Entrepreneurs and startup teams make many mistakes when it comes to the legal aspect of starting, running and growing a company. There are so many things that they don’t know and so many things that can go wrong, especially when the time comes for a VC to jump on board.
The legal mistakes can become very problematic, which is why entrepreneurs should be very careful when they set up their businesses, apply for patents, make deals with suppliers and investors and so on.
Many entrepreneurs can’t afford to hire a lawyer, but this doesn’t mean that they can’t handle the legal aspect of the business well. If you want to feel better prepared, you need to educate yourself at least on the main legal aspects of running a business – from employment forms through security laws when issuing stocks to standard contract forms and so on.
To begin with, it is a good idea to read the law in the country where your business is situated. In addition, there are some great online sources that can help you stay informed on the legal matter like the following five:
Startup Lawyer – a website that is dedicated to the participants of the entrepreneurial ecosystem. The articles give valuable legal information on topics such as accelerators, employees, seed rounds, venture capital, acquisitions and so on and discuss interesting and/or current cases that relate to entrepreneurs and startups.
Legal Zoom – here you will find extensive information on important legal topics on starting and running your business. From forming your business, naming your business, taxes, licenses and permits to trademarks, patents, copyrights, corporate changes and business compliance – all this valuable information is just one click away from you.
The Law Entrepreneur – this podcast is the ultimate online stop where law and entrepreneurship topics are discussed. Each episode discusses a different useful topic – a great way to get valuable information even when you are on the go.
NOLO – one of the Internet’s leading legal websites that has been publishing do-it-yourself legal guides for over 40 years. Here you can find information on almost every legal topic that you are interested in – from books through online legal forms to legal software.
WSGR TERM SHEET GENERATOR – the easiest way to generate term sheets according to the information you give by filling an online questionnaire. It saves you time and efforts and also offers additional information including tutorials and explanation of financial terms.