Whether you are looking to start a company from the ground-up, or you are becoming a co-owner in a partnership, how you approach the foundation of your business will have long-term impacts on your legal and financial future. It may help you to be proactive about avoiding the following mistakes as you work toward a successful business venture.
Not taking time to understand intellectual property matters
Regardless of your industry, protecting your intellectual property (IP) is of utmost importance. See that you understand the full extent of how your copyrights, patents and other IP measures keep the ideas and designs behind your business intact.
Not taking appropriate tax-related measures
Avoid potential fines and penalties by ensuring tax issues are taken care of as soon as possible. If you are just starting a business, you will want to obtain a tax ID, select your legal entity and understand how your business may be subject to various types of taxation.
Not developing clear and mutually beneficial contracts
For those in a business owner partnership, and for those who look to partner up with other entities, ensuring an adequate contract is a must. All involved parties should understand the semantics and general implications of the information lain out in a contract. This may help you avoid potentially catastrophic disputes.
Not having an attorney at your side
A lawyer can protect many facets of your business so that you can focus on the bottom line. Additional areas you may want an attorney for include drafting employee agreements and handbooks, real estate matters and understanding state and federal laws and how they affect your business.