Friday, August 23, 2013, AM | Leave Comment
One of the best traits of an entrepreneur is confidence. You have ideas. Maybe even society- or environment-changing ideas. Along with your ideas, you have the passion, the drive, the confidence, and the intellect to turn those ideas into realities. These are some of the best qualities that make entrepreneurs successful.
However, these qualities can get an entrepreneur into trouble! No matter how much you think over your business, there are always few laws and regulations that you need help with.
These laws can encompass almost every aspect of business in the 21st century. Even the slightest misstep can lead to the loss of valuable time, money and market position – and maybe even the loss of your company!
It’s important and necessary for entrepreneurs to be confident in their abilities. But as good and qualified as you are to deal with many aspects of your startup, you don’t know everything. And what you don’t know might end up costing you – big time!
Raising questions helps you as Entrepreneur…
The problem is that most entrepreneurs don’t even know where the dangers lie as they begin their company. They may not realize the kinds of questions they should be asking, questions like:
How to quit your job to start your company and not find yourself in hot water?
What precautions should you take before you quit your old job?
How and when should you set up a legal entity and do it the right way?
Should you incorporate now or later?
How does your startup go about getting funding in a way that’s fair to both you and your investors?
What kind of legal structure is right for your company?
Now the question is: Who can give you the right advice?
For questions like these and dozens more that you will face, you are going to need an expert’s advice. You need the information and someone with the smarts to navigate the tricky waters of entrepreneurship.
When it comes to your new company, you can’t afford to slip and skip your way through haphazardly, hoping that you aren’t breaking any laws while relying on generic contract templates you found at the local office supply store or downloaded from the Internet.
In a Nutshell
Read legal books before you actually talk to a lawyer. That way you will be in a lot stronger position to ask intelligent questions and would be able to converse in your lawyer’s particular jargon.