Want to pave the best path for your new business? Hire a Chicago startup lawyer who can foster growth and limit liabilities.
Requirements vary from business to business, but below we’ve compiled some general examples of how startup lawyers can make your business life easier — and ultimately more profitable.
#1 Reason to Use a Chicago Startup Lawyer: Formation Expertise Can Save You Money and Headaches
Do you need a lawyer to register a sole-proprietorship? Sure, you can probably handle the paperwork for that. But, are you sure a sole proprietorship will save you the most come tax time? A startup lawyer will walk you through options and draw a map that will get you where you want to be quicker &mdash and with more money to grow.
Moreover, if a venture involves one or more partners or investors, it’s best to have an experienced third party outline equity rights and other important foundational elements.
A startup lawyer can also determine the best place to incorporate and most beneficial corporate structure.
#2 Reason to Use a Chicago Startup Lawyer: Investors and Seed Funding
If you’re courting investors, let a lawyer steer the ship. Regulatory standards must be observed; failure to do so can summon crushing fines. Besides, when negotiating, venture capitalists safeguard their best interests. In other, (blunt), words: If you don’t want to be pwned, find an experienced Chicago startup lawyer who can relentlessly represent your needs and wants.
Investment documents can be tricky — and they typically favor investors. Without precautions, the agreement you sign to get your business off the ground could ultimately become the document that squeezes you out. Lawyers negotiate term sheets all the time and know the traps. We’ll make sure you get a fair shake and a solid deal.
#3 Reason to Use a Chicago Startup Lawyer: Intellectual Property Protection
Patents, trademarks, and copyrights exist to protect your products, your ideas, and your profits. This can cover everything from your brand name to package design elements. Intellectual property is your business’ greatest asset — and registering it increases its value. Plus, investors favor candidates that do things properly and thoroughly.
If your business is generating intellectual property, find yourself a startup lawyer.
#4 Reason to Use a Chicago Startup Lawyer: Employees
While the creation of an employee agreement may not be difficult, making changes to it down the road may be. Most startups rely on contractors, and it’s imperative to outline parameters for said contractors? Do they get a stake in the company? Are they allowed to share the information? You get the point.
There are myriad reasons to enlist a Chicago startup lawyer. Using online services for simple tasks may work, but they will not offer alternative advice that could make all the difference down the road.
Connect With A Chicago Startup Lawyer
Gordon Law Group has been working with Chicago startups — and others across the country — for years. We’re experienced, efficient, and personable. There’s a reason our clients stay with us through every business growth stage.