Philadelphia Startup Lawyers
Legal Tips and Information
Philadelphia is a Welcoming Home for Your New Startup
Philadelphia, the city of Brotherly Love, is not only one of the most livable cities in America, but is also among the top 10 U.S. cities with the fastest growing companies. Startups coming to Philadelphia will find a supportive community of like-minded entrepreneurs with a collaborative and inventive spirit. With incubator and co-working spaces, and the support of over 13 startup-focused networking groups and organizations, Philadelphia is an ideal and welcoming home for your new startup business.
As you look to make a home for your startup in the birthplace of so many American innovations, you’ll need a startup lawyer in Philadelphia that knows how to not only build your new enterprise on a solid foundation, but who also understands the unique challenges that can face startup businesses. While many people make the mistake of looking for an attorney when a crisis strikes, a smart startup founder knows that a startup attorney is a key to achieving your dreams. As you look for a startup lawyer in Philadelphia, seek out lawyers that can protect not only your innovative product or idea but that can also create a solid framework upon which your new business can reach for the stars.
Philadelphia startup lawyers will be able to tell you the best way to protect your ideas through patents, copyrights and trademarks. Your smart and innovative concept won’t do you any good or bring you any value if you can’t protect it and prove that it belongs to you. These new business legal specialists will also help you navigate local, state and federal requirements. Does Philadelphia have a local income tax? Your startup lawyer in Philadelphia will know the answer. Is a limited liability company right for you or do you need to form a corporation to build your dream? Your startup attorney will help you make the right decision. From founder’s agreements to limited liability operating agreements and even non-compete agreements, a startup lawyer in Philadelphia will know the essential items you need for your startup to be in the best position to thrive. Your partner in success, your startup attorney will handle all the details to make sure that your interests are protected while you focus on growing your dream.
Finding the Financial Resources to Grow Your Startup in Philadelphia
You’ve found the right startup lawyer in Philadelphia to set the groundwork for your new business to flourish. Now you need to find the money to seed your growth.
Unfortunately, despite some pretty popular television shows that might have you think otherwise, there sadly are not people waiting in the wings or lined upon around the block to hand you money, despite the greatness of your startup venture. With a little effort, though, and using some of those great entrepreneurial networking groups you’ve found in Philadelphia, you can find angel investors, venture capitalists, individual investors and sometimes even banks that provide the capital you need.
Unless you startup is a legal business focusing on investments, you probably are going to need a startup lawyer in Philadelphia to help you best use and structure the funds that you are able to find. While some of your financiers will be happy to simply provide you money in exchange for a future return on that investment, other people may be willing to provide funds only in exchange for control, ownership or management of your new company. There are many benefits that can come from having a partner, but also some pretty perilous pitfalls, too. Do you know what a seed stage investor does or what an equity investor wants from you? Your startup lawyer in Philadelphia will not only know the answer to these important questions but will also give you advice on what type of investor might be best. Who knows, an IPO may be just the right fit but something you never would have thought to do. Just as you are the expert in building your startup and your innovative dreams, your Philadelphia startup attorney is your expert in forging the financial framework that will allow your startup to flourish. Making the correct decisions when it comes to your sources of funds can make the difference between a startup that rises to new heights and one that never makes it past the ground floor.
Helping Your Philadelphia Startup Reach the Next Level
You’ve built your foundation for a revolutionary startup enterprise and you are ready to move to the next level. To keeping on moving up you need to decide what your future structure looks like. Do you grow vertically and expand your reach, do you increase staff and build a bigger footprint, or do you sell your framework and create the next, new big thing?
That outstanding startup attorney in Philadelphia you’ve been working with will help you identify the risks and rewards as you move forward. If you’ve been lucky enough to make it this far without a top notch legal expert, this is the time to find a startup lawyer in Philadelphia to ensure that the business you have built brings you the success you deserve.
Maybe up to this point you’ve worked from a home office or a shared space and are now looking for a new location where you can expand. Commercial leases can have some pretty daunting terms and requirements. If your new landlord expects you to personally guarantee your new lease, how will that effect the financial obligations you already have in place? Up until now, you’ve had 40 staff that only work part-time, but now you hope to grow to over 60 people. What sort of benefits will you be required to provide? Then, after you’ve signed that new lease and hired your new staff, that worldwide leader in sports coverage has discovered your new real-time stat analyzing program and wants to buy your company. Do you want to sell? Keep a piece of the company? Make sure that you always have VIP seats to the Phillies? All of these questions, and even many that you haven’t thought of, can be analyzed, explained and answered by your legal partner.
