Putting It In Writing: The Importance of Contracts in Entrepreneurial Endeavors
Silicon Valley and the broader Bay Area are ripe with innovation, acquisition, and transaction. It is a good time and a great place to be active in business, especially from developmental and new venture perspectives. When doing so, however, it is important to protect your own intellectual property and not infringe that of others, offer and accept the deals that are truly right for your endeavors, and take action to protect your business from unnecessary exposure to legal liability. In accomplishing these ends, the long-established principles of contract law are a source of clarity and peace of mind. From real estate purchases to employment contracts to lease agreements to entity selection to non-disclosure and other privacy-related agreements, you can use the law to best position your business in the present and safeguard against risk and conflict in the future.
Important Agreement in Matters of Entrepreneurship
Silicon Valley and the entrepreneurial world, in general, are extremely competitive. Who generates the best ideas or ultimately comes to own and control them is a question that matters greatly. As such, it is important to protect the intellectual property that is your ideas – especially if your business concerns introducing a new innovation into the world. If you have partners or employees, you need to be on the same page about confidentiality. Here, a well-written non-disclosure agreement, whether between partner and co-partner or employer and employee, is essential. Non-disclosure agreements can also provide safety and peace of mind when pitching to potential investors or clients.
In addition to protecting a new venture’s intellectual property, you need to agree upon and commit to writing the ownership and management structure of your business. Such decisions fall within the domain of entity selection. You must choose the entity (e.g. an LLC) appropriate to your business needs and goals, specify in writing the division of ownership and control between partners, and file the required forms with the secretary of state.
Experience Drafting and Executing Business-Specific Legal Agreements
With your intellectual property protected and business entity selected, you are ready to hire employees, engage in commerce, and procure capital investments. For your business’s every legal need, rely on a well-established business law firm in Fremont, California. An experienced Fremont business transactions attorney will communicate clearly with you and ensure that your legal agreements allow your business to grow and thrive while minimizing risk and conflict.