It seems as if starting up a business accelerator is one of the most popular launches these days. The accelerators help would-be entrepreneurs take an idea off of the drawing board and put it on Main Street. Accelerators get a small piece of equity in the company in exchange for some capital and mentoring.
According to a news article, a Utah-based start-up is itself putting a new spin the concept, helping Salt Lake City entrepreneurs develop products and launch tech companies. StartStudio isn’t exactly an accelerator, focusing more on sustainable long-term growth than is typical. One of the areas the company says start-ups often struggle with is getting their legal documents drafted correctly and on time.
StartStudio notes wryly on its website that those documents might not get the attention they deserve because the entrepreneur’s “dilapidated roommate” pauses “Netflix for a few minutes to talk about your idea.”
It’s a humorous way of getting across an undoubtedly accurate assessment of many new firms launched by enthusiastic, energetic businesspeople. They understand their ideas for an innovative product or service better than anyone else could, but often struggle to understand the business law that applies to how their company will function and helps determine if it will succeed. Too often, they rely on the uninformed advice of a roommate, friend or classmate.
A St. George business attorney can help a budding entrepreneur understand which legal documents and processes are critical; which business entity form is suitable (corporations, limited liability companies, etc.); can draft contracts to be used in B2B transactions or with employees; help create operating agreements; and put in place intellectual property protections.
Experienced business lawyers help guide clients through various real estate transactions that also play important roles in the success or failure of a commercial enterprise. Leases, acquisitions, property sales, rentals and other real estate-related transactions typically involve major investments that a businessperson can’t afford to get wrong.