Austin Business Law Attorney

Things to Consider if You're Starting a Business

Millions of people have had the same type of experience - you're working away in your office or cubicle, droning on through another uneventful day, waiting for the weekend or for anything to happen that will provide a spark. You get up to grab another cup of lousy coffee, and then it hits you out of the blue - an idea for a business that you are convinced will work. Some of the most famous entrepreneurs in our country's history have experienced just that, so don't dismiss this experience if it happens to you.

However, before you quit your job and throw all of your money into your idea, there are steps you need to take to maximize the possibility that your idea and/or dream will actually become a reality. Slater Kennon & Jameson, L.L.P. serve as Austin business law attorneys, and they'd like to share some ideas to consider below before you begin chasing your dream.

How Will Your Business Be Financed?

Obviously, the first thing you need to do before opening your doors is to figure out how your venture will be funded. We'd recommend not emptying your assets into this venture, as you'll need the security your nest egg offers more than ever while you're getting off the ground. You could consider borrowing, bringing in a partner or other means, but make sure that you have clearly mapped this out before getting started.

How Will Your Business Be Organized?

The State of Texas offers several options in regards to how you'd like your business to be structured. You should speak to a business attorney before making that decision, as different types of business entities result in different liability issues and different tax liability questions. No set answer for how to organize is in place, which means that the best way to make this decision is to explain your idea to someone who will keep your information confidential, which is the duty of all attorneys.

What Contracts Need to Be Formulated?

As you get started, the most immediate set of documents you'll encounter after your state-driven paperwork is contracts. You may need to put together a partnership agreement, a venture capital agreement, or perhaps even your first client agreement. The worst thing you can do at this point is attempt to "wing it." You need to be absolutely sure that your legal rights are protected and that the chance for ambiguity and its resulting controversy is minimized as much as possible.

Of course, there are many more questions that you'll need to answer before launching your business and chasing your dream. If you'd like to work through these questions with someone who knows how to answer them, contact an Austin business law attorney at Slater Kennon & Jameson, L.L.P. for an initial consultation.