Marjorie Radlo-Zandi is an entrepreneur, board member and mentor to startups, and an angel investor who shows early-stage businesses how to build and successfully scale their businesses.
Without informing their board, a certain startup had amassed $150,000 legal fees in just three months.
The investor team I was part of grilled the founder to explain why. He told us the fees were for documents involving business formation, funding, various agreements, and intellectual property registrations.
Because fees like this can sink an early-stage startup, it’s critical that founders of emerging companies know cost-effective ways to use lawyers.
As a founder, you can get the most out of legal help by deploying a few smart strategies that won’t break the bank or blow your budget. Not everything you do requires a lawyer: You simply need to know when to engage your attorney, how much to spend, and when to do it yourself.
Your startup needs the right legal structure. Structure depends on various factors: the nature of the business, its growth potential, funding requirements, liability considerations, and tax implications. Most startups are formed either as an LLC (limited liability company) or a C-Corp. Your business lawyer will help determine which structure best fits your company.
All startups enter into agreements and contracts with employees, suppliers, strategic partners, distributors and partners. It’s wise to have a lawyer help draft contracts...
Addressing a media briefing, Edirimanne said it had come to light that certain information provided about the youth, identified as Amila Nirmal, was inaccurate. He stated that the SLPP welcomes al...