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Technology Law Blog

Entrepreneurs: Achieving success as a tech startup

With the ever-expanding nature of the technological industry, the opportunities for advancement and growth may seem endless. Many entrepreneurs in New York and elsewhere may feel there will never be a better time to take a leap and launch a tech startup. However, with the level of importance many owners place on the well-being of their companies, some may choose to seek guidance on steps they can take to increase their odds of cultivating a successful enterprise.

While each business may wish to provide consumers with a variety of products and services, there may be one singular purpose that acts as the driving force of one's company. Fully understanding this purpose and the commitment that will be necessary to achieve success can be an essential part of the process. With a high level of competition in the tech industry, entrepreneurs may also need to focus on coming up with ways to gain an edge on the competition, such as being innovative with products and operational procedures.

Protecting Your Startup From Liability

Creating a limited liability company or a corporation is an important first step in protecting your startup company from liability. If you stop there, however, you may not be so protected as you think.

A corporate entity is a shield that protects your personal assets from creditors and lawsuits associated with your business. Unfortunately, if you are sued, a litigator will look for ways to assert that your entity is a sham or wasn’t properly constituted.  To receive the maximum protection, seek the help of an experienced attorney to establish, maintain and document your entity.

Entrepreneurs: Choosing a legal structure for a business

Starting a business can be an exciting endeavor, but it can also be a complex process. Entrepreneurs in New York that are seeking to form a new company may need to consider a variety of factors when choosing a legal structure for their business. Since this can be a major decision, a prospective business owner may find it advisable to speak with an attorney for guidance in covering every aspect of business formation.

When it comes to choosing a legal structure for a business, entrepreneurs have several options to choose from, each of which may come with its own potential advantages and disadvantages. One option is a sole proprietorship, which is most common among individuals who wish to start and run a small business on their own. When two or more parties wish to enter a business relationship, a partnership could be the correct structure to pursue.

Understanding intellectual property and the options to protect it

The concepts and ideas that drive a company may play a significant role in its success. Whether these ideas pertain to product specifications, or dictate daily operations, they can play an integral role in the longevity of a company. Business owners in New York and elsewhere may wish to safeguard the intellectual property of their companies, but they might be uncertain of the options available, or even unaware of what is considered as intellectual property.

When it comes to protecting the interests of a company, many owners may feel that safeguarding physical assets is essential. However, an owner could also find it invaluable to consider the importance of the ideas that form the foundation of the business. Intellectual property can include anything from designs for new and existing products to company logos and images, and taking steps to protect this property could prove vital to a company's success.

Top 10 Challenges Faced By Technology Startups

While there is no statistical basis for the often-repeated claim than nine of 10 new businesses will fail, the challenges faced by technology startups are significant. According to a study by Bruce D. Phillips of the National Federation of Independent Business and the late Bruce A. Kirchhoff, director of the technological entrepreneurship program at New Jersey Institute of Technology, just under 40 percent of startups with 500 or fewer employees will survive their first six years.

Here are the 10 leading challenges faced by technology startups:

Entrepreneurs: Topics to address re employment contracts

Starting a new business can be an exciting endeavor, but it can also be complex. Entrepreneurs in New York and across the nation may need to cover a variety of crucial aspects upon forming a new business entity, especially if they intend on hiring employees. An employment contract can be essential in protecting the owner's business interests and intellectual property, but knowing the aspects to cover in these agreements can be challenging.

When forming a contract for potential prospects, owners may wish to be thorough when providing information concerning a variety of topics. These topics can include anything from potential health benefits provided by the company to terms and conditions concerning vacation and medical leaves. An employment contract can also dictate how any employee disputes will be resolved, and the circumstances under which the contract for employment can be terminated.

Entrepreneurs: A written partnership contract could prove vital

Entering into business with another entity can be an exciting endeavor. However, while such an arrangement could help a company achieve greater success, there may also be a certain level of risk involved. Entrepreneurs in New York who are considering entering a business partnership may find it advisable to place the terms of the arrangement into writing, as a written contract could prove beneficial in a variety of ways.

Upon being signed by all parties involved, a written agreement may become a legally binding document that dictates the terms of the business partnership. This document can help set clear guidelines concerning each party's responsibilities and ownership rights. A written agreement can also dictate how any possible changes will be handled, and the scenarios in which the partnership may be dissolved or terminated.

Implications of SCOTUS inter partes review ruling on biologics

One recent decision by the U.S. Supreme Court might have escaped the notice of many in the country. We doubt that entrepreneurs in New Jersey and elsewhere missed the news, however, considering the potential scope of the ruling across all areas of industry, including life sciences.

The case was Oil States Energy Services, LC, v Greene's Energy Group, LLC. The issue was whether inter partes review (IPR), an administrative process instituted by the U.S. Patent and Trademark Office to deal with challenges to patents, violates the Constitutional guarantees due process in the courts against a taking by the government.

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