Execution is all that matters for startups. Ideas are important. But, if a business cannot execute on the idea, the thought is not worth that much. A business owner’s dreams can become a nightmare if he or she fails to acknowledge that legal realities can make or break their new business. You can choose to look at legal issues as a burdensome cost of doing business or you can look at the law as a tool that can be leveraged to further your goals. Startup owners who chose not to procure legal representation often make several legal mistakes.Owners, for instance, may:
· Select a non-ideal business structure
· Forget to draft standard contracts and nondisclosure agreements
· Unknowingly violate federal and state trademark, copyright, and securities regulations and
· Be unprepared to handle situations in which an equity partner leaves the business.
These issues are just as, if not more important than, raising capital and hiring the right associates. Starting a business is like building a house, if your venture is not sitting on a sound foundation from the beginning, that initial error may hamper your business’ growth in the long run – leading to noticeable anomalies:
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