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by YEC

7 Legal Issues Most Entrepreneurs Overlook When Starting a Business

There’s a lot to think about when first starting a business. Make sure you don’t push legal issues to the wayside.

Question: Name one legal issue that most entrepreneurs don't consider when starting a business, but should.

Business Structure

"There are a few types of business entities you can form when starting a business, from corporation to partnership. Before forming your business, look into the legal considerations for different types of businesses, as it affects taxation, funding, mergers and acquisitions and more."


International Trademarks

"While you may register ownership rights for a specific brand name in the U.S., you may not realize another company operates under the same name in Germany, Australia and Singapore. This might not be something you need to worry about short term, but in the long run, you can save yourself quite a few headaches and lawsuits when you make sure you can have full and universal rights to your trademark."


Intellectual Property

"When you begin, it's tough to imagine that you'll potentially later face issues with people infringing on your intellectual property assets (or vice versa). It's worth the investment of time and money to get your copyrights, trademarks, patents and trade secrets legally registered so you don't have to stress about it if, and when, an issue arises."


Vesting

"It is extremely difficult to find the right co-founders for your business. You need to have a similar work ethic and timeline for the investment, your chemistry has to match and you have to make sound decisions for the company. Instead of getting all of your shares at once, consider vesting your equity over time so you have a fair solution if these factors do not line up, as is often the case."


by YEC

7 Legal Issues Most Entrepreneurs Overlook When Starting a Business

There’s a lot to think about when first starting a business. Make sure you don’t push legal issues to the wayside.

Question: Name one legal issue that most entrepreneurs don't consider when starting a business, but should.

Business Structure

"There are a few types of business entities you can form when starting a business, from corporation to partnership. Before forming your business, look into the legal considerations for different types of businesses, as it affects taxation, funding, mergers and acquisitions and more."


International Trademarks

"While you may register ownership rights for a specific brand name in the U.S., you may not realize another company operates under the same name in Germany, Australia and Singapore. This might not be something you need to worry about short term, but in the long run, you can save yourself quite a few headaches and lawsuits when you make sure you can have full and universal rights to your trademark."


Intellectual Property

"When you begin, it's tough to imagine that you'll potentially later face issues with people infringing on your intellectual property assets (or vice versa). It's worth the investment of time and money to get your copyrights, trademarks, patents and trade secrets legally registered so you don't have to stress about it if, and when, an issue arises."


Vesting

"It is extremely difficult to find the right co-founders for your business. You need to have a similar work ethic and timeline for the investment, your chemistry has to match and you have to make sound decisions for the company. Instead of getting all of your shares at once, consider vesting your equity over time so you have a fair solution if these factors do not line up, as is often the case."


See Also: 3 Startup Myths That Can Really Hurt Your Business

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