Entrepreneurs are dreamers and risk-takers who are willing to bet on themselves. The US is home to around 31 million entrepreneurs in various industries. While many entrepreneurs enjoy the freedom and flexibility of being their own boss, they also work long hours – an average of 50 hours a week.
Spending so much time working to build a company leaves little for studying business law. However, without a solid understanding of legal requirements and potential pitfalls, entrepreneurs can put themselves and their dreams in jeopardy. Instead of becoming legal experts, savvy entrepreneurs enlist the help of a Los Angeles Corporate Attorney to outsource this critical and technical aspect of creating and running their business.
Structuring Your New Business
According to the Small Business Administration, over 86% of small businesses with no employees are sole proprietorships. That number might not be surprising because you don’t need to do anything to start operating as a sole proprietor. What’s more surprising is that close to 14% of smaller employers and even 6% of large employers also run as sole proprietorships. While this arrangement has some tax advantages, it also comes with very serious drawbacks. If the business ends up liable in a lawsuit, the sole proprietor is personally responsible for those debts or damages. In other words, if the business gets sued, the owner’s personal house, car, and accounts are also on the line.
For serious entrepreneurs, there are many other business structures that protect against personal liability and offer other benefits or drawbacks. Structuring a business the right way can safeguard the business and the owner. A corporate attorney can advise you on the best options for your company.
Building and Protecting Your Brand
Brand identity is critical for new businesses. With so much competition, it is vital to have a name, logo, colors, and voice that potential clients or customers will notice and remember. Some businesses make the mistake, either knowingly or completely by accident, of using a name, logo, or even font that another brand already protected. Other times, a small business may have a wonderfully creative and memorable brand identity, only to face copycats looking to capitalize on their hard work.
Your LA corporate attorney can work with you to check your brand information before you invest in signage, websites, business cards, and swag. Otherwise, you might find yourself out thousands when you receive a cease-and-desist letter informing you that your business violated a copyright or other form of intellectual property.
Once you find the logo, color scheme, name, and other IP that will help your brand stand out from the crowd, your Los Angeles Intellectual Property Lawyer can help you register it to protect it from would-be imitators.
Being Proactive About Your Corporate Lawyer
The last thing you want to do is to start looking for a lawyer in a panic after something goes wrong. When it comes to protecting your entrepreneurial dream, you need to be proactive about finding a corporate attorney you trust and can consult with to avoid problems instead of reacting to them.
