The whole future of your startup company depends on you establishing the right legal strategy right out of the gate, so it’s something you just can’t afford to get wrong. Here are some tips for creating the right legal strategy that will provide a solid foundation for your startup, and which will be something you can build on.
Allow Adequate Time for Legal Processes
Even something as simple as acquiring a business license to operate within your state can take a lot more time than you think. For this reason, you need to allow a lot more time than you think will be necessary in order to get all your legal requirements in place.
Budget Extra Money for Legal Requirements
It would be a huge mistake to underestimate the amount of money you need for legal expenses. These could end up being one of the biggest areas of expense you have for your entire startup operation. If you have a company attorney, it would be a good idea to consult with this individual to obtain some kind of ballpark figure on what your legal fees will amount to during startup.
Hire the Right Attorney
You may have noticed that attorneys have become specialized in the legal areas which they operate in, and that means you have to attire hire an attorney who understands the task they’re being asked to perform. For instance, if you’re trying to establish a patent on a new process you’ve invented, make sure you hire a patent attorney and not one who specializes in personal injury.
Operate Within the Law
If your company is caught operating outside legal boundaries, the fines and penalties can be extraordinary. If you are found to be operating illegally in any way, it could also damage your reputation with customers, and that could have a long-lasting negative effect on your business. It’s just not worth cutting corners to achieve a slight advantage when the long term impact can be devastating.
Legal Processes in Parallel
If some states require you to have a license to operate and others don’t, you can commence operations in those states where no license is required while you’re waiting for legal licensure in those states where it’s required. This is true of any legal requirement which may be imposed on your business – you don’t need to sit idly while waiting for legal approval on something. Continue to operate your business up to legal limitations, so that you can have a running start when legal approval is granted.
Does your startup require working capital?
For many startups, the difference between success and failure often comes down to being able to procure enough working capital to keep the business running until revenues start coming in. If your startup is in need of working capital, contact us at OneClick Commercial Funding, so we can discuss some possible solutions for your business.