What to Ask: Intellectual Property and Startup Tips | Mahir Nisar, Esq.
Starting a new business? UpCounsel attorney Mahir Nisar explains what every startup should be asking their legal team about intellectual property and startup tips2 min read
How do I protect my company and its corporate assets?
It’s important to maintain protections against scenarios where employees may leave the company with trade secrets and solicit your existing client/customers or worse join a competitor.
What policies should I have with respect to my employees?
It’s important to maintain legal processes to deal with your employees regardless of how many you have. Employee handbooks and policies can allow for procedures in the event of termination of an employee is necessary.
What protections should I have for my online/e-commerce business?
You should have necessary technology law based disclaimers and terms and conditions to protect claims by consumers or third-parties.
What type of corporate structure is best for the type of business I am looking to run?
Setting up the right corporation for tax related issues, liabilities protections, and investor interest is important to discuss with an attorney.
How do I protect my brand?
Trademark, patents, and copyrighting through an attorney can prevent infringement related litigation.
What is the best way a small business owner can protect personal wealth and assets from business risks?
By maintaining a proper utilization of corporate funds and not making personal purchases.
What specifically are small business owners most confused about when you first meet with them?
Workers Compensation and Insurance
How can quality legal services help a small business grow?
By preventing and minimizing legal liabilities and risks associated with growth.
How can quality legal services help small businesses save money?
It can help save money by not only catering to more stronger foundations for growth financially but it can avoid the pitfalls and mistakes which can in the end be very costly.
How can small businesses maximize the value of their legal team’s services?
By engaging an outside general counsel.
Should business partners have the same amount of equity in a company? Why or why not?
This depends on what the partners agrees and determine is fair amongst them
What are the top three things a small business owner should be aware of when purchasing an existing business?
Accurately determine the value, Review the business's tax returns to determine profitability and if there is outstanding tax liability, Find out if there are any patents, copyrights, or trademarks associated with the business, Find out if there are any human resources issues or outstanding lawsuits pending against the company.
Do you have any other essential legal guidance for startups that you haven't already included in this survey?
Minimize expenditures and liabilities for a sustainable financial future.