Memphis Startup Attorneys & Lawyers
Memphis Startup Lawyers
Why Hire a Startup Lawyer?
When you start a new business, you want to make sure you have the best startup lawyer in Memphis. It's important to find someone who not only understands the business legislation in Tennessee, but also in your business's niche.
A startup lawyer can assist with several facets of the startup process.
- Partnership contracts: If you are creating a company with more than one partner, it is very important that you make sure all partners involved are protected in case of conflicts or later changes in the business. A startup lawyer will have experience with this type of contract and can act as a neutral party who ensures all founders receive equal rights.
- Government regulations: It's important to ensure that your business follows all Memphis city, Tennessee state, and U.S. federal laws and regulations for registering a business. It is easy to miss something when you are starting out, and a local Memphis lawyer will know exactly what steps to follow.
- Public liability: It is important to have a lawyer on hand before any disputes between your business and your customers, suppliers, employees, or the general public arise. The attorney can help ensure that you avoid any sort of liability.
- Forming a business entity: If you plan to incorporate your business, it is extremely valuable to have a lawyer assist you with the paperwork and filing. Every state is different, and having a lawyer who understands how to properly register a business in Tennessee is vital.
- Employee contracts: Having a lawyer help with employee contracts can ensure that you are protected in case employees terminate their contracts or you need to fire them.
- Supplier and customer contracts: Supplier and customer contracts can be confusing matters. It is recommended that you have a startup lawyer assist in drawing them up.
- Trademarks and patents: If you want to trademark your products and services or patent new innovations, it is very helpful to have a startup lawyer assist you.
How to Find the Best Startup Lawyer in Memphis
- The first thing you should do is speak to owners of more established businesses in Memphis. Ask for recommendations from businesses that are in your industry as well as other startup businesses that may be in another industry. Even if they can't give you a solid contact, they will likely have plenty of words of wisdom to share about what makes a good startup lawyer.
- Contact the Tennessee Bar Association and ask for contacts for startup lawyers. If you aren't able to get contacts through recommendations from other businesspeople or the state bar, the next place to look is your local bar association. The listing will be unbiased and without review.
- Do your research on all the lawyers you have the contact information for. Whether you are recommended a lawyer by a friend or you find someone through a directory, it is vital that you do your research on those people and find out more about their specialties. There are several websites where you can see public reviews that have been left about lawyers.
- Make a short list of the lawyers that seem to best fit your needs.
- Contact them via email or by phone to set up an interview. If they take more than 48 hours to get back to you, you should consider whether they are good choices. You will want someone who is easily contactable.
- Prepare questions for your interviews and be ready to explain what it is you require from the lawyers so that they can get a good understanding of what you need.
Questions for Startup Lawyers
- Have you worked with startups in Memphis before?
You want to hire a lawyer who not only works with businesses in Memphis, but has experience working with startups in the area. That means they will know all the ins and outs of setting up a business entity. They will know all about registering with the Tennessee Department of Revenue, which can be confusing if you have never done it before.
- What are your fees and how do you bill?
Lawyers' fees vary. You will want to find out exactly how much the lawyers you will be working with will cost and how they charge. Some lawyers bill by the hour, while others bill based on the type of work being done. You should also find out if there will be any other lawyers in the firm working on your business so that you know what their fees will be as well.
- Do you have billing plans specifically for startups?
Most startup lawyers know that startups do not have a lot of money to spend, so they often offer special billing plans that allow you to pay in installments.
As the owner of a startup business in Memphis, you can take advantage of the particularly rich tradition of entrepreneurship that exists in Tennessee by hiring the right startup lawyer for your type of business.
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Legal Services Offered by Our On-Demand Memphis Startup Attorneys
On UpCounsel, you can find and connect with top-rated Memphis 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 Memphis 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 Memphis, TN.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Memphis 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 Memphis startup lawyer on UpCounsel to help you today.
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Royalty Financing: What Is It?
Royalty financing is a type of investment where the business gets money based on future revenue. It's similar to an advance on a paycheck. The investors get their money back through royalties that are a percentage of the company's revenue.
The repayment terms and the total amount repaid are negotiated at the start of the loan. The company's income and revenue determine how long it takes to repay the loan, which in turn affects the final repayment amount. However, a cap will be placed on the repayment amount during the initial negotiations.
Royalty financing is usually used for companies with large revenue streams. Less profitable companies wouldn't be able to repay the loan plus pay their business expenses.
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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 burn rate is $12,500.
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What Is a Rights Offering?
A rights offering takes place when a company needs to raise more money. Rather than offer shares to anyone, it gives current shareholders a chance to buy more stock during a fixed period.
How Does a Rights Offering Help?
This method lets shareholders keep their current level of ownership in the business while the company gets more capital. In most rights offerings, the existing shareholders get a discounted price for new stock purchases.
When a shareholder doesn't want to buy additional stock, he can transfer the rights on the open market, giving someone else a chance to buy company stock at a discounted price. Since the offering rate is low, the company is likely to sell most or all of its newly available stock.
The ability to transfer means that if a current stockholder doesn't want to buy more, he can easily find someone who will. The only catch is that the third party must buy within the fixed time fr
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Intellectual Property Protection
Intellectual Property Protection is protection for inventions, literary and artistic works, symbols, names, and images created by the mind. Learn how you can protect your intellectual property by using: Patents, Trademarks, Trade Secrets, and Copyrights.
Intellectual Property Protection Explained
Entrepreneurs and business owners need to understand the basics of intellectual property (IP) law to best protect their hard-earned creations and ideas from unfair competition. Intellectual property includes distinctive items that you have created and ones that give you an economic benefit.
Seek professional experience from an intellectual property attorney
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What Is a Startup Valuation Calculator?
A startup valuation calculator allows a new business owner to determine the value of the business, often used for investment purposes when selling shares of the company. Valuing a business is a complex and often subjective process, but valuing a brand new company is more difficult because there is little to no data on which to base the value. Most startup owners rely on a basic principle of finance: risk vs. reward, or transaction vs. market size.
Startup company owners should understand that even with proper startup valuation calculations, the figure exists to show what percentage of the company an investor gets for making an investment.
Regardless of what phase the company is in, it will likely become important to determine the value. Your startup might be pre-revenue, post-revenue, trying to raise funds to lau