For a new startup to find success in increasingly competitive markets, they need more than just the drive behind their entrepreneurial spirit. They also need the advantage of a legal strategy that protects their interests from launch to landing.
At Malone Law, we aim to advise entrepreneurs from the conception of their business idea through its entire lifecycle. The early days of a startup can be fraught with crucial red tape that may seem overwhelming when your priority is simply getting your product or ideas off the ground. Seeking out competent legal guidance from the onset enables you to focus your time and energy on your business while simultaneously ensuring your entity is structured correctly with room to grow.
Entity Formation Matters
The way you structure your new business should be based on a strategy that considers the present and facilitates the future. In particular, entity formation in the e-commerce, tech, SaaS, and digital marketing industries can be uniquely strategic. For example, tax liabilities vary depending on whether you decide to form an LLC or to incorporate. That said, some tax protection strategies won't come into play until income from your business reaches certain benchmarks. If you are at the point where incorporation makes the most sense, you'll need to understand what type of corporation to form and the necessary legal agreements required for each.
Corporations are more difficult to form and are additionally pricier to maintain. Regardless, there is the benefit of having defined corporate hierarchies wherein individuals have clear roles in the corporate structure. In some cases, incorporating a tech startup will be ideal for those looking for angel investors or investments from venture capitalists—these investors are almost always more inclined to invest in an incorporated business.
If incorporating is not best for you at present, then structure options such as limited partnerships, limited liability partnerships, or limited liability companies are available to you as well. These business types are easier to form and maintain, but they each come with their pros and cons—for example, a limited partnership doesn't provide the same personal liability shield you will have under the other two. These examples aren't exhaustive, and we can help you determine what type of business best suits your business goals.
Ongoing Virtual General Counsel
Maintaining your business continues long after you have formed your entity, and post-formation, Malone Law is here to help you with the next steps—because there are always a next steps. Partners, investors, and board members will come and go throughout your business lifecycle, and each time they do, it will require legal legwork. Corporate governance can be a difficult and time-consuming task that also necessitates amending articles of organization, bylaws, operating agreements, succession plans, shareholder agreements, and much more. At the state level, ongoing required filings must happen within the Secretary of State's time parameters for your business to remain in good standing. A business that fails to make the filings will be subject to penalties that could create collateral damage on top of the fees required in returning your company to a good standing status. Our job is to ensure you are fully aware of these procedural pitfalls.
In addition to corporate governance and entity maintenance, Malone Law will service the universe of your business's contractual needs. For example, as your business scales, we will advise you on and prepare equity agreements and arrangements, buy-sell agreements, partnership agreements, employment or independent contractor agreements, licensing agreements and customer agreements. The best way to ensure your business is entering into not only the appropriate contracts, but fully enforceable contracts, is by maintaining an open line of reliable communication with your business legal advisor.
Malone Law prioritizes consistent and timely communication with its clients because we don't operate under a call-when-there's-a-problem model. Running your business is nuanced, and consistent communication with your advisor will result in all parties being better able to anticipate needs and circumvent problems as your business grows.
Successfully running your corporation like a well-oiled machine often comes down to finding personalized legal guidance from a firm that is dedicated to proactive legal protection. That firm is Malone Law.
Malone Law provides ongoing virtual general counsel at clear and consistent rates to help you manage ongoing and legally imperative responsibilities throughout your business lifecycle.