How to Properly Start Your Company
It’s easy to get distracted or overwhelmed when launching a startup. Here are a few tips to consider that will help ensure you start things out on the right foot:
Create an entity.
- Whether it’s an LLC or an S-corp / C-corp. Setting out as a sole-proprietorship can potentially set you up for a lot of hardship, so it’s better to become incorporated early on.
Make sure to have contracts, contracts, contracts.
- Whether it’s your web developers, your employees or your advisory board, drafting up contracts stipulating everyone’s roles and responsibilities is critical. While they will cost extra to have an attorney look them over, it’s well worth the investment in order to have some peace of mind as you navigate the unpredictable path of launching a startup.
Ensure you maintain ownership of everything.
- Intellectual property ownership gets a little intricate and complicated when dealing with abstract things such as code. Having an attorney who specializes in intellectual property will help make your ownership air-tight.
Launching a startup is filled with all kinds of unpredictable curve balls. Following the above tips will help you avoid some of those and knock others right out of the park.