There's good news for Oklahomans wishing to start their own business, especially those related to the technology field. Oklahoma City-based i2e, Inc., received a $1 million grant from the U.S. Economic Development Administration, which gets matched by several other local entities. This is great news because it shows just how much progress Oklahoma is seeing.
However, there's more to starting and running a business than just an entrepreneurial drive (try this quiz to see where you fit), and some financial backing. Entrepreneurs must navigate all the legal, financial, and marketing aspects to help keep that business thriving. The Small Business Administration, and other state and private entities, are great resources to consult about running a business, but sometimes business owners get confused about some of the legal aspects.
It's always my recommendation that you discuss with an attorney all of the legal aspects of running a business, before you invest time and money in the venture. Moreover, you should keep in constant contact with your attorney to discuss some of the daily operations and needs of your business.
Here are some of the many questions your small business attorney can help you answer:
- What type of business entity should you select?
- Should you incorporate your business? Or is it acceptable to operate as a LLC, partnership, or sole proprietorship?
- What, if any, are the documents I need to file with the state to start my business?
- How do I protect my intellectual property with a trademark, patent, or copyright?
- What should I know about hiring employees?
- What do I need to keep in my employee's file?
- What should I know about firing an employee?
- How can I collect money on some of my outstanding debts?
- What should I know about leasing or purchasing office space?
- How does this contract affect my current business operations?
In addition to answering your questions, your small business attorney can help address other legal needs like:
- Creating a business plan
- Creating Articles of Incorporation and Corporate Bylaws
- Creating shareholder or membership agreements
- Creating an employment or independent contractor agreements
- Drafting non-compete/non-disclosure agreements
- Reviewing and negotiating office leasing or purchase agreements
- Drafting employee handbooks
- Performing conflicts or competition checks to ensure your business complies with state and federal regulations, and will not illegally infringe on other current business ventures
- Advise you on a proper, and legal, course of action if, and when, you're involved in a lawsuit
It's important to get your business started correctly, and more importantly, to continue to evaluate your legal positions at least yearly. The slight amount of money spent early on in the process could prevent financial headaches in the future.
If you're looking to start a business, or currently an entrepreneur who needs to assess your business, don't hesitate to contact our office. You can call the office at (405) 748-0318, or email us at . If you're looking for full-time access to a lawyer, at a part-time price, we offer annual legal packages that give you access to an attorney, without the worry of paying expensive hourly fees.