Anyone can have a great idea or come up with an innovative concept. But to actually bring your plan to fruition and make a profit requires business acumen. These skills come more naturally to some than others, but fortunately, most can be taught and learned.
But at the heart of every successful business is a strong foundation. Every successful entrepreneur knows to get their legal ducks in line before hanging out their shingle.
You’ll need to decide whether to incorporate as an S-corp, a C-corp, LLC or a sole proprietorship. Which will be most advantageous for your situation? Then there are business contracts, licenses, leases, policies and procedures to draft. All need to be clear and detailed. Ambiguity in a contract can give someone the legal wiggle room to take advantage of your position should the relationship sour or the transaction goes south.
You also need to protect your fledgling business from legal repercussions that might arise from disputes, e.g., disgruntled former employees who never signed nondisclosure agreements or noncompete contracts.
Even worse, without the proper clauses in employment contracts, you could see valuable trade secrets literally walk out your door and put money in someone else’s pocket.
Don’t risk the future of your company to save a few dollars on one-size-fits-all, do-it-yourself contracts and other business documents. By outsourcing these matter to a trusted Fayette attorney who is well-versed in the contract and business laws here in Kentucky, you don’t have to worry that an improperly worded contract could later land you in legal hot water or jeopardize the success of your business.