Posts Tagged ‘Business Attorney’
Every good business owner is watchful of the company’s overhead. But the old adage of being a “penny wise and pound foolish” rings true when a Company attempts to save the cost of attorney upfront on a deal only to pay a higher cost in legal fees to resolve a dispute that was not originally or properly documented at the beginning of the deal. To save cost Company’s will sometimes pull boilerplate agreements from the internet and fill in the blanks to serve as a temporary need. However, when a deal goes wrong the agreement is the only document that the parties can turn to in hopes that it includes terms that cover the current dispute. Take the time to meet with your attorney if you are entering into OEM, Licensing, distribution, private-labeling or manufacturing agreements. Having an experienced attorney who understands your business and who can set up at the beginning the necessary terms to protect you and to provide for the risks factors that should be included in the deal.
Starting a business from scratch is difficult. There is usually not enough money to start it with all the bells and whistles you would like. You are very careful to allocate wisely which dollars will be spent where and maximizing your return for those allocations. Hiring an attorney is usually the last thing on your list. The internet allows us all to have just enough information to be dangerous. The online legal services beckon us with their low cost fees. What people forget is that you are laying a foundation for your business. And your business is only as good as the foundation.
Our view when starting a business is to raise the funds that will be required in the first year for a good attorney and a CPA. An attorney or CPA will be able to advise you as to what type of corporate structure should be chosen for your entity depending on the type of business (manufacturing, distribution, real estate development, investment properties, etc…) you are going into or the industry your business will be in that my cause higher risk and thus the need for more protection from the entity that you form.
A good business attorney will also advise you to search the name and logo of your company. Before you put money into a logo, business cards, letterhead, website, and production of product make sure that another company does not have a similar name or logo that is already registered as a trademark that will force you to cease the use of your name or logo.