Launching your own tech startup is an exciting venture that holds the potential of untold success. However, it’s also a risky financial situation that presents many legal and economic challenges. Hiring an experienced business lawyer will give you someone to rely upon when you’re faced with complicated legal issues.

4 Common Legal Challenges Your Tech Startup Will Face

1. Incorporate Your Business

If you fail to form a corporation, or an LLC, you’ll be tying your personal finances to your business. While this may not be a problem if your startup is as successful as you hope, what will you do if the business fails? Instead of risking your personal assets, talk to your business lawyer about which option is best for you. Choosing between a corporation or LLC will help you benefit from different liability and tax protections.

2. Protect Your Intellectual Properties

Regardless of the type of business you own, you should ask your startup attorney to help you obtain copyrights and patents. You may think you don’t need these protections until you realize failing to obtain them will leave your company’s logos, slogans, trademarks, and original inventions open to public use. Especially in the digital age, it’s crucial to protect your business creations, whether that includes original artwork or brochures that advertise your products.

3. Protect Your Customers

Especially where new technology is involved, there’s always the possibility that your products can be misused to take advantage of your customers. If you don’t take action to protect your customers from scams, you may find yourself the target of business litigation. Your lawyer can advise you on the actions you should take to protect your customers and safeguard your business.

4. Obtain Sufficient Liability Coverage

Even if your business lawyer has helped you incorporate your startup, you will want to make sure you obtain sufficient liability coverage. Whether a customer is injured on the business premises, or one of your products is faulty and injures a consumer, you can face a costly lawsuit. Without the right insurance coverage, a single claim against you could end up devastating your business.

The Law Office of W. Randall Holcomb offers the legal services that business owners need. Located in Greensboro, NC, the firm can help you prepare your new business with the legal protections it needs while also representing your interests in any new legal challenges that may arise. You can learn more about how they can help you protect your startup by visiting their website. Alternatively, call the business lawyer at (336) 888-8760 to arrange for an initial consultation.