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No matter the size or age of your business, professional legal assistance is crucial.
Legal details are bound to arise during the crafting and detailing of a startup, especially if you’re starting from scratch.
And, if a startup should get lucky and survive as a business, it is bound to run into all sorts of legal issues down the road – for which it may not always be prepared.
Therefore, having the necessary recourses is essential for a thriving business. What many entrepreneurs fail to realize, however, is that a lawyer is a necessary member of the team well before they may think they need one.
Below are 3 of the biggest mistakes that entrepreneurs can make if they fail to plan accordingly:
1. Failing to Protect Intellectual Property Rights
Starting a business from scratch means crafting a one-of-a-kind idea into a special product or service that is distinctive from its competitors.
With that idea comes brand names and logo designs that are associated with it. While most entrepreneurs have the creative part down, they likely lack the necessary legal skills they need in order to protect their creations from infringement.
Hiring a legal expert as a team member would provide a business with invaluable skills and assistance, and would help guarantee that their intellectual property is properly protected.
2. Violating Copyright or Employment Laws
Businesses who lack legal support and consultation can often run into trouble when it comes to following copyright or employment laws. There are many terribly detailed laws that make it just too easy for a non-legal expert to simply – and innocently – overlook.
Unfortunately, a harmless oversight of a law that pertains to copyrights or employee rights can put a business at risk for serious violation fees… or even legal action. Fortunately, a lawyer who is a loyal member of the team would be there to look out for these issues.
A legal expert is the best way to ensure that any fees or lawsuits associated with copyright or employment laws can be avoided – saving an entrepreneur lots of money, trouble, and headache in the long run.
3. Failing to Hire a Lawyer from the Get-Go
Many entrepreneurs avoid hiring a lawyer right away in an effort to save money. However, this is probably one of the biggest mistakes that an entrepreneur can make.
Businesses can run into legal trouble long before they may realize. If crisis should strike, a loyal legal expert will guarantee his or her assistance, and your business will avoid having to hastily and thoughtlessly hire the first lawyer it comes across – unknowing if he or she is a good fit.
In addition, making a lawyer a trusted member of the team from the beginning builds the respect and trust necessary for a long-lasting partnership.
It is essential that a lawyer be there from the beginning so that he or she understands your business and is a true believer of your vision.
The answer to all of these common mistakes is simple: plan your business accordingly, and hire a lawyer as an integrated and loyal member of your team as soon as possible.
This post is written by Jenny MacMichael, a third-year UCLA student majoring in Communications with a minor in Entrepreneurship.
Sam Mollaei, Esq., entrepreneur lawyer, can be reached @ [email protected] or by calling (818) 925-0002. Visit www.MollaeiLaw.com to learn more.
