Top Reasons Why a Startup Should Seek Legal Advice

For an entrepreneur, starting a new business can be exciting but also woeful. There are a variety of factors that can have a drastic impact positively and negatively on the business. If you are just starting a business or experiencing rapid growth, you should look at seeking some legal advice. The rationale of this is to protect what you have from any potential threats to your lively hood and the hard work you have put into launching and growing a business. 

A commercial lawyer can help take care of many aspects of the start-up for you. They can offer business registration assistance, preparedness for sensitive tasks, securing capital, and protection of your intellectual properties. With these things out of the way, you will have more time on your hands to build your business.

 

Registering Your Business and Patents

Regardless of what type of business you are starting up, registering it is essential it can mean a lot of paperwork and has its own unique set of challenges.  Small steps such as approving your business structure and creating your employer identification number can be a hassle. This is where business solicitors can help. 

In addition ot this if your business is built on a unique idea, a patent to protect the intellectual value of your idea or product may be required, there is a multitude of finite aspects that need to be considered when applying for a patent, a commercial lawyer is capable of making this process effective and seamless for you to ensure you can focus on operational aspects of the startup. 

 

Legalities with Employee Contracts

There are many sensitive tasks to be done in a business. One of these tasks is the process of hiring and firing employees. Understanding the law on these issues is imperative when drafting EBAs and other employee-related contracts, commercial lawyers can help carry out these tasks with little to no legal issues that can affect the future. In case a lawsuit might occur, you will be prepared to handle the task because you’ve even sought initial legal advice. It is a cost to have a lawyer on hand, however, it’s far better to be ready than caught out and unsure of your legal standing. 

 

Securing Investments

As with all businesses, investments play a crucial role in the growth of the company. Only a handful of professionals will know which investment to make and which opportunity is the one to take. A well-informed commercial lawyer can provide vital information on choosing the right investor that will benefit you and the business. In many cases solicitors deal with a range of people across a wide range of businesses and may know a potential investor and introduce you. 

 

Protecting Intellectual Property

Your Intellectual Properties (IPs) must be protected from your competitors. There are many ways to do this, such as patents, copyrights, and trademarks. With a solicitors guidance, you can put in place protection on your IPs from anyone trying to claim them. Along with security, commercial lawyers help you obtain the necessary documentation to file and understand the legalities of Intellectual Property to best protect you from potential threats.  

Start your business off with a lawyer to guide you. You will thank them later for all the guidance they have given you for the best possible headstart to the success of your business. After all, getting in trouble in the early stages will compromise your ability to catch up or stay ahead of the competition. 

GLG Legal have established themselves as one of Brisbane’s Leading Law Firms specialising in Commercial, Corporate and Intelectual Property Law Speak with our team today to find out how we can assist you in ensuring you are covered in all business-related legal aspects.