyer to avoid any kind of legal complications.