D/FW STARTUP SCENE
I live in D/FW and we have an amazing startup community. Literally from Dallas to Ft. Worth and everywhere in between there is something to do with startups. From coworking spaces meet and work groups to networking happy hours – Dallas even has is own Startup Week. This place loves startups and small businesses: and so do I.
I wish I could run my own startup. I wish I could be creative enough to develop something new that everyone wants or literally reinvent the wheel by changing the way people do everyday tasks i.e. as uber did with taxi service. But, I’m not that creative. I went to law school. But, this made me think about how can my trade help these businesses? I realized that businesses whether they have 1 employee or 1,000 employees need legal guidance. As attorneys we can help businesses at every stage of the game.
FORMATION:
Companies have many options when It comes to being formation under the law. There are sole proprietorships, partnerships, limited partnerships, limited liability companies, professional limited liability companies, c-corporations, s-corporations, and professional corporations.
Each of these entities have different forms of taxation and give different levels of protection. It is important to consult with a startup attorney to determine which business entity will provide your company the best protection and tax advantages.
FUNDING:
Attorneys can help startups with funding. One way companies can get funding is the sale of equity: common stock; preferred stock; convertible stock; and hybrids. Startups can also sell debt. Also, companies can use a combination of equity and debt to fund the business. Lastly companies can fund their business with a joint venture or licensing of product rights. A startup attorney can guide companies through the maze that is funding and advise on the tax implications of each decision.
OPERATING NEEDS:
Throughout the course of business the need for legal work arises regularly. Attorneys can help with buy/sell agreements, construction contracts, leases, nondisclosure agreements. Having an attorney by your side from the beginning will provide maximum protection to your business.
INTELLECTUAL PROPERTY:
Your hard work needs to be protected. Don’t let someone else take credit for your great ideas. You create – the attorneys will protect. Attorneys can help protect all you intellectual property through trademarks, copyrights, and patents.
MERGERS AND ACQUISITIONS:
What if you want to sell your company, merge with another, or purchase another company? The Securities and Exchange Commission (SEC), Federal Trade Commission (FTC) and Department of Justice review and approve mergers and acquisitions in the United States. There are other rules and regulations governing mergers and acquisitions. An attorney is crucial to protecting your company.
There are many other instances where an attorney can be a beneficial asset to your company. The areas listed above are just a few of the things attorneys can help with to protect you and your business. Getting an attorney involved from the beginning can save many headaches and dollars in the long run.