Allowing a business law attorney to navigate crucial steps in a new start-up allows business owners to focus on establishing new ideas that build a business and boost clientele while meeting critical legal business requirements. Below, you’ll find significant tasks a business law attorney in Phoenix can manage for a start-up business in Arizona.
Drafting Solid Partnership Agreements
Many businesses are begun by two or more individuals who have similar passions and ideas. Each person will have contributions they make to a business, and an agreement can define how a company operates, benefiting from a pool of skills. A partnership agreement can answer the questions that often arise in business, preventing misunderstandings and addressing:
- Capital contributions in the startup and how the potential need for more funding in the future will be handled
- Division of ownership and specified percentages
- Decision-making
- Profit and loss allocation
- Addition of partners, dissolution of partnerships, and death
Business partners in a start-up will encounter situational stressors that can be mitigated simply with a sound partnership agreement.
Establishing a Business Structure
Starting a business requires the decision of what type of business an owner plans to operate. Critical legal implications surround business structures, and choosing the best structure for your needs is vital to ensure tax obligations are met and protection is in place if situations such as divorce arise. There are no one-size-fits-all plans for business, and considering every aspect of your personal situation is an essential reason to hire a business law attorney.
Reviewing Business Agreements and Drafting Contracts
Doing business requires contractual business agreements to guarantee the services you need. Day-to-day operations are established through contracts. Having a knowledgeable business law attorney interpret the legal jargon often included in binding agreements can be the difference in entering into a beneficial relationship or one that can put a start-up business at risk of failure.
Contracts and business agreements can be established for:
- New employees
- Vendors
- Rental agreements
- Customers
- Equipment leasing
Preventing Lawsuits
Legal issues can arise from nowhere, leaving new business owners unsure of their choices and the ramifications of making a costly decision. From disputes with employees and customers to a breach of contract, any business can get so mired in legalities that it fails to succeed in daily operations. Working with a Phoenix law attorney establishes a relationship with a qualified professional who can learn a business’s legal needs and put in place a strategy for successful legal defense.
Protecting Intellectual Property
Specific logos, phrases, and emblems or trademarks are often associated with a start-up business. A business may possess trade secrets that set it apart from other companies in the industry. Other businesses wanting to capitalize on your hard work can copy your business model, even going as far as to make it challenging for customers to recognize the differences between your business and another.
A business can protect valuable assets through trademarks, patents, copyrights, and trade secrets. When other companies pirate your information, infringe on your intellectual property, or employees break contracts to share trade secrets with competitors, a startup business has legal recourse when protections are in place.
Phoenix Business Law Attorney Benefits Your Startup
Protect your startup business with vital legal services provided by The Law Offices of William D. Black. Mr. Black’s respected guidance and ability to help startups become successful and thrive have been sought after for over three decades and continue to benefit some of the most vibrant companies in Arizona. Schedule your free consultation today and discover the many benefits a business law attorney can offer your startup.