Saratoga Business Attorney
Partnership and LLC Law
At FailCon, an annual conference held at locations worldwide all about embracing the culture of failure, one might often hear the mantra, “Fail Fast, Fail Often”. With some studies estimating the failure rate for start-ups at 90%, and with innovators convinced that the path to success is via multiple start-up failures, it is imperative that entrepreneurs build for success while protecting themselves in the event of failure. Thus, working with a Saratoga business attorney is vital.
Forming Your Business
Your Saratoga business attorney can advise you on the proper formation of an LLC or partnership. This will include preparing an operating agreement for an LLC or a partnership agreement to protect the partners from liabilities they may face from third parties, but also to set up a structure to govern the relationship of the owners of the organization. Issues to consider include how to acquire funding. If another round of investment is necessary, how will that affect the interests of the existing partners, yet encourage new investors? What securities registrations requirements are applicable to your fundraising activities?
Your Saratoga business attorney will work with you to ensure that the interests of the innovators are protected, while still making the business attractive for outside investors.
Details to Consider
Additional issues to discuss with your Saratoga business attorney are contracts with third parties, including vendors and customers. This is especially true when international transactions are involved. Care must be taken to ensure that the agreement can be enforceable across borders and that intellectual property is protected. Will the partnership or LLC own the intellectual property? Will it license it from outside, or will it license its use to outsiders?
You should work with your Saratoga business attorney to ensure that relations with employees are handled properly. What are the compensation plans for employees? How should benefit plans be structured? You should have enforceable confidentiality agreements and non-compete agreements in place to protect your hard work.