What to Know if You Are Starting A Business in The New Year

Posted on December 19th, 2019 by Tom Zimmerman

Starting a business is not for the faint of heart, so congratulations if you’re starting one in the new year. Unfortunately, starting your business comes with plenty of legal issues to consider, among other things.

Here at Zimmerman Law Offices, we’ve seen plenty of entrepreneurs get themselves into avoidable trouble because they failed to pay the proper attention to certain legal issues such as trademarks and partnership agreements.

As business transactions attorneys in Chicago, we specialize in not just fixing problems, but helping you avoid them as well. To that end, here’s what you need to know if you’re starting a business this year.

Protect Your Intellectual Property

Depending on the nature of your business, your intellectual property may be the most valuable asset you own. And an asset so valuable needs protection. Work with a business transactions attorney in Chicago to ensure your trademarks, patents, copyrights, and trade secrets are legally registered.

Reduce (or Eliminate) Your Liability

The way you set up your business can greatly reduce or even completely eliminate your personal liability to certain losses. Though you might not want to think about failure, it’s important to protect yourself from the downside risk of entrepreneurship. To do so, find a business transactions attorney in Chicago who can help you understand the different liability protections available through various business entities.

Be Cautious with Partnership Agreements

It’s easy to get swept up in the excitement of starting your new business with your partners. But it’s important to take a step back and draft a carefully worded agreement between you and your partner(s). By doing so, you can ensure that, if your or your partner’s circumstances change in some way that affects the business, everyone’s interests are considered.

The attorneys at Zimmerman Law Offices have extensive experience in the formation of businesses. Contact us today if you are considering starting a new business.

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