There are many important business formation decisions that go into every startup. From selecting a business entity to securing your intellectual property, each of these decisions could have a substantial effect on the long-term success of your business. Thankfully, you do not have to take on this task by yourself.
Our experienced business law attorneys at Apple Payne Law can provide you with the tools you need to get your startup off the ground. Your legal counsel can help you make the important decisions that could set your business up for early success. Our Kernersville business startup lawyer can guide you through these important decisions step by step.
An important part of the startup process involves building relationships with contractors, tenants, and employees. This is generally done through a legally binding contract. Drafting and negotiating these agreements is a complex process for a startup business that will benefit from the guidance of a dedicated lawyer at Apple Payne Law.
One of the first considerations to make will involve the space needed to start a business. Whether the founders are renting or buying, there are complex negotiations that go into securing the right space. A proactive attorney could negotiate a lease agreement for the space a startup needs to get off the ground.
Startup employees also have important legal considerations. If the founders intend to bring in employees early in the process, it is important to have employment contracts ironed out before the first hire is made. These agreements are crucial to protecting the intellectual property and trade secrets of a new business.
Startups that opt not to hire a large staff might instead often turn to contractors. These independent contractors might not be employees, but it is important to develop written agreements with them, nonetheless. These agreements could cover everything from the scope of the work to compensation. It is also important to consider nondisclosure agreements with these workers.
Agreements are also typically needed with vendors. Whether the founders purchase goods or services from another business, it is best to put the relationship with these vendors into writing.
One of the key decisions to make for any startup is selecting the appropriate business entity. There are benefits and drawbacks that come with every type of business entity, and selecting the appropriate option is crucial. A knowledgeable business startup attorney at Apple Payne Law in Kernersville can help with this important decision.
Corporations are one of the standard business entities used by startups. While this setup was the most popular option for years, other entities have grown in popularity in recent years. A corporation offers the benefit of asset protection for its shareholders, insulating them personally from claims against the company. However, the tax burden can be heavier compared to other options.
Limited liability companies (LLCs) are another popular choice. These entities also offer asset protection but do not have the same taxation drawbacks as a corporation. However, there are limits that apply to the ownership structure of an LLC.
Before you take on the process of building a startup on your own, you could benefit from the guidance of experienced legal counsel. From entity selection to contract drafting, your attorney can be invaluable every step of the way.
Let our Kernersville business startup lawyer at Apple Payne Law help you get your dream business off the ground. Reach out now to learn more.
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Winston-Salem NC 27103
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