Every serious business first turns a promising idea into a concrete plan for success. But not all new businesses consider the importance of interweaving legal concepts into their overall plan. Careful legal planning on the front end is important and will help your business avoid issues that can end in costly litigation and fines. With the help of a business attorney, you can avoid expenses and barriers to begin business with legal documents that are well-written and cover potential liabilities for your particular operation that you may never have even thought of or anticipated.
There are several ways in which legal plans can improve your business plan, including:
- Investigating intellectual property concerns and filing related paperwork or licensing existing trademarks, patents, and copyrights.
- Determining the appropriate legal structure for your new venture by considering ownership shares, rules and regulations, administrative fees, and taxes.
- Creating Non-disclosure and Confidentiality Agreements to protect your company’s trade secrets and special ways of doing business from the very beginning of the operation.
- Defining management roles and owner control of the business (e.g. through a Member Control Agreement) when parties are more in agreement and before a dispute arises.
- Drafting employment contracts and determining the legal requirements and costs for providing specific benefits and equity options.
- Managing marketing materials and messages to protect the business from liabilities such as defamation suits and false advertisement claims.
- Structuring business succession plans that entail instructions for how to sell ownership of the business or maintain it.
Contact a Minnesota Business Planning Attorney
To have a successful business, you have to plan every step carefully. Vlodaver Law Offices, LLC has been a trusted advisor for dozens of companies in fields encompassing health technologies, financial services, retail, food and beverage, consulting, and more. We can ensure that your overall business plan is complemented by the proper legal structures and set up for legal compliance and security. Contact us for a free consultation. Also check out our testimonials, which show our past Minneapolis and St. Paul clients’ satisfaction.