Lost? Entrepreneurial Lawyers Help You Avoid Costly Entrepreneurial Mistakes.
Entrepreneurial Mistakes to Avoid
The problem with entrepreneurial mistakes business start ups make is that they are so sneaky. The problem is not with what entrepreneurs know. The problem with entrepreneur mistakes is that it is hard to know what you do not know. The entrepreneurial lawyers at Kahane Law Office in Calgary, Alberta are dedicated to your success. Call today for our help in avoiding strategic and costly entrepreneurial mistakes. 403-225-8810
What Are The Top Mistakes Entrepreneurs Make?
The following are some of the most frequent entrepreneurial mistakes that entrepreneurs make. They are easy enough to avoid, if you know about them
Not Incorporating Right Away
By not incorporating right away, you create a situation that may cost you time and money. You attract liability personally, may pay more taxes, and add complications to issuing shares when there is greater value in the business down the road.
Selling Shares Without Restrictions
There tax reasons as to why you want restrictions on people can do with shares. In addition, when you issue shares to your founding shareholders, you may want to limit the control they have over the corporation if they are only contributing money and not dedicated to the corporation. Further, selling shares without restrictions and proper legal advice, could lead to penalties and fines by the provincial securities regulators.
Not Hiring an Entrepreneurial Lawyer or Business Start Up lawyer
Entrepreneurial mistakes are made by people who do not know what it takes to start up a new business venture. While there are many corporate lawyers, try to find ones that specialize in startups and act for entrepreneurs to avoid entrepreneurial mistakes. Business startup lawyers see many new ventures and have added insight into best practices.
Entrepreneurial Mistakes Involving Funding
Many people underestimate their funding requirements. Having enough capital on hand when starting your business is important. Even the best business venture ideas take time to implement. Not being able to fund your business start up can end things before they really begin. There are many funding options available. Discuss this issue with your entrepreneurial lawyer so that you avoid this entrepreneurial mistake. Funding is a major part of your business plan.
Avoiding Using Proper Corporate Contracts
Proper Contracts protect your business venture. A common Entrepreneurial mistake is to not have contracts drafted properly. While there is a cost associated with having them drafted by a lawyer, your company then has protection from things like: liability, creditors, not being paid, litigation, etc.
Protecting Your Intellectual Property
Intellectual property is often one of the most valuable assets of a company. Without proper intellectual property protection, the business is at risk. Intellectual property takes various forms. Client lists, trade secrets, business techniques, trademarks and copyright are all considered intellectual property. A frequent entrepreneurial mistake is to leave these valuable assets at risk to employees, clients and the world at large.
Breaching Non Competition & Non Solicitation Agreements
Very few people who are sued feel that it is a fun process. Starting off your new business venture and then being sued is not how you want to start off. A common entrepreneurial mistake starting your new business while being employed by your then current employer. If you signed any type of non competition agreement or non solicitation agreement (or if there was such a clause in your employment contract), you should contact a lawyer to find out how to avoid a costly mistake.
Avoiding Legal Issues
Most legal problems will not resolve themselves. A big entrepreneurial mistake is to leave a legal problem without addressing it. While there are some situations that you cannot take a proactive approach to avoid, there are many legal problems that can be addressed simply and easily (and inexpensively) if dealt with right away.
Lawyers To Help Avoid Costly Entrepreneurial Mistakes in Calgary, Alberta
The entrepreneurial lawyers at Kahane Law Office in Calgary, Alberta can help with your new business venture. Avoid entrepreneurial mistakes that are commonly made with a supportive team behind you. Call us today at 403-225-8810 or 1-877-225-8817 or email us directly here.