Success in the City of Brotherly Love
From helping you create your startup business infrastructure to crafting the documents that will lead you to higher levels of success, a startup lawyer in Philadelphia is an essential member of your team. Selecting the right craftsman to help build your startup is an important job that should not be overlooked. While many of us think we can do it all, we become, like the saying goes, a master of nothing. Your entrepreneurial talents should be focused on fostering your business while you leave the lawyering to lawyers. Most entrepreneurs tend to underestimate how assistance they’ll really need from a lawyer. You will need expert startup legal advice not only at the beginning but even more so as your startup finds growth and achievement. With so many resources in Philadelphia to help grow a vibrant startup business, finding the right startup lawyer in Philadelphia that meets your needs will help ensure that you start on a solid foundation. Select an attorney that is responsive, knowledgeable and most importantly, someone that you feel comfortable working with. With a good lawyer on your team, you’ll be well on your way to finding startup success in the City of Brotherly Love.
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Legal Services Offered by Our On-Demand Philadelphia Startup Attorneys
On UpCounsel, you can find and connect with top-rated Philadelphia 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 Philadelphia 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 Philadelphia, PA.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Philadelphia 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 Philadelphia startup lawyer on UpCounsel to help you today.
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- 5 min read
Starting a business can be exciting and rewarding, but can also be complicated and nerve wracking. Your first order of business will be to decide on an entity type. Common entity types include, sole proprietorships, partnerships, corporations, DBAs and limited liability companies (LLCs). An LLC is a legal form that is considered to exist separate from its members, protecting them from total financial exposure by limiting liability to the amount of the financial contribution made by each. The members own and manage the company unless otherwise provided for in the LLC’s Articles of Organization.
Interested in forming an LLC in the State of Michigan? Here’s a look at the steps you’ll be taking. Remember, though, that it is always a good idea to consult with an attorney before starting the LLC formation process.
Choose Your Company’s Name
The first step in forming your LLC in Michigan is to c
- 7 min read
What Are Preferred Dividends?
Preferred dividends are the dividends that are accrued paid on a company’s preferred stock. Any time a company pays dividends, preferred shareholders have priority over common shareholders, which means dividends must always be paid to preferred shareholders before they are paid to common shareholders. If the company is unable to pay all the dividends, then claims to any preferred dividends will take precedence over claims to dividends on common shares.
Dividends are payments that a company distributes to its shareholders. Unlike the interest paid on bonds, dividend payments are not mandatory. Many startups do not pay dividends because they want to use any available money to grow the business instead.
Preferred dividends are link to preferred shares, which are a type of equity in the company, although
- 9 min read
What is Corporate Personhood?
Corporations have some of the same rights as people. This is known as corporate personhood. It is the idea that a corporation has its own rights. Corporate personhood has existed much longer than many people realize.
Corporate personhood is not just for large companies. As long as a business is incorporated, it can benefit from corporate personhood. Organizations that benefit from corporate personhood can include:
- Large businesses
- Small businesses
- For-profit organizations
Because it bought land, the Catholic Church is one of the earliest examples of corporate personhood.
Many people are against the idea of corporate personhood. In their opinion, companies are not people and do not deserve the same rights as a regular person. However, this leg
- 18 min read
What Are SAFE Notes?
SAFE (simple agreement for future equity) notes are a simpler alternative to convertible notes. They were created in 2013 by Y Combinator, a Silicon Valley accelerator, and allow startups to structure seed investments without interest rates or maturity dates. SAFEs are short five-page documents, and the valuation caps are the only negotiable detail.
A SAFE note is a convertible security that, like an option or warrant, allows the investor to buy shares in a future priced round. It addresses many of the drawbacks and challenges posed by convertible notes and can be an equitable option for investors and founders. Startups may prefer SAFE notes because, unlike convertible notes, they are not debt and therefore do not accrue interest
- 5 min read
What Is a Capital Call?
Capital calls are used to secure short-term funding on projects within private equity funds in order to cover the time between the financing agreement and the money received. It is a solution that is generally in place for 30-90 days. 90 days after the capital call, notice is given to the investors. Capital calls are generally sent via registered mail, but some funds use email, which is also acceptable.
Capital calls are considered to be short-term loans, ensuring the liquidity of the equity funds and securing ongoing revolving investment projects. Capital calls are secured against the fund's pledges for capital contributions, unfunded investor commitments, or granted by the fund through power of attorney. Capital calls need to be