• February 2019
    M T W T F S S
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I am thinking about starting my own business. I started writing my business plan, but are there any general tips or advice that you would give to a new entrepreneur?

It’s awesome that you are thinking about becoming an entrepreneur and kudos for soliciting advice in the early stages of your business venture!

I strongly recommend that you obtain advice from a legal professional while you are still in the planning stages of setting up your business. There are numerous legal issues to consider when forming a new business. If you have a product, for example, you are going to want to secure any patents, copyrights, and trademarks as soon as possible, even if your product is just in the testing stages. If you don’t have a product, but are providing a service, it is still important to register any trademarks associated with your company.

You are also going to want to get help from a lawyer when are ready to incorporate. You could do it yourself, but if you go for it alone, you could miss some nuances that have a direct impact on your business. For example, the type of corporation you decide to establish will impact how your startup is taxed and whether your personal liability is at stake. A lawyer will be able to advise you about the ins and outs of incorporating as a limited liability company (LLC), S-Corp, C-Corp, or as some other type of corporation (more on the various types of corporations here). You will also need to give careful thought as to where you incorporate your business because not all states are created equal–some states are very friendly to startups (think Delaware) and others are considered less so. An attorney will provide you with expert advice about the pros and cons of the states you are considering for your company.

At LawTrades, our legal marketplace boasts attorneys who are well-versed in assisting entrepreneurs at all stages of their business. We offer free consultations and no obligation price quotes so you can make an informed decision. Good luck!

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