Starting a new business can be an exciting and rewarding journey, but it can also be quite challenging. Many entrepreneurs who start a new business overlook the importance of hiring a start-up lawyer, often due to the perceived expense of so doing. Some start-up owners will explore ways to reduce cost by attempting to create their own contracts using templates available online. A start-up lawyer can provide legal assistance and guidance that can help build a solid foundation for your new company and avoid these problems. The following are just a few ways that a start-up lawyer in London can help your new company succeed and grow.
Avoid Do-It-Yourself Contracts
Creating your own contract using online or off-the shelf formats may at first seem to be cost-effective but is fraught with risks. Online templates are often overly broad or vague and using these DIY contracts may leave out key provisions, that protect your interests. The DIY contract could prove to be unenforceable while the inclusion or exclusion of terms commonly found in boilerplate templates could unintentionally create potentially damaging legal obligations or liabilities. The limited savings of a DIY contract are quickly outweighed by the time and money you would have to spend if any of these risks become a reality for your fledgling business.
Companies require bespoke contracts and services put in place in order to avoid risk and scale properly. A start-up lawyer can help you draft, revise, and review legally watertight contracts and agreements, to help ensure that your interests are protected. This can include shareholder agreements, employment contracts, vendor agreements and sales contracts.
Protect Your Intellectual Property
One of the key areas where a start-up lawyer can provide valuable assistance is in protecting your intellectual property. When starting a new business, it is critical to ensure that your intellectual property is protected. Whether in the form of patents, trademarks or copyrights, a start-up lawyer can help protect your intellectual property and prevent infringement.
Help Your Start-up Comply with Regulations
Building a start-up company also means complying with a wide range of regulations. Navigating all of the regulatory requirements can be quite complex, especially in the technology sector. A start-up lawyer can help you understand the regulations and ensure that you are in compliance. This can help prevent legal issues down the line, such as potential lawsuits, fines, and penalties.
Provide Solutions to Business Disputes
Unfortunately, disputes among start-up business partners or with other entities can arise. When these disputes occur, it is important to resolve them quickly to ensure that they do not derail the progress of your business. A start-up lawyer can provide valuable assistance in helping to resolve these disputes in a timely and effective manner, while also protecting your interests.
At some point you may want to raise capital for your start-up. Any potential investor will have many questions about your business prior to investing. A start-up business attorney can help you prepare the requisite corroborating documentation to support each of your responses. Through the due diligence process, they can thoroughly review your company records, identify gaps, and help you understand which warranties and representations can be made, with a view to being transparent without jeopardising the transaction.
Offer General Business Guidance
Finally, a start-up lawyer can offer general business guidance. This can include advice on choosing the right business structure to support on fundraising and investments, and a wide range of other business-related matters in-between. Hiring a start-up lawyer can help you navigate the complex world of business, ensuring that you make informed decisions from the outset that benefit your start-up in the long-term.
The team of London start-up lawyers at Motion Paradox can help build a solid foundation for your new company. We provide all of the above services and more, helping to ensure that your business is protected from legal issues that can arise and also has the solid foundation needed for sustained growth. If you are starting a new business, consider hiring the legal experts at Motion Paradox to help ensure that your business is set up for success from the very start.