Maybe you’ve invented a hands-free way to browse the web, or a delicious zero-calorie pizza pie, or the next killer app. Maybe its a gourmet restaurant that prepares decadent meals out of peat moss, dandelions, and biodegradable waste and your creations are irresistible to the most sophisticated pallet. So, what else is there? There’s nothing to it but to do it, right?
If “doing it” includes taking care of the 10 items below that every entrepreneur should deal with before start up, then you're good to go. Get after it. On the other hand, if you gloss over any of these 10 items, you might be in for some trouble. In short, to be a successful entrepreneur, you should have strategies to deal with these 10 aspects of your business before you start signing contracts and becoming obligated to meet the demands of myriad third parties:
- Type of business (C Corp., S Corp, LLC, and Partnership are the most common, broadly speaking)
- Partnership Agreement, Operating Agreement, or Corporate Regulations to set out how the business will be run
- Insurance coverage
- Taxes and accounting
- Financing the business
- Real estate
- How you'll deal with employee or contractor issues (i.e., non-compete covenants, discrimination, wage laws, difference between an independent contractor and an employee, etc.)
- Intellectual Property
- Consumer sales practices
Dealing with these 10 issues appropriately can mean the difference between becoming the next Steve Jobs or Moe Shobs. You don’t know who Moe Shobs is? Neither do I; that’s the point.
This isn’t just “lawyer mumbo-jumbo.” Think about it. You don’t want to be the bar owner who gets sued for “incalculable damages” for copyright infringement because you didn’t pay for a license to allow cover bands to play on Saturday nights. You don’t want to be the gourmet restauranteur who gets locked into a triple-net lease for five years in a location where you can't possibly obtain a liquor license. You don’t want to be the techie whose employment contract prevents you from keeping all the money from that hands-free web browser because of a non-compete covenant in your contract with your former employer.
I’ll be blogging about entrepreneurship and issues like these right here on www.o-lawfirm.com. I urge you to contact me (330-441-2027 or email@example.com) so that I can collaborate with you and the rest of your team to help you get moving on the path to success in a strategic manner. If you have legal issues, I’ll find solutions. Let’s get to work.
Mark S. Ondrejech
DISCLAIMER: No attorney-client relationship is established between The Ondrejech Law Firm, LLC, its principal, or you the reader. This is not meant as legal advice, but is provided for educational and advertisement purposes. Different attorneys may have different opinions. Actual legal advice should be tailored to the facts of a particular situation. No results are guaranteed.
The Ondrejech Law Firm, LLC practices business, real estate, non-compete, and personal injury law in the cities of Avon, Avon Lake, Bay Village, Beachwood, Bedford, Bedford Heights, Bentleyville, Berea, Bratenahl, Brunswick, Brecksville, Broadview Heights, Brook Park, Brooklyn, Brooklyn Heights, Chagrin Falls, Cleveland, Cleveland Heights, Cuyahoga Heights, East Cleveland, Euclid, Fairview Park, Garfield Heights, Gates Mills, Highland Heights, Hunting Valley, Independence, Lakewood, Lorain, Linndale, Lyndhurst, Maple Heights, Mayfield Heights, Mayfield Village, Middleburg Heights, Moreland Hills, North Olmsted, North Ridgeville, North Royalton, Olmsted Falls, Orange, Parma, Parma Heights, Pepper Pike, Richmond Heights, Rocky River, Seven Hills, Shaker Heights, Solon, South Euclid, Strongsville, University Heights, Valley View, Wadsworth, Walton Hills, Warrensville Heights, and Westlake. This includes individuals and businesses throughout the counties of Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Medina, Portage, and Summit.