Becoming an entrepreneur can be overwhelming. Don’t worry. We’re here to help.
The first thing you’ll want to do is form a company. This is important because, depending on the type of company you form, it can help shield you from personal liability in case something goes wrong. If a customer sues you, they won’t be able to take your house, your car or other personal assets. We’ll sit down together and strategize about the type of company that’s best for you.
Forming a company is also important because when you sign contracts, you’ll sign on behalf of the company and not yourself. When you sign a contract before creating a company, you’re personally obligated to fulfill the contract and your company has no legal rights to enforce it.
The World Intellectual Property Organization defines “Intellectual Property” as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.” Intellectual property is the lifeblood of your business and sets you apart from your competitors. It’s crucial to protect it, which is difficult if your company doesn’t own it in the first place!
If you create intellectual property and don’t have a company, it will belong to you and not the company. That gets especially tricky when you have co-founders. Who owns what? It’s best to protect your intellectual property in your company’s name and have your cofounders own the company together. You can always specify how much of the company each person owns. Investors are also wary of companies whose founders personally own their intellectual property. Don’t risk losing potential investors by overlooking such a basic step.
Depending on your type of intellectual property, you can protect it using patent, trademark or copyright law. Find out the differences between them here. We help entrepreneurs trademark their company’s slogans and logos and protect their brand from third-party infringement.
We also educate our clients on protecting their intellectual property through the contracts they sign with third parties. For example, freelance agreements and agreements to manufacture/distribute products (“supply chain” agreements for physical goods) or to license them to end users (software as a service “SaaS” agreements).
We know how hard it is to set up your own company and recognize that challenges spring up along the way. That’s why we don’t provide a limited, one-time service. We’ll form a bond so you feel comfortable consulting us throughout your entrepreneurial journey.