Fort Worth Startup Attorneys & Lawyers
How it Works
Jamie Richards Whitney
Fort Worth Startup Lawyers
Why Hire a Startup Lawyer?
The Dallas-Fort Worth Metroplex is becoming a startup hub with one of the highest concentrations of high-tech workers in the country, so there are several important reasons a startup company here should should hire the best startup lawyer in Fort Worth at the very beginning of its business.
- Texas laws and regulations: It is unlikely that you are up to date on the latest rules and regulations that Texas state law requires of businesses. A startup lawyer will be. It is best to ensure that you are not breaking any laws and that you are registering everything in the proper way from the very beginning.
- Tax responsibilities: A good startup lawyer in Fort Worth will be able to ensure that you not only are meeting your tax obligations at the state and federal level, but also that you are receiving any tax breaks that you may be eligible for.
- Liability issues: It's best to make sure that you are not liable for misunderstandings during interactions with customers, suppliers, employees, or the general public. This helps you avoid any lawsuits before they can occur.
- Contracts: Whether they are with customers, suppliers, or business partners, contracts are very important. You want someone on your side who understands all of the legal jargon and who can ensure you are getting the best possible deal.
- Business licenses and permits: A startup lawyer can help you determine all of the necessary licenses, permits, certifications, registrations, and authorizations that are specific to your business on the federal, state, and local level. If you require permits to operate across city, county, or state borders, a local Fort Worth attorney will know best what you require.
- Business registration: If you plan to incorporate or become a limited liability company, you will want to consult with a business lawyer. He or she can help explain what each type of business registration means and which will be best for your company.
How to Find the Best Startup Lawyer in Fort Worth
Finding the best startup lawyer in Fort Worth can be a difficult task. With its proximity to Dallas, you are likely to have an enormous pool of attorneys to choose from.
- Start by asking business people you trust for recommendations. Speak to others in your industry who deal with similar issues that you think you will face for the names of their lawyers. Ask your accountant or other small business owners who may not be in your niche, but are in the area of Fort Worth where you want to operate. If people are willing to give you a contact, ask them what they think of the lawyer. Find out as much as you can without being pushy.
- Do your research. You can find names of more lawyers from the Texas Bar Association. Then look them up. Find out as much as you can about them and explore whether or not they would be a good fit for your startup.
- Make a short list. Once you've done all your research, make a list of no more than five startup attorneys you want to speak with. Get their contact details and make appointments to speak with them. This is a good opportunity to gauge whether or not they are easily available. If they don't answer your emails or return your phone calls, they're probably not going to be someone who can meet your startup needs.
- Speak with candidates in person. You want to see if you have a connection. You want to be able to explain exactly what you require as a startup business and what your company is all about. Your future lawyer should understand the vision you have for your business and be able to demonstrate how they're going to help you reach your goals.
- Talk about price. While the cost shouldn't be the main reason you choose a lawyer, startup lawyers should have reasonable rates because they know companies in this phase don't have excessive amounts to spend on legal fees.
Questions for Startup Lawyers
When you meet with the lawyers on your short list, you should have several questions prepared to make sure you find the best startup lawyer for your business.
- Have you worked with startup businesses before?
If you haven't been able to find this out from your research, it's something you should ask right away. If they haven't worked with startups in the past, you don't want to be their first.
- Will anyone else from the firm be working with me?
If anyone else will be handling your business, you should know about it upfront. You should also know how much that person charges as well. Every lawyer will have different fees, and knowing exactly what your costs will be is vital before signing on with any firm.
- Have you worked with other businesses in my niche?
If you're a tech startup and they mostly work with brick-and-mortar startups, it may be difficult for them to understand exactly what you need from them. Although it may not be a huge deal-breaker, it's something you should know about them. Having someone who has worked in your niche before could mean they have contacts, or even be able to introduce you to suppliers or customers.
A Fort Worth startup attorney who is a good fit for your business is one of the first people you should form a relationship with.
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Legal Services Offered by Our On-Demand Fort Worth Startup Attorneys
On UpCounsel, you can find and connect with top-rated Fort Worth startup attorneys & lawyers that provide a range of startup law services for startups and entrepreneurs that are starting a business. Any of the top-rated Fort Worth startup lawyers you connect with will be available to help with a variety of your startup law related legal needs on-demand or on an ongoing basis in the city of Fort Worth, TX.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Fort Worth startup lawyers on UpCounsel can help you with a variety of specialized and general startup law related legal matters. No matter what type of startup law needs you have, you can easily hire an experienced Fort Worth startup lawyer on UpCounsel to help you today.
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- 7 min read
Burn Rate: What Is It?
Burn rate is how quickly a company spends its cash reserves before it generates positive cash flow. This rate is tracked each month, so if the burn rate for a company is $50,000, it means that the company is spending $50,000 each month.
The two types of burn rates are gross burn and net burn. Gross burn includes all of the money a company spends in a given month in order to run the business. Net burn is the amount of money that the company loses.
Let's say that a small startup spends the following every month:
- $6,000 for office space/rent
- $18,000 for employee salaries and benefits
- $2,000 on server costs
- $1,500 on miscellaneous
That means that each month, the company's gross burn rate is $27,500. However, if the company is producing some income, you can subtract that amount to get the net burn. So if the company earns $15,000 in the month, the net bur
- 4 min read
If your company sells securities, you have a duty to keep investors informed. Often, this is done through your quarterly and annual reports. Other events may need to be reported on Form 8-K.
What Is Form 8-K?
The form's official title is "Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934." It is used to report material events affecting a company subject to SEC oversight.
An event is material when it could affect a reasonable shareholder's investment decision. This includes:
Acquisition of or by another company.
Changes to the board of directors.
Changing the fiscal year.
- 6 min read
Updated November 16, 2020:
What Is a Clawback Clause?
A clawback clause gives investors of a brand-new company a chance to reclaim money or stock options already given to a partner or employee. Clawback clauses may also be found in the limited partnership agreements of private equity or venture capital funds.
If general partners or employees of a startup have signed a contract that includes a clawback clause, they could be forced to pay back some of their salary, benefits, and options in certain situations. This type of clause can protect limited partners or investors, letting them take back payments and equity if an employee or part
- 8 min read
What is a Portfolio Company?
A portfolio company is a term used to describe a company in which investors own equity in a company or buy out a company. The goal of the investor is to increase the value of the portfolio company and earn a return on their initial investment.
The investment could be in the form of private equity in established companies or venture capital in companies just starting out. One portfolio company usually forms part of a group of companies in the investor's full portfolio.
Who Invests in Portfolio Companies?
Portfolio companies are used by venture capital firms, private equity firms, and other financial investment firms. Some firms build a portfolio of companies that specialize in a specific sector, such as science or engineering. Others have a diverse mix of portfolios.
Private Equity Firms: Private equity is a type of financ
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Updated June 24, 2020:
A master service agreement is defined as a contract two parties enter into during a service transaction. This agreement details the expectations of both parties.
Master Service Agreement: What Is It?
A master service agreement is when two parties agree to a contract that will settle most details and expectations for both parties. It'll state what each group has to do to honor its end of the bargain. It'll also show which services apply in the master service agreement.
The goal of a master service agreement is to make the contract process faster. It also should make future contract agreements simpler. A master service agreement (MSA) is also called a service level agreement (SLA). It spells out:
- Confidentiality: The parties both agree they won't share any secrets of the company with outside parties.