Louisville Startup Lawyers
Why Hire a Startup Lawyer?
Starting a business can be a difficult task. Having an experienced lawyer on your side can prove to be one of the best decisions you can make for your new business.
If you're thinking about whether or not you need a startup lawyer, consider some of the ways one can help.
- Negotiate contracts: Whether it's employee contracts, customer contracts, or contracts with your suppliers, having a lawyer who understands all of the legal wording is invaluable. He or she can explain various contracts or help draw up new ones for your company.
- Register your business: You need to register your business with the Kentucky Secretary of State. It is recommended that you at least speak to a lawyer about the filing required before you attempt to do this on your own. The attorney can also assist you with registering in different counties and states if you plan to do business outside of Louisville.
- Increase your chances of success: The best startup lawyers can use their past experience of helping other startups to make sure that you and your company don't fall into the same traps that caused others to fail.
- Help you make more money: Good startup lawyers have years of experience and knowledge of business law. They will be able to tell you about the special tax benefits a C corporation would provide (such as tax breaks on income). Startup lawyers can also provide introductions to venture capitalists and angel investors, which would give you an opportunity to raise more capital.
- Protect you from liability: If you wait to call a lawyer after you've been sued, it can often be too late. You want to have a lawyer on your side from the very beginning who can help you cover all of your chances of liability to ensure you never get sued in the first place.
How to Find the Best Startup Lawyer in Louisville
When you start a business in Louisville, you want to make sure you hire the best startup lawyer in town. If you have contacts for other small businesses in Louisville, asking them for lawyer recommendations is a good place to start. You can find some local businesses in your industry by getting in touch with Louisville Forward, the city's small business development agency. You can also find more information about lawyers in Louisville from the Kentucky Bar Association or the Louisville Small Business Development Center. Both have listings of lawyers of all types. Once you have plenty of contact information, you need to do some research. Find out as much as you can about the lawyers and the firms they work for.
Then contact the ones that seem the most promising. You should have your short list down to no more than five. Ask if they would like to set up a meeting to discuss working together on your startup business. Their response to a preliminary call is a good way to gauge their interest. When you meet with them, be sure to have all relevant documents and information about your business. You want to give the lawyers a realistic snapshot of your business, and you want them to understand your vision and where you want your company to progress. Be ready to answer questions about what you require from the lawyer and what you're hoping to gain from their services.
Questions for Startup Lawyers
Have several questions ready for the lawyers you interview so that you can be clear about whether or not they are the best startup lawyer for you.
- Have you worked with startup businesses in my industry before?
While you don't want a lawyer who works directly with your competitors (which could lead to a conflict of interest), you do want a lawyer who has experience working with businesses like yours. If they've never worked with startups before, they may not be able to adequately do all the things you want them to do. You don't want an inexperienced lawyer to be billing you while he or she learns how to work with startups.
- What are your fees and how will they be billed?
This is a crucially important question. You should not be basing your entire decision on cost, but as a startup, finding a lawyer who understands that you're tight for cash is invaluable. Find out if they offer a billing plan for startups where you can pay in installments. Ask how they will be charging you (hourly or for the type of work being done). Fees are sometimes negotiable, so be sure to ask.
- Do you have business experience?
Having a lawyer who understands the unique situation of an entrepreneur is invaluable. He or she should understand not only all of the legal and financial challenges that you face, but also the simple stresses of starting your own business.
Though entrepreneurship is central to the American economy, startup businesses need experienced help to overcome the beginning challenges. By carefully researching and choosing the right startup attorney in Louisville for your type of business, you will give yourself a higher chance of success.
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Legal Services Offered by Our On-Demand Louisville Startup Attorneys
On UpCounsel, you can find and connect with top-rated Louisville 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 Louisville 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 Louisville, KY.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Louisville 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 Louisville startup lawyer on UpCounsel to help you today.
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- 3 min read
Registering a Company: What Is It?
Registering a company means taking the steps necessary to both form an entity for your business in a state and obtain the permits and licenses needed to operate the business.
Each step in registering a business requires that you consider your options, complete and file the necessary forms and then pay the filing and registration fees. Unless your business structure, ownership and activities are simple, you will need the advice of an accountant and a lawyer to register a company.
Steps for Registering a Company
1. Choose and Reserve a Company Name
You’ll need to choose a name for your company after searching the state’s database of names used by companies formed in the state and companies formed in other states that have qualified to do business there. To avoid confusion, state laws prohibit two companies from having similar names, so think of a few options you are willing to use in
- 6 min read
Starting a business can be overwhelming - the breadth of knowledge required can be staggering for those who come unprepared. Not only do you have to determine the market viability of your product(s), assess the financial issues, and invest valuable time and energy into growing the business, but it’s critical that you consider various “boring” legal and administrative concerns as you begin your journey.
Before you start a business in Indiana, familiarize yourself with the state's laws.
Indiana is a right-to-work state, which means the state has some additional laws for you to follow, especially if you are considering a unionized workforce.
You should also be familiar with your area's local rules. Some cities and/or counties have additional rules that businesses must follow.
Steps to Starting a Business in Indiana
One of the first things you'll do when starting your
- 5 min read
What Is a Non-Disclosure Agreement?
A non-disclosure agreement (NDA) is a legal contract that keeps one party from revealing another party's secrets. An NDA makes a confidential relationship between the parties, are used to protect proprietary or secret information, typically in business relationships. NDAs get more complicated the more information they need to cover, though they can start very simply. NDAs are especially popular in tech fields.
Other names include the following:
- Confidentiality Agreement.
- Non-Disclosure Form.
- Confidentiality Clause.
- Confidentiality Statement.
Sample NDAs for Download
- 5 min read
What is a Special Purpose Vehicle?
A special purpose vehicle (SPV) is a subsidiary of a company which is protected from the parent company's financial risk. It is a legal entity created for a limited business acquisition or transaction, or it can be used as a funding structure. It is sometimes called a special purpose entity (SPE).
An SPV has assets, liabilities, and a legal status outside of the obligations of the parent company. The primary purpose of an SPV is to carry out a specific business activity outside of the parent company, therein protecting the parent company from risks such as bankruptcy and insolvency issues.
Why is a Special Purpose Vehicle Important?
SPVs are formed as limited partnerships, trusts, corporations, or limited liability companies. They adopt the legal protections of the particular business entity. An SPV is created for independent ownership, management, and funding of a company.
An SPV, for examp
- 4 min read
Common Equity: What Is It?
Common equity is the total amount of all investments in a company made by common equity investors, including the total value of all shares of common stock, plus retained earnings and additional paid-in capital. The measure of common equity does not include the value of preferred equity, that is, the value of preferred stock or any other related interest (limited liability units, or limited partnership interests) with preferred equity status.
Issues regarding equity investment in a company can be complicated. Potential investors are strongly advised to seek out the advice of professional legal and financial counsel before committing to any equity investment.
Common stock is one of two classes of secur