Blog Post / Family Business Resource Center
Budding Family Business Entrepreneur? Top Three Legal Tips You Need to Know
By Omar Emmanuel Vasquez
02.19.15

(1) Engage legal counsel early to draft up a standard agreement.
(2) If the supplier gives you a contract to sign, have counsel review to make sure standard but critical terms are included. A little investment early saves a lot of heartache later.
3. IP Agreements. You are an entrepreneur. You have a new idea. You have developed software or graphics or a new product or something. Protect your intellectual property! Your employees, independent contractors, and even you need to sign an IP Assignment Agreement to ensure that your company retains the exclusive rights to your intellectual property. Otherwise you risk having folks run off with your work and take the benefits of your labor and insights.* * * *
These are some basic legal frameworks with which all budding (and experienced) entrepreneurs should be acquainted. With these in place, you can feel more secure that a basic legal foundation to your business is securely in place